Other Real Estate Owned

12 Months Ended

Dec. 31, 2023

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.