Forbright, Inc. (FRBT)

Price$19.14Cached quoteAs of 2026-09-05 00:34 UTC

AI: Fair-priced

Shares trade near tangible book while current returns remain below long-term tarAt $18.52 and about 50.76 million shares outstanding, Forbright has an equity value near $940 million, roughly in line with its June tangible common equity.

June stockholders' equity was $967.2 million and tangible common equity was $931.2 million, or $18.74 per then-outstanding common share, placing the current price near 1.0x tangible book. FY2025 net income was $87.9 million, but first-half 2026 return on average tangible common equity fell to 4.02%, with Q2 at 2.19% after IPO-related tax and compensation items. Management targets approximately 15% run-rate ROATCE and a sub-50% efficiency ratio over the medium term, versus 77.4% Q2 efficiency. Near-book valuation is attractive if those targets are approached, but current profitability does not yet justify a clear discount verdict, supporting Fair-priced.

Loan and digital-deposit growth are strong while net interest margin is rebuildiForbright is shifting from a local community-bank heritage toward nationwide specialty commercial lending funded increasingly through its digital consumer platform.

Loans grew 4.8% sequentially to $6.1 billion in Q2 after nearly $1.2 billion of new and upsized commitments across healthcare, lender, fund, real-estate, corporate and asset finance. Deposits rose to $7.3 billion, with digital balances up 9.1% sequentially to $4.3 billion while wholesale CDs declined. Q2 net interest income increased 6% sequentially to $63.1 million and NIM improved nine basis points to 3.19%, although first-half NIM remained well below the prior year at 3.14% versus 3.72%. The September 16 Fed increase to 3.75%-4.00% may help Forbright's moderately asset-sensitive balance sheet, but higher rates can also pressure borrowers and deposit costs.

Credit, capital and liquidity are solid, but specialty concentration requires diCore commercial credit performance remains favorable and the June IPO materially strengthened regulatory capital, while stressed assets remain concentrated in legacy portfolios.

Q2 total net charge-offs were an annualized 0.20% of loans and core charge-offs 0.08%; nonperforming assets were $92.9 million, or 1.09% of assets, and funded loan-loss allowance coverage was 0.98% of loans. Company CET1 increased to 12.97% and tangible common equity to tangible assets reached 10.99%. Less than 15% of deposits were uninsured and secured borrowing capacity was about $2.3 billion. The IPO generated $131 million of net proceeds. The supplied FY2025 industrial-style revenue, debt and operating-cash-flow figures are less informative for a bank; deposits, net interest income, credit losses, liquidity and regulatory capital are the more relevant measures.

Digital-first strategy and sustainable-finance positioning offer differentiationForbright is concentrating resources on national digital deposits, specialized middle-market lending and capital-light fee businesses including solar servicing, advisory and FHA/HUD lending.

The bank's latest environmental positioning includes a carbon-neutral operational footprint, Green Business certification and sustainability partnerships, while Solar Servicing has become a meaningful fee-income contributor. The larger strategic change is the planned sale of two Washington-area branches, a Virginia service hub and approximately $750 million of local deposits to Trustar for a roughly $19 million premium. Those deposits are about 10% of June deposits; management expects the transaction to be accretive to 2027 earnings and excludes national digital and lending-related deposits. The inference is that successfully replacing legacy funding with scalable digital deposits without materially raising funding costs is a key execution test.

AI: News

Forbright is exiting legacy branches to accelerate national digital-first growthOn August 21, Forbright agreed to sell its remaining Washington-area branch footprint and approximately $750 million of associated local deposits to Trustar Bank for a roughly $19 million deposit premium.

The transaction includes branches in Potomac and North Bethesda, Maryland, plus a McLean, Virginia customer-service hub, and is expected to close in Q4 2026 subject to approvals. National digital deposits and deposits tied to national lending strategies are excluded. Forbright says its digital platform now serves more than 100,000 accounts and expects the sale to be accretive to 2027 earnings. The deal simplifies the franchise around national specialty lending, digital deposits and fee businesses, but increases reliance on competitive digital funding.

Q2 delivered strong balance-sheet growth but temporarily weak reported profitabiForbright's first quarterly report following its June IPO showed higher loans, deposits, net interest income and NIM while one-time public-company costs reduced earnings.

Q2 net income was $4.1 million, or $0.09 diluted EPS, versus $11.6 million in Q1. Results included a $5.6 million deferred-tax-asset write-down and $0.9 million of IPO expense. Loans increased to $6.1 billion, deposits to $7.3 billion and core non-interest income to $21.7 million. Management said digital deposit promotions were running ahead of plan early in Q3 and maintained medium-term goals of approximately 15% annual loan growth, sub-50% efficiency and roughly 15% run-rate ROATCE, all of which remain targets rather than achieved results.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$12.6M	−$11.6M
Net income	$87.9M	$43.4M
Net profit margin	698.99%	—
Basic EPSper basic share	$1.40	$1.56
Diluted EPSper diluted share	$1.36	$1.45

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Owners

Reported shareholders

Reference date Jun 30, 2026

8.97%of listed shares

WELLINGTON MANAGEMENT GROUP LLP2.6M shares · Jun 30, 2026

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Top 20 reported holders of FRBT
Holder	% owned
WELLINGTON MANAGEMENT GROUP LLP	8.97%2.6M shares
Centerbridge Partners, L.P.	7.20%2.08M shares
Gallatin Point Capital LLC	7.20%2.08M shares
Sachs Lewis A	≈7.20%2.08M shares
DELANEY JOHN K	≈6.90%2M shares
FISH JASON M	≈5.33%1.54M shares
BAYVIEW ASSET MANAGEMENT, LLC	4.44%1.28M shares
PRINCIPAL FINANCIAL GROUP INC	4.41%1.28M shares
ALLIANCEBERNSTEIN L.P.	3.21%929.65K shares
Allspring Global Investments Holdings, LLC	2.85%825.5K shares
North Reef Capital Management LP	2.25%650K shares
AMERICAN CENTURY COMPANIES INC	2.07%599.3K shares
First Eagle Investment Management, LLC	1.66%480K shares
No Street GP LP	1.61%465.08K shares
CITADEL ADVISORS LLC	1.13%327.7K shares
Cliffwater LLC	0.97%280.31K shares
COLE DONALD F	≈0.84%243.67K shares
TEACHER RETIREMENT SYSTEM OF TEXAS	0.76%220K shares
Elias Kenneth F	≈0.67%193.48K shares
Jones Christopher Travis	≈0.62%178.79K shares

Percentages use 28.95M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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