CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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 Sheets	2023		2022
Assets
Cash and cash equivalents	$	20,983	$	26,372
Investment in subsidiaries	268,966		263,362
Loans, net	—		—
Other assets	5,530		3,723
Total assets	$	295,479	$	293,457
Liabilities
Subordinated notes	$	52,340	$	52,132
Other liabilities	401		461
Total liabilities	52,741		52,593
Shareholders' Equity
Total shareholders’ equity	242,738		240,864
Total liabilities and shareholders’ equity	$	295,479	$	293,457


	Year Ended December 31,
Condensed Statements of Income	2023		2022
Income
Interest income	$	—	$	46
Non-interest (loss)/income	(1,280)		7
Total (loss)/income	(1,280)		53
Expense
Interest expense	2,928		1,609
Non-interest expense	328		272
Total expense	3,256		1,881
Loss before income tax and equity in undistributed income of subsidiaries	(4,536)		(1,828)
Income tax benefit	999		412
Loss before equity in undistributed income of subsidiaries	(3,537)		(1,416)
Equity in undistributed income to subsidiaries	8,762		23,114
Net income	$	5,225	$	21,698


	Year Ended December 31,
Condensed Statements of Cash Flows	2023		2022
Cash flows from operating activities
Net income	$	5,225	$	21,698
Adjustments:
Depreciation and amortization	225		167
Deferred income tax expense	(3,856)		941

Undistributed equity in subsidiaries	(8,762)		(23,114)
Change in other assets	2,050		235
Change in other liabilities	(77)		115
Net cash provided by/(used in) operating activities	(5,195)		42
Cash flows from investing activities

Investment in subsidiaries	—		(6,009)
Loan and note receivable originations and principal collections	—		1,978
Net cash used in investing activities	—		(4,031)
Cash flows from financing activities
Proceeds from subordinated notes, net of issuance costs	—		19,509
Payment on subordinated notes	—		(6,575)

Settlement of restricted stock	(439)		(876)
Proceeds from the exercise of stock options	245		179
Net cash provided by/(used in) financing activities	(194)		12,237

Net change in cash and cash equivalents	(5,389)		8,248
Cash and cash equivalents, beginning of year	26,372		18,124
Cash and cash equivalents, end of year	$	20,983	$	26,372

Supplemental cash flow information:
Interest paid on borrowed funds	$	2,928	$	1,609







Supplemental noncash disclosures:
Stock-based compensation	$	1,843	$	2,562