Other Real Estate Owned

3 Months Ended

Mar. 31, 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 March 31,
	2024		2023
Beginning balance	$	16.5	$	12.7
Additions	0.1		0.8
Valuation adjustments	(2.1)		(0.1)
Dispositions	(0.1)		—
Ending balance	$	14.4	$	13.4

The carrying value of foreclosed residential real estate properties included in OREO was not material as of March 31, 2024 and December 31, 2023. The Company had $1.0 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 March 31, 2024 and December 31, 2023, respectively.