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Other Real Estate Owned | 12 Months Ended
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Dec. 31, 2023
Repossessed Assets [Abstract] |
Other Real Estate Owned | Information with respect to the Company’s other real estate owned follows:
Year Ended December 31, | 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 12.7 |  |  | $ | 2.0 |  |  | $ | 2.5 |
Acquired through acquisitions | — |  |  | 15.8 |  |  | — |
Additions | 8.3 |  |  | 0.4 |  |  | 0.9 |
Valuation adjustments | (1.1) |  |  | (2.8) |  |  | — |
Dispositions | (3.4) |  |  | (2.7) |  |  | (1.4) |
Balance at end of year | $ | 16.5 |  |  | $ | 12.7 |  |  | $ | 2.0 |
There were $1.1 million and $2.8 million of valuation adjustments at December 31, 2023 and 2022, respectively, which were adjustments based on internal evaluations and other sources, including management estimates of the current fair value of properties, and adjustments directly related to receipt of updated appraisals. There were no material valuation adjustments during 2021. The carrying value of foreclosed residential real estate properties included in OREO was not material as of December 31, 2023 and 2022. The Company had $0.5 million material recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure as of December 31, 2023. The Company had no material recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure as of December 31, 2022.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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