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


  
Three Months Ended
September 30
    
Nine Months Ended
September 30
  
(in thousands)
  
2019
    
2018
    
2019
    
2018
  
Beginning balance of other real estate owned
  
$
22,536
    
$
30,262
    
$
27,273
    
$
31,996
  
New assets acquired
    
647
      
849
      
1,889
      
3,692
  
Fair value adjustments
    
(2,173
)
    
(670
)
    
(3,311
)
    
(1,990
)
Sale of assets
    
(1,177
)
    
(775
)
    
(6,018
)
    
(4,032
)
Ending balance of other real estate owned
  
$
19,833
    
$
29,666
    
$
19,833
    
$
29,666
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2019 and 2018 were $2.5 million and $1.1 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2019 and 2018 were $4.3 million and $3.3 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
2019
    
December 31
2018
  
1-4 family
  
$
3,204
    
$
5,253
  
Agricultural/farmland
    
0
      
0
  
Construction/land development/other
    
11,323
      
15,017
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
5,218
      
6,915
  
Total foreclosed properties
  
$
19,833
    
$
27,273