Other Real Estate Owned

3 Months Ended

Mar. 31, 2017

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 6 – Other Real Estate Owned

Activity for other real estate owned was as follows:

(in thousands)	March 31, 2017			March 31, 2016
Beginning balance of other real estate owned	$	35,856		$	40,674
New assets acquired		1,004			1,291
Capitalized costs		0			0
Fair value adjustments		(538	)		(134	)
Sale of assets		(510	)		(2,846	)
Ending balance of other real estate owned	$	35,812		$	38,985

Included in other real estate owned at March 31, 2017 is a $0.1 million property which was not acquired through foreclosure.  As a result of the relocation of our Campbellsville First Street branch to the Bypass location in 2017, the First Street property has been listed for sale and was booked into other real estate owned.  Foreclosed properties at March 31, 2017 were $35.7 million.  Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2017 and 2016 were $0.9 million and $0.6 million, respectively.

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

(in thousands)	March 31 2017		December 31 2016
1-4 family	$	6,048	$	6,210
Agricultural/farmland		90		93
Construction/land development/other		20,349		20,778
Multifamily		270		270
Non-farm/non-residential		8,907		8,505
Total foreclosed properties	$	35,664	$	35,856