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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2016
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | Note 6 – 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) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Beginning balance of other real estate owned |  | $ | 37,740 |  |  | $ | 36,698 |  |  | $ | 40,674 |  |  | $ | 36,776 |
New assets acquired |  |  | 1,008 |  |  |  | 3,725 |  |  |  | 4,300 |  |  |  | 9,986 |
Capitalized costs |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 85 |
Fair value adjustments |  |  | (408 | ) |  |  | (784 | ) |  |  | (632 | ) |  |  | (1,146 | )
Sale of assets |  |  | (675 | ) |  |  | (4,985 | ) |  |  | (6,677 | ) |  |  | (11,047 | )
Ending balance of other real estate owned |  | $ | 37,665 |  |  | $ | 34,654 |  |  | $ | 37,665 |  |  | $ | 34,654 |
Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2016 and 2015 were $0.9 million and $1.3 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2016 and 2015 were $1.9 million and $2.5 million. The major classifications of foreclosed properties are shown in the following table:
(in thousands) |  | September 30 2016 |  |  | December 31 2015 |
1-4 family |  | $ | 6,793 |  |  | $ | 7,493 |
Agricultural/farmland |  |  | 93 |  |  |  | 116 |
Construction/land development/other |  |  | 21,372 |  |  |  | 22,570 |
Multifamily |  |  | 270 |  |  |  | 833 |
Non-farm/non-residential |  |  | 9,137 |  |  |  | 9,662 |
Total foreclosed properties |  | $ | 37,665 |  |  | $ | 40,674 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=68051746&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=68051746&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65884687&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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