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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investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and “qualified individuals,” each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it. LEGAL MATTERS Certain legal matters will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by Simpson Thacher & Bartlett LLP, New York, New York. EXPERTS

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial statements at December 31, 2025 and 2024, and for each of the two years in the period ended December 31, 2025, as set forth in their report. We’ve included our financial statements in the prospectus and elsewhere in the registration statement in reliance on Ernst & Young LLP’s report, given on their authority as experts in accounting and auditing.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

We have filed a registration statement on Form S-1 with the SEC with respect to the registration of the Class A common stock offered for sale with this prospectus. This prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement. For further information about us, the Class A common stock we are offering by this prospectus and related matters, you should review the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus about the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and we refer you to the full text of the contract or other document filed as an exhibit to the registration statement.

As a result of this offering, we will become subject to the information and periodic reporting requirements of the Securities Act, and, in accordance with such requirements, will file periodic reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection and copying at the SEC’s website at www.sec.gov. We also maintain a website at www.forbrightbank.com at which, following the completion of this offering, you may access our SEC filings free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus. We intend to furnish our stockholders with annual reports containing consolidated financial statements audited by our independent registered accounting firm.

FORBRIGHT, INC. AND SUBSIDIARIES

Table of Contents

Section Page

Report of Independent Registered Public Accounting Firm (PCAOB ID:42) F-2
Consolidated Financial Statements

Consolidated Balance Sheets F-3

Consolidated Statement s of Income F-4

Consolidated Statement s of Comprehensive Income F-5

Consolidated Statement s of Changes in Stockholders’ Equity F-6

Consolidated Statement s of Cash Flows F-7

Notes to Consolidated Financial Statements F-9

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Forbright, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Forbright, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of 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