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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2024
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     Nine Months Ended  

 
September 30
    
September 30
  
(in thousands)
  
2024
    
2023
    
2024
    
2023
  
Beginning balance of other real estate owned
  
$
1,626
    
$
2,047
    
$
1,616
    
$
3,671
  
New assets acquired
    
14
      
325
      
488
      
500
  
Capitalized costs
     0       7       13       46  
Fair value adjustments
    
0
      
(124
)
    
(49
)
    
(230
)
Sale of assets
    
(296
)
    
(80
)
    
(724
)
    
(1,812
)
Ending balance of other real estate owned
  
$
1,344
    
$
2,175
    
$
1,344
    
$
2,175
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2024 and 2023 were $13 thousand and $0.2 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2024 and 2023 were $0.1 million and $0.3 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
2024
    
December 31
2023
  
1-4 family
  
$
574
    
$
827
  
Construction/land development/other
    
394
      
383
  
Non-farm/non-residential
    
376
      
406
  
Total foreclosed properties
  
$
1,344
    
$
1,616