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Other Real Estate Owned | 3 Months Ended
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Mar. 31, 2017
Other Real Estate Owned [Abstract] |
Other Real Estate Owned | Note 6 – Other Real Estate Owned Activity for other real estate owned was as follows:
(in thousands) |  | March 31, 2017 |  |  | March 31, 2016 |
Beginning balance of other real estate owned |  | $ | 35,856 |  |  | $ | 40,674 |
New assets acquired |  |  | 1,004 |  |  |  | 1,291 |
Capitalized costs |  |  | 0 |  |  |  | 0 |
Fair value adjustments |  |  | (538 | ) |  |  | (134 | )
Sale of assets |  |  | (510 | ) |  |  | (2,846 | )
Ending balance of other real estate owned |  | $ | 35,812 |  |  | $ | 38,985 |
Included in other real estate owned at March 31, 2017 is a $0.1 million property which was not acquired through foreclosure. As a result of the relocation of our Campbellsville First Street branch to the Bypass location in 2017, the First Street property has been listed for sale and was booked into other real estate owned. Foreclosed properties at March 31, 2017 were $35.7 million. Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2017 and 2016 were $0.9 million and $0.6 million, respectively. The major classifications of foreclosed properties are shown in the following table:
(in thousands) |  | March 31 2017 |  |  | December 31 2016 |
1-4 family |  | $ | 6,048 |  |  | $ | 6,210 |
Agricultural/farmland |  |  | 90 |  |  |  | 93 |
Construction/land development/other |  |  | 20,349 |  |  |  | 20,778 |
Multifamily |  |  | 270 |  |  |  | 270 |
Non-farm/non-residential |  |  | 8,907 |  |  |  | 8,505 |
Total foreclosed properties |  | $ | 35,664 |  |  | $ | 35,856 |

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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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