Thanksgiving for the “faith, hope, and love” of the Colossians. So in the twin Epistle sent at the same time and by the same bearer, Tychicus (Eph 1:15, Eph 1:16).
We - I and Timothy.
and the Father - So some of the oldest manuscripts read. But others better omit the “and,” which probably crept in from Eph 1:3.
praying always for you - with thanksgiving (Phi 4:6). See Col 1:4.