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Other Real Estate Owned
 9 Months Ended
Sep. 30, 2023
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)
  
2023
    
2022
    
2023
    
2022
  
Beginning balance of other real estate owned
  
$
2,047
    
$
1,954
    
$
3,671
    
$
3,486
  
New assets acquired
    
325
      
34
      
500
      
478
  
Capitalized costs
     7       0       46       73  
Fair value adjustments
    
(124
)
    
(6
)
    
(230
)
    
(275
)
Sale of assets
    
(80
)
    
(118
)
    
(1,812
)
    
(1,898
)
Ending balance of other real estate owned
  
$
2,175
    
$
1,864
    
$
2,175
    
$
1,864
  


Carrying costs and fair value adjustments associated with foreclosed properties for the three months ended September 30, 2023 and 2022 were $0.2 million and $42 thousand, respectively. Carrying costs and fair value adjustments associated with foreclosed properties for the nine months ended September 30, 2023 and 2022 were $0.3 million and $0.4 million, respectively.


The major classifications of foreclosed properties are shown in the following table:

(in thousands)
  
September 30
2023
    
December 31
2022
  
1-4 family
  
$
774
    
$
859
  
Construction/land development/other
    
683
      
867
  
Non-farm/non-residential
    
718
      
1,945
  
Total foreclosed properties
  
$
2,175
    
$
3,671