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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2015
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
9.  Other Real Estate Owned

Activity for other real estate owned was as follows:

(in thousands)
 
2015
  
2014
 
Beginning balance of other real estate owned
 
$
36,776
  
$
39,188
 
New assets acquired
  
18,850
   
12,199
 
Capitalized costs
  
85
   
0
 
Fair value adjustments
  
(1,656
)
  
(1,730
)
Sale of assets
  
(13,381
)
  
(12,881
)
Ending balance of other real estate owned
 
$
40,674
  
$
36,776
 

Carrying costs and fair value adjustments associated with foreclosed properties were $3.5 million, $3.9 million, and $5.2 million for 2015, 2014, and 2013, 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)
December 31
 
2015
  
2014
 
1-4 family
 
$
7,493
  
$
10,337
 
Agricultural/farmland
  
116
   
116
 
Construction/land development/other
  
22,570
   
18,735
 
Multifamily
  
833
   
1,289
 
Non-farm/non-residential
  
9,662
   
6,299
 
Total foreclosed properties
 
$
40,674
  
$
36,776