Inspect the gap between the frieze board and the soffit. If the gap is larger than 1 inch, fill in the gap with a new piece of frieze board. If it is smaller, use caulk to fill in the gap.
Cut a piece of frieze board to fit inside the gaped area. Nail the board in place. Paint over the board with matching paint.
Fill in small gaps with waterproof caulk. Apply the caulk on a sunny day. Let the caulk dry for 24 hours before allowing moisture to touch the caulk.
Pry the warped frieze board away from the wall with a small pry bar.
Cut a new piece of frieze board the same size as the warped piece.
Nail the new piece over the soffit where you removed the first piece.
Paint over the frieze board matching it to the rest of the frieze trim and house siding.