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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2022
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
Note 5 – Other Real Estate Owned


Activity for other real estate owned was as follows:

 
Three Months Ended
March 31
  
(in thousands)
  
2022
    
2021
  
Beginning balance of other real estate owned
  
$
3,486
    
$
7,694
  
New assets acquired
    
137
      
(170
)
Fair value adjustments
    
(246
)
    
(154
)
Sale of assets
    
(1,078
)
    
(1,146
)
Ending balance of other real estate owned
  
$
2,299
    
$
6,224
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2022 and 2021 were $0.4 million and $0.3 million, respectively.  For a description of our accounting policies relative to foreclosed properties and other real estate owned, see Note 1 to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2021.


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

(in thousands)
  
March 31
2022
    
December 31
2021
  
1-4 family
  
$
940
    
$
1,130
  
Construction/land development/other
    
465
      
480
  
Multifamily
    
0
      
88
  
Non-farm/non-residential
    
894
      
1,788
  
Total foreclosed properties
  
$
2,299
    
$
3,486