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Other Real Estate Owned
 6 Months Ended
Jun. 30, 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
June 30
    
Six Months Ended
June 30
  
(in thousands)
  
2022
    
2021
    
2022
    
2021
  
Beginning balance of other real estate owned
  
$
2,299
    
$
6,224
    
$
3,486
    
$
7,694
  
New assets acquired
    
307
      
421
   
444
      
251
  
Capitalized costs
     73       0       73       0  
Fair value adjustments
    
(23
)
    
(350
)
    
(269
)
    
(504
)
Sale of assets
    
(702
)
    
(447
)
    
(1,780
)
    
(1,593
)
Ending balance of other real estate owned
  
$
1,954
    
$
5,848
    
$
1,954
    
$
5,848
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended June 30, 2022 and 2021 were $0.1 million and $0.5 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the six months ended June 30, 2022 and 2021 were $0.4 million and $0.8 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)
  
June 30
2022
    
December 31
2021
  
1-4 family
  
$
638
    
$
1,130
  
Construction/land development/other
    
449
      
480
  
Multifamily
    
0
      
88
  
Non-farm/non-residential
    
867
      
1,788
  
Total foreclosed properties
  
$
1,954
    
$
3,486