Other Real Estate Owned

9 Months Ended

Sep. 30, 2015

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 6 – Other Real Estate Owned

Activity for other real estate owned was as follows:

	Three Months Ended						Nine Months Ended
	September 30						September 30
(in thousands)	2015			2014			2015			2014
Beginning balance of other real estate owned	$	36,698		$	33,062		$	36,776		$	39,188
New assets acquired		3,725			1,803			9,986			5,267
Capitalized costs		0			0			85			0
Fair value adjustments		(784	)		(241	)		(1,146	)		(1,402	)
Sale of assets		(4,985	)		(1,877	)		(11,047	)		(10,306	)
Ending balance of other real estate owned	$	34,654		$	32,747		$	34,654		$	32,747

Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2015 and 2014 were $1.3 million and $0.7 million, respectively.  Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2015 and 2014 were $2.5 million and $2.9 million.

The major classifications of foreclosed properties are shown in the following table:

(in thousands)	September 30, 2015		December 31, 2014
1-4 family	$	7,866	$	10,337
Agricultural/farmland		116		116
Construction/land development/other		17,856		18,735
Multifamily		838		1,289
Non-farm/non-residential		7,978		6,299
Total foreclosed properties	$	34,654	$	36,776