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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2020
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
Note 5 – Other Real Estate Owned


Activity for other real estate owned was as follows:

  
Three Months Ended
June 30
    
Six Months Ended
June 30
  
(in thousands)
  
2020
    
2019
    
2020
    
2019
  
Beginning balance of other real estate owned
  
$
19,816
    
$
24,970
    
$
19,480
    
$
27,273
  
New assets acquired
    
237
      
388
      
1,862
      
1,242
  
Fair value adjustments
    
(306
)
    
(692
)
    
(764
)
    
(1,139
)
Sale of assets
    
(2,072
)
    
(2,130
)
    
(2,903
)
    
(4,840
)
Ending balance of other real estate owned
  
$
17,675
    
$
22,536
    
$
17,675
    
$
22,536
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended June 30, 2020 and 2019 were $0.6 million and $1.0 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the six months ended June 30, 2020 and 2019 were $1.5 million and $1.8 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)
  
June 30
2020
    
December 31
2019
  
1-4 family
  
$
2,868
    
$
3,630
  
Construction/land development/other
    
10,068
      
10,211
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
4,651
      
5,551
  
Total foreclosed properties
  
$
17,675
    
$
19,480