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Other Real Estate Owned | 3 Months Ended
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Mar. 31, 2023
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 |
|  | March 31 |
(in thousands) |  | 2023 |  |  | 2022 |
Beginning balance of other real estate owned |  | $ | 3,671 |  |  | $ | 3,486 |
New assets acquired |  |  | 51 |  |  |  | 137 |
Fair value adjustments |  |  | (81 | ) |  |  | (246 | )
Sale of assets |  |  | (865 | ) |  |  | (1,078 | )
Ending balance of other real estate owned |  | $ | 2,776 |  |  | $ | 2,299 |
Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2023 and 2022 were $0.1 million and $0.4 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 2023 |  |  | December 31 2022 |
1-4 family |  | $ | 743 |  |  | $ | 859 |
Construction/land development/other |  |  | 687 |  |  |  | 867 |
Non-farm/non-residential |  |  | 1,346 |  |  |  | 1,945 |
Total foreclosed properties |  | $ | 2,776 |  |  | $ | 3,671 |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522 + Details
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