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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2024
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 |  |  | Nine Months Ended |
|  | September 30 |  |  | September 30 |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance of other real estate owned |  | $ | 1,626 |  |  | $ | 2,047 |  |  | $ | 1,616 |  |  | $ | 3,671 |
New assets acquired |  |  | 14 |  |  |  | 325 |  |  |  | 488 |  |  |  | 500 |
Capitalized costs |  |  | 0 |  |  |  | 7 |  |  |  | 13 |  |  |  | 46 |
Fair value adjustments |  |  | 0 |  |  |  | (124 | ) |  |  | (49 | ) |  |  | (230 | )
Sale of assets |  |  | (296 | ) |  |  | (80 | ) |  |  | (724 | ) |  |  | (1,812 | )
Ending balance of other real estate owned |  | $ | 1,344 |  |  | $ | 2,175 |  |  | $ | 1,344 |  |  | $ | 2,175 |
Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2024 and 2023 were $13 thousand and $0.2 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2024 and 2023 were $0.1 million and $0.3 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 2024 |  |  | December 31 2023 |
1-4 family |  | $ | 574 |  |  | $ | 827 |
Construction/land development/other |  |  | 394 |  |  |  | 383 |
Non-farm/non-residential |  |  | 376 |  |  |  | 406 |
Total foreclosed properties |  | $ | 1,344 |  |  | $ | 1,616 |

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481990/310-10-45-3 + Details
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