XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Other Real Estate Owned
 6 Months Ended
Jun. 30, 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
June 30
    
Six Months Ended
June 30
  
(in thousands)
  
2021
    
2020
    
2021
    
2020
  
Beginning balance of other real estate owned
  
$
6,224
    
$
19,816
    
$
7,694
    
$
19,480
  
New assets acquired
    
421
      
237
      
251
      
1,862
  
Fair value adjustments
    
(350
)
    
(306
)
    
(504
)
    
(764
)
Sale of assets
    
(447
)
    
(2,072
)
    
(1,593
)
    
(2,903
)
Ending balance of other real estate owned
  
$
5,848
    
$
17,675
    
$
5,848
    
$
17,675
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended June 30, 2021 and 2020 were $0.5 million and $0.6 million, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the six months ended June 30, 2021 and 2020 were $0.8 million and $1.5 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)
  
June 30
2021
    
December 31
2020
  
1-4 family
  
$
1,410
    
$
1,888
  
Construction/land development/other
    
606
      
1,069
  
Multifamily
    
88
      
88
  
Non-farm/non-residential
    
3,744
      
4,649
  
Total foreclosed properties
  
$
5,848
    
$
7,694