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Other Real Estate Owned
 9 Months Ended
Sep. 30, 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:

  
Three Months Ended
  
Nine Months Ended
 
  
September 30
  
September 30
 
(in thousands)
 
2017
  
2016
  
2017
  
2016
 
Beginning balance of other real estate owned
 
$
32,785
  
$
37,740
  
$
35,856
  
$
40,674
 
New assets acquired
  
2,722
   
1,008
   
4,303
   
4,300
 
Capitalized costs
  
0
   
0
   
0
   
0
 
Fair value adjustments
  
(884
)
  
(408
)
  
(2,871
)
  
(632
)
Sale of assets
  
(2,575
)
  
(675
)
  
(5,240
)
  
(6,677
)
Ending balance of other real estate owned
 
$
32,048
  
$
37,665
  
$
32,048
  
$
37,665
 

Foreclosed properties at September 30, 2017 were $32.0 million.  Carrying costs and fair value adjustments associated with foreclosed properties were $1.3 million and $0.9 million, respectively, for the three months ended September 30, 2017 and 2016 and $4.1 million and $1.9 million, respectively, for the nine months ended September 30, 2017 and 2016.

The major classifications of foreclosed properties are shown in the following table:

(in thousands)
 
September 30
2017
  
December 31
2016
 
1-4 family
 
$
5,117
  
$
6,210
 
Agricultural/farmland
  
68
   
93
 
Construction/land development/other
  
16,620
   
20,778
 
Multifamily
  
176
   
270
 
Non-farm/non-residential
  
10,067
   
8,505
 
Total foreclosed properties
 
$
32,048
  
$
35,856