$FRBT

Forbright, Inc.

CIK:0001925062|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Loans held for investment	$ 98,522	$ 89,601	$ 191,686	$ 175,759
Loans held-for-sale	8,484	10,384	16,678	19,822
Deposits with banks	7,252	7,247	14,834	14,576
Investment securities	14,158	15,262	28,257	32,261
Other earning assets	648	804	1,364	1,776
Total interest income	129,064	123,298	252,819	244,194
INTEREST EXPENSE
Deposits	64,024	58,719	126,319	115,205
Subordinated debt, net	1,895	2,441	3,797	4,942
Other borrowings	0	417	0	1,266
Total interest expense	65,919	61,577	130,116	121,413
Net interest income	63,145	61,721	122,703	122,781
Provision for credit losses	5,899	4,090	9,372	12,549
Net interest income after provision for credit losses	57,246	57,631	113,331	110,232
NON-INTEREST INCOME
Servicing income	6,876	0	13,963	0
Investment advisory fees	3,090	4,182	6,283	8,498
Fee income on loans	2,252	2,390	4,255	3,831
Gains on sales of loans and investment securities, net	252	344	218	2,170
Unrealized (losses)/gains on loans and financing receivables, net	(963)	883	(2,298)	2,746
Total other non-interest income	10,339	3,438	15,009	8,047
Total non-interest income	21,846	11,237	37,430	25,292
NON-INTEREST EXPENSE
Compensation and benefits	33,407	30,338	65,049	60,440
Information technology	7,581	6,885	15,121	12,896
Professional fees	9,777	2,800	17,600	6,542
Loan administration and servicing	5,500	1,089	9,625	2,756
Advertising and marketing	2,720	1,220	5,024	4,539
FDIC insurance	1,111	687	2,013	3,349
Occupancy expense	1,466	1,165	2,588	2,497
Other non-interest expense	4,214	4,071	7,213	6,896
Total non-interest expense	65,776	48,255	124,233	99,915
Income before income taxes	13,316	20,613	26,528	35,609
Income tax expense	9,194	5,504	10,774	9,373
Net income	$ 4,122	$ 15,109	$ 15,754	$ 26,236
Voting Common stock
NON-INTEREST EXPENSE
Basic earnings per common share (in dollars per share)	$ 0.10	$ 0.38	$ 0.38	$ 0.65
Diluted earnings per common share (in dollars per share)	$ 0.09	$ 0.37	$ 0.36	$ 0.63
Weighted-average shares - basic (in shares)	21,175,037	19,000,131	20,120,097	18,993,327
Weighted-average shares - diluted (in shares)	23,498,322	20,042,883	22,344,262	20,157,743
Non-voting Common stock
NON-INTEREST EXPENSE
Basic earnings per common share (in dollars per share)	$ 0.10	$ 0.38	$ 0.39	$ 0.65
Diluted earnings per common share (in dollars per share)	$ 0.09	$ 0.37	$ 0.37	$ 0.63
Weighted-average shares - basic (in shares)	21,014,378	21,242,551	21,127,834	21,242,551
Weighted-average shares - diluted (in shares)	21,014,378	21,242,551	21,127,834	21,242,551

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 15,754	$ 26,236
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and intangible asset amortization	4,788	4,216
Provision for credit losses	9,372	12,549
Accretion of net discounts on investment securities, net	(3,048)	(13,184)
Amortization of deferred fees and costs on loans, net	(12,693)	(13,181)
Increase in loans originated for sale, net	(85,284)	(17,092)
Gains on sales of loans and investment securities, net	(218)	(2,170)
Stock-based compensation	7,262	4,348
Deferred income taxes	11,179	0
Other	6,681	112
Net change in assets and liabilities:
Accrued interest receivable	8,710	(6,987)
Other assets	(20,242)	(21,770)
Other liabilities	(4,764)	(22,534)
Net cash used in operating activities	(62,503)	(49,457)
INVESTING ACTIVITIES
Net increase in loans held for investment, at amortized cost	(369,399)	(505,826)
Net decrease in loans held for investment, at fair value	1,953	1,215
Purchase of investment securities available-for-sale	(247,521)	(1,029,853)
Proceeds, maturities, prepayments and calls of securities available-for-sale	282,665	1,252,917
Proceeds, maturities, prepayments and calls of securities held-to-maturity	200	186
Acquisition of corporate headquarters	(37,440)	0
Proceeds from sales of other real estate owned	3,160	17,837
(Purchase of)/proceeds from Federal Home Loan Bank of Atlanta stock, net	(473)	11,577
Other	(4,806)	(4,517)
Net cash used in investing activities	(371,661)	(256,464)
FINANCING ACTIVITIES
Net increase in deposits	487,920	415,375
Repayment of subordinated debt	0	(24,000)
Proceeds from other borrowings	0	1,000,000
Repayments of other borrowings	0	(1,250,000)
Gross proceeds from issuance of common stock	142,200	0
Payment of offering costs	(9,605)	0
Proceeds from exercise of stock options under employee stock plans	552	1,044
Shares withheld for tax withholding and exercise of stock options and restricted shares	(902)	(734)
Net cash provided by financing activities	620,165	141,685
Net increase/(decrease) in cash, cash equivalents and restricted cash	186,001	(164,236)
Beginning cash, cash equivalents and restricted cash	648,715	1,179,982
Ending cash, cash equivalents and restricted cash	834,716	1,015,746
Supplemental cash flow disclosures:
Interest payments	126,654	120,519
Income tax payments, net of refunds of $563 and $377, respectively	1,521	1,186
Noncash investing activity:
Net amount of right-of-use assets and lease liabilities applied to carrying value of corporate headquarters	(3,576)	0
Loans held-for-sale transferred to loans held for investment (at fair value), net	151	157
Loans held for investment (at amortized cost) transferred to loans held-for-sale, net	48	0
Accrued deferred initial public offering costs	$ 1,549	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash, due from banks and restricted cash	$ 26,524	$ 18,241
Interest-bearing deposits with banks:	808,192	630,474
Total cash, cash equivalents and restricted cash	834,716	648,715
Investment securities available-for-sale, at fair value	1,210,665	1,254,887
Investment securities held-to-maturity, at amortized cost	48,634	48,834
Loans held-for-sale	465,474	379,662
Loans held for investment, at fair value	3,481	4,645
Loans and held for investment, at amortized cost	5,595,872	5,222,234
Allowance for credit losses - loan	(54,621)	(52,986)
Total loans held for investment at amortized cost	5,541,251	5,169,248
Other earning assets, net	50,479	55,928
Deferred tax asset, net	145,269	153,314
Accrued interest receivable	46,445	55,155
Premises and equipment, net	47,877	30,763
Goodwill and other intangible assets, net	35,964	31,685
Other assets	75,249	56,470
Total assets	8,505,504	7,889,306
LIABILITIES
Non-interest-bearing deposits	435,065	372,444
Interest-bearing deposits	6,830,770	6,405,471
Total deposits	7,265,835	6,777,915
Subordinated debt, net	151,181	151,003
Other liabilities	121,325	137,945
Total liabilities	7,538,341	7,066,863
Commitments and contingent liabilities (Note 14)
STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Additional paid-in capital	628,499	490,550
Retained earnings	344,582	328,828
Accumulated other comprehensive (loss)/income	(5,968)	3,024
Total stockholders’ equity	967,163	822,443
Total liabilities and stockholders’ equity	8,505,504	7,889,306
Voting Common stock
STOCKHOLDERS’ EQUITY
Common stock	29	20
Non-voting Common stock
STOCKHOLDERS’ EQUITY
Common stock	$ 21	$ 21