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Other Real Estate Owned | 6 Months Ended
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Jun. 30, 2023
Repossessed Assets [Abstract] |
Other Real Estate Owned | 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance | $ | 13.4 |  |  | $ | 17.5 |  |  | $ | 12.7 |  |  | $ | 2.0 |
Acquired through acquisition | — |  |  | — |  |  | — |  |  | 15.8 |
Additions | 1.7 |  |  | 0.1 |  |  | 2.5 |  |  | 0.1 |
Valuation adjustments | (0.7) |  |  | — |  |  | (0.8) |  |  | — |
Dispositions | — |  |  | (0.8) |  |  | — |  |  | (1.1) |
Ending balance | $ | 14.4 |  |  | $ | 16.8 |  |  | $ | 14.4 |  |  | $ | 16.8 |
The carrying value of foreclosed residential real estate properties included in OREO was $1.1 million as of June 30, 2023 and was not material as of 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 June 30, 2023 and December 31, 2022, 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 -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522 + Details
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