Other Real Estate Owned

9 Months Ended

Sep. 30, 2018

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)	2018			2017			2018			2017
Beginning balance of other real estate owned	$	30,262		$	32,785		$	31,996		$	35,856
New assets acquired		849			2,722			3,692			4,303
Capitalized costs		0			0			0			0
Fair value adjustments		(670	)		(884	)		(1,990	)		(2,871	)
Sale of assets		(775	)		(2,575	)		(4,032	)		(5,240	)
Ending balance of other real estate owned	$	29,666		$	32,048		$	29,666		$	32,048

Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2018 and 2017 were $1.1 million and $1.3 million, respectively.  Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2018 and 2017 were $3.3 million and $4.1 million, respectively.  See note 1 for a description of our accounting policies relative to foreclosed properties and other real estate owned.

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

(in thousands)	September 30 2018		December 31 2017
1-4 family	$	5,475	$	5,908
Agricultural/farmland		0		68
Construction/land development/other		15,230		16,158
Multifamily		88		176
Non-farm/non-residential		8,873		9,686
Total foreclosed properties	$	29,666	$	31,996