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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2019
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
Note 7 – Other Real Estate Owned

Activity for other real estate owned was as follows:

(in thousands)
 
March 31, 2019
  
March 31, 2018
 
Beginning balance of other real estate owned
 
$
27,273
  
$
31,996
 
New assets acquired
  
854
   
1,284
 
Fair value adjustments
  
(447
)
  
(467
)
Sale of assets
  
(2,710
)
  
(809
)
Ending balance of other real estate owned
 
$
24,970
  
$
32,004
 

Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2019 and 2018 were $0.8 million and $0.9 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
2019
  
December 31
2018
 
1-4 family
 
$
4,761
  
$
5,253
 
Agricultural/farmland
  
0
   
0
 
Construction/land development/other
  
14,201
   
15,017
 
Multifamily
  
88
   
88
 
Non-farm/non-residential
  
5,920
   
6,915
 
Total foreclosed properties
 
$
24,970
  
$
27,273