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Other Real Estate Owned | 6 Months Ended
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Jun. 30, 2024
Repossessed Assets [Abstract] |
Other Real Estate Owned | Other real estate owned (“OREO”) is a category of real estate owned by the Company resulting from a default by the borrower. Information with respect to the Company’s OREO is reflected in the following table:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 14.4 |  |  | $ | 13.4 |  |  | $ | 16.5 |  |  | $ | 12.7 |
Additions | 3.6 |  |  | 1.7 |  |  | 3.7 |  |  | 2.5 |
Valuation adjustments | (2.1) |  |  | (0.7) |  |  | (4.2) |  |  | (0.8) |
Dispositions | (9.2) |  |  | — |  |  | (9.3) |  |  | — |
Ending balance | $ | 6.7 |  |  | $ | 14.4 |  |  | $ | 6.7 |  |  | $ | 14.4 |
The carrying value of foreclosed residential real estate properties included in OREO was not material as of June 30, 2024 and December 31, 2023, respectively. The Company had $1.4 million and $0.5 million recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure as of June 30, 2024 and December 31, 2023, respectively.

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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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