CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2024

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,
Condensed Balance Sheets	2024		2023
Assets
Cash and cash equivalents	$	17,178	$	20,983
Investment in subsidiaries	282,491		268,966
Other assets	5,474		5,530
Total assets	$	305,143	$	295,479
Liabilities
Subordinated notes	$	52,565	$	52,340
Other liabilities	256		401
Total liabilities	52,821		52,741
Shareholders' Equity
Total shareholders’ equity	252,322		242,738
Total liabilities and shareholders’ equity	$	305,143	$	295,479

	Year Ended December 31,
Condensed Statements of Income	2024		2023
Income
Non-interest loss	(338)		(1,280)
Total loss	(338)		(1,280)
Expense
Interest expense	2,951		2,928
Non-interest expense	309		328
Total expense	3,260		3,256
Loss before income tax and equity in undistributed income of subsidiaries	(3,598)		(4,536)
Income tax benefit	454		999
Loss before equity in undistributed income of subsidiaries	(3,144)		(3,537)
Equity in undistributed income to subsidiaries	11,617		8,762
Net income	$	8,473	$	5,225

	Year Ended December 31,
Condensed Statements of Cash Flows	2024		2023
Cash flows from operating activities
Net income	$	8,473	$	5,225
Adjustments:
Amortization	225		225
Undistributed equity in subsidiaries	(11,617)		(8,762)
Change in other assets	56		(1,806)
Change in other liabilities	(147)		(77)
Net cash used in operating activities	(3,010)		(5,195)
Cash flows from financing activities
Repurchase of common stock	(89)		—
Settlement of restricted stock	(706)		(439)
Proceeds from the exercise of stock options	—		245
Net cash used in financing activities	(795)		(194)
Net change in cash and cash equivalents	(3,805)		(5,389)
Cash and cash equivalents, beginning of year	20,983		26,372
Cash and cash equivalents, end of year	$	17,178	$	20,983
Supplemental cash flow information:
Interest paid on borrowed funds	$	2,950	$	2,988
Supplemental noncash disclosures:
Stock-based compensation	$	1,486	$	1,843