XML 29 R15.htm IDEA: XBRL DOCUMENT v3.22.0.1
Other Real Estate Owned
 12 Months Ended
Dec. 31, 2021
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
8.  Other Real Estate Owned


Activity for other real estate owned was as follows:

(in thousands)
  
2021
    
2020
  
Beginning balance of other real estate owned
  
$
7,694
    
$
19,480
  
New assets acquired
    
1,166
      
4,446
  
Fair value adjustments
    
(857
)
    
(1,454
)
Sale of assets
    
(4,517
)
    
(14,778
)
Ending balance of other real estate owned
  
$
3,486
    
$
7,694
  


Carrying costs and fair value adjustments associated with foreclosed properties were $1.4 million, $2.7 million, and $5.5 million for 2021, 2020, and 2019, 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)
December 31
  
2021
    
2020
  
1-4 family
  
$
1,130
    
$
1,888
  
Construction/land development/other
    
480
      
1,069
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
1,788
      
4,649
  
Total foreclosed properties
  
$
3,486
    
$
7,694