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Other Real Estate Owned
 9 Months Ended
Sep. 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
September 30
    
Nine Months Ended
September 30
  
(in thousands)
  
2020
    
2019
    
2020
    
2019
  
Beginning balance of other real estate owned
  
$
17,675
    
$
22,536
    
$
19,480
    
$
27,273
  
New assets acquired
    
238
      
647
      
2,100
      
1,889
  
Fair value adjustments
    
(257
)
    
(2,173
)
    
(1,021
)
    
(3,311
)
Sale of assets
    
(2,070
)
    
(1,177
)
    
(4,973
)
    
(6,018
)
Ending balance of other real estate owned
  
$
15,586
    
$
19,833
    
$
15,586
    
$
19,833
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2020 and 2019 were $0.5 million and $2.5 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2020 and 2019 were $2.0 million and $4.3 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
2020
    
December 31
2019
  
1-4 family
  
$
2,191
    
$
3,630
  
Construction/land development/other
    
9,359
      
10,211
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
3,948
      
5,551
  
Total foreclosed properties
  
$
15,586
    
$
19,480