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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
The following presents condensed financial statements pertaining only to FWFI (dollars in thousands). Investments in subsidiaries are stated using the equity method of accounting.
December 31,December 31,
Condensed Balance Sheets20222021
Assets
Cash and cash equivalents$26,372 $18,124 
Investment in subsidiaries263,362 233,417 
Loans, net— 1,978 
Other assets3,723 3,611 
Total assets$293,457 $257,130 
Liabilities  
Subordinated notes$52,132 $39,031 
Other liabilities(1)
461 (942)
Total liabilities52,593 38,089 
Shareholders' Equity  
Total shareholders’ equity240,864 219,041 
Total liabilities and shareholders’ equity$293,457 $257,130 
_____________________________
(1)As of December 31, 2021, taxes payable was in a receivable position as a result of timing of tax payments.
Year Ended December 31,
Condensed Statements of Income20222021
Income
Interest income$46 $60 
Non-interest income7 — 
Total income53 60 
Expense  
Interest expense1,609 1,549 
Non-interest expense272 285 
Total expense1,881 1,834 
Loss before income tax and equity in undistributed income of subsidiaries(1,828)(1,774)
Income tax benefit412 119 
Loss before equity in undistributed income of subsidiaries(1,416)(1,655)
Equity in undistributed income to subsidiaries23,114 22,265 
Net income$21,698 $20,610 
Year Ended December 31,
Condensed Statements of Cash Flows20222021
Cash flows from operating activities
Net income$21,698 $20,610 
Adjustments:
Depreciation and amortization167 73 
Deferred income tax expense941 301 
Stock-based compensation2,562 2,903 
Undistributed equity in subsidiaries(23,114)(22,265)
Change in other assets235 678 
Change in other liabilities115 53 
Net cash provided by/(used in) operating activities2,604 2,353 
Cash flows from investing activities
Net cash paid on acquisition— (11,501)
Investment in subsidiaries(8,571)(2,913)
Loan and note receivable originations and principal collections1,978 43 
Net cash used in investing activities(6,593)(14,371)
Cash flows from financing activities  
Proceeds from subordinated notes, net of issuance costs19,509 14,667 
Payment on subordinated notes(6,575)— 
Settlement of restricted stock(876)(501)
Proceeds from the exercise of stock options179 1,706 
Net cash provided by financing activities12,237 15,872 
Net change in cash and cash equivalents8,248 3,854 
Cash and cash equivalents, beginning of year18,124 14,270 
Cash and cash equivalents, end of year$26,372 $18,124 
Supplemental cash flow information:
Interest paid on borrowed funds$1,609 $1,549 
Supplemental noncash disclosures:
Common stock issued for Teton acquisition— 39,818