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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2023
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)
  
2023
    
2022
  
Beginning balance of other real estate owned
  
$
3,671
    
$
3,486
  
New assets acquired
    
51
      
137
Fair value adjustments
    
(81
)
    
(246
)
Sale of assets
    
(865
)
    
(1,078
)
Ending balance of other real estate owned
  
$
2,776
    
$
2,299
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2023 and 2022 were $0.1 million and $0.4 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)
  
March 31
2023
    
December 31
2022
  
1-4 family
  
$
743
    
$
859
  
Construction/land development/other
    
687
      
867
  
Non-farm/non-residential
    
1,346
      
1,945
  
Total foreclosed properties
  
$
2,776
    
$
3,671