Other Real Estate Owned

9 Months Ended

Sep. 30, 2023

Repossessed Assets [Abstract]

Other Real Estate Owned

Other real estate owned (“OREO”) is a category of real estate owned by the Company as a result of a default by the borrower. Information with respect to the Company’s OREO is reflected in the following table:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning balance	$	14.4	$	16.8	$	12.7	$	2.0
Acquired through acquisition	—		—		—		15.8
Additions	—		0.3		2.5		0.4
Valuation adjustments	(0.3)		(0.2)		(1.1)		(0.2)
Dispositions	(2.5)		(0.5)		(2.5)		(1.6)
Ending balance	$	11.6	$	16.4	$	11.6	$	16.4

The carrying value of foreclosed residential real estate properties included in OREO was not material as of September 30, 2023 and December 31, 2022. The Company had $0.4 million and 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 September 30, 2023 and December 31, 2022, respectively.