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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Word Count: 1442
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Document Content:

— $ — $ 2,830 Consumer: Acceptable risk (or better) $ — $ — $ — $ 235 $ 57,624 $ 138,067 $ 5,792 $ — $ 201,718 Higher risk — — — — 177 4,545 3,137 — 7,859 Special mention — — — — — — — — — Substandard — — — — 693 977 — — 1,670 Doubtful — — — — — — — — — Total $ — $ — $ — $ 235 $ 58,494 $ 143,589 $ 8,929 $ — $ 211,247 Gross charge-offs $ — $ — $ — $ — $ 787 $ 1,270 $ — $ — $ 2,057 Total loans $ 357,674 $ 1,345,669 $ 552,800 $ 117,213 $ 571,270 $ 553,512 $ 1,848,535 $ 29,864 $ 5,376,537 Total gross charge-offs $ — $ — $ 935 $ — $ 2,612 $ 1,340 $ — $ — $ 4,887

December 31, 2025
Loans Held for Investment at Amortized Cost by Year of Origination
(in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Commercial Real Estate:
Acceptable risk (or better) $	1,226,416 $	284,180 $	56,976 $	238,490 $	174,345 $	94,808 $	— $	— $	2,075,215
Higher risk — 101,977 — 136,724 130,391 16,425 982 — 386,499
Special mention — — — — — — — — —
Substandard — — — 40,420 26,862 — — — 67,282
Doubtful — — — — — — — — —
Total $	1,226,416 $	386,157 $	56,976 $	415,634 $	331,598 $	111,233 $	982 $	— $	2,528,996
Gross charge-offs $	— $	— $	— $	— $	— $	— $	— $	— $	—
Commercial and Industrial:
Acceptable risk (or better) $	205,677 $	173,813 $	53,566 $	123,425 $	17,225 $	888 $	1,825,313 $	— $	2,399,907
Higher risk 144 139 — 21,312 519 — 33,000 — 55,114
Special mention — — — — 1 — — — 1
Substandard 1,431 — 12,452 701 486 2,136 781 — 17,987
Doubtful — 2,540 — — — — — — 2,540
Total $	207,252 $	176,492 $	66,018 $	145,438 $	18,231 $	3,024 $	1,859,094 $	— $	2,475,549
Gross charge-offs $	— $	1,632 $	171 $	5,493 $	78 $	— $	— $	— $	7,374
Consumer:
Acceptable risk (or better) $	— $	1,243 $	483 $	60,909 $	131,188 $	16,681 $	— $	— $	210,504
Higher risk — — — 178 249 4,901 — — 5,328
Special mention — — — — — — — — —
Substandard — — — 665 977 215 — — 1,857
Doubtful — — — — — — — — —
Total $	— $	1,243 $	483 $	61,752 $	132,414 $	21,797 $	— $	— $	217,689
Gross charge-offs $	— $	— $	— $	3,063 $	4,907 $	70 $	— $	— $	8,040
Total loans $	1,433,668 $	563,892 $	123,477 $	622,824 $	482,243 $	136,054 $	1,860,076 $	— $	5,222,234
Total gross charge-offs $	— $	1,632 $	171 $	8,556 $	4,985 $	70 $	— $	— $	15,414

The following tables present information on loans held for investment at amortized cost on non-accrual status and loans 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025:

March 31, 2026
(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Loans 90 days or more past due and still accruing $	— $	1,762 $	— $	1,762
Non-accrual loans with no allowance for credit losses $	60,845 $	466 $	1,670 $	62,981
Non-accrual loans $	66,804 $	4,112 $	1,670 $	72,586
Contractual Interest Income on Non-accrual Loans while on Non-accrual Status $	3,586 $	764 $	1,503 $	5,853

December 31, 2025
(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Loans 90 days or more past due and still accruing $	— $	— $	— $	—
Non-accrual loans with no allowance for credit losses $	60,361 $	116 $	1,857 $	62,334
Non-accrual loans $	60,361 $	5,484 $	1,857 $	67,702
Contractual Interest Income on Non-accrual Loans while on Non-accrual Status $	4,812 $	916 $	1,663 $	7,391

No interest income was recognized on non-accrual loans while on non-accrual status for the three months ended March 31, 2026 and 2025. At the time a loan is designated as non-accrual, the Company reverses any related accrued interest from interest income. During the three months ended March 31, 2026 and 2025, the Company reversed $266 thousand and $892 thousand, respectively, of accrued interest from interest income related to loans designated as non-accrual.

The following tables present by class, an aging analysis and the recorded investments in past due loans, excluding non-accrual loans, held for investment at amortized cost as of March 31, 2026 and December 31, 2025:

March 31, 2026
(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Past due loans:
30 - 59 days past due $	— $	19,140 $	3,077 $	22,217
60 - 89 days past due 9,622 238 938 10,798
90 or more days past due — 1,762 — 1,762
Total past due loans 9,622 21,140 4,015 34,777
Current loans 2,603,446 2,460,166 205,562 5,269,174
Total $	2,613,068 $	2,481,306 $	209,577 $	5,303,951

December 31, 2025
(in thousands) Commercial Real Estate Commercial and Industrial Consumer Total
Past due loans:
30 - 59 days past due $	32,412 $	42,487 $	2,297 $	77,196
60 - 89 days past due — 122 1,092 1,214
90 or more days past due — — — —
Total past due loans 32,412 42,609 3,389 78,410
Current loans 2,436,223 2,427,456 212,443 5,076,122
Total $	2,468,635 $	2,470,065 $	215,832 $	5,154,532

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 March 31, 2026 and December 31, 2025, for which repayment is expected to be provided substantially through the operation or sale of the collateral:

March 31, 2026
(in thousands) Commercial Real Estate Consumer Total
Collateral type:
Real estate $	55,938 $	181 $	56,119
Total $	55,938 $	181 $	56,119

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

There were no loans that were both modified and experiencing financial difficulty during the three months ended March 31, 2026. The following tables present by class and by type of modification, the recorded investment

and financial effect of modification as of March 31, 2025, in the Company’s loans that were both modified and experiencing financial difficulty during the three months ended March 31, 2025:

March 31, 2025

(dollars in thousands) Term Extension Total Modification to Loan Class Ratio Weighted-Average Term Extension
Commercial and Industrial $	141 $	141 0.01	% 12.0 months
Total $	141 $	141

As of March 31, 2025, 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 March 31, 2025, all loans that were modified to borrowers experiencing financial difficulty during the three months ended March 31, 2025, were current.

There were no payment defaults during the three months ended March 31, 2026 and 2025, on loans to borrowers experiencing financial difficulty which had been modified in the twelve months prior to March 31, 2026 and 2025, respectively.

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 for the three months ended March 31, 2026 and 2025:

(in thousands) March 31, 2026 March 31, 2025
Balance at beginning of period $	8,729 $	25,476
Improvements — 600
Sales (876) —
Valuation adjustments (744) —
Balance at end of period $	7,109 $	26,076

During the three months ended March 31, 2026, the Company sold a portion of one of its other real estate owned assets with a carrying value of $876 thousand for proceeds of $810 thousand resulting in a loss of $66 thousand, which is included in Other non-interest income in the Consolidated Statements of Income. There were no sales of other real estate owned assets during three months ended March 31, 2025.

There were no transfers into other real estate owned assets during the three months ended March 31, 2026 or 2025.