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Other Real Estate Owned
 3 Months Ended
Mar. 31, 2021
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)
  
2021
    
2020
  
Beginning balance of other real estate owned
  
$
7,694
    
$
19,480
  
New assets acquired
    
(170
)
    
1,625
  
Fair value adjustments
    
(154
)
    
(458
)
Sale of assets
    
(1,146
)
    
(831
)
Ending balance of other real estate owned
  
$
6,224
    
$
19,816
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended March 31, 2021 and 2020 were $0.3 million and $0.9 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
2021
    
December 31
2020
  
1-4 family
  
$
1,277
    
$
1,888
  
Construction/land development/other
    
616
      
1,069
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
4,243
      
4,649
  
Total foreclosed properties
  
$
6,224
    
$
7,694