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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The following table details changes in the recorded amount of goodwill:
(Dollars in thousands)June 30, 2023December 31, 2022
Goodwill, beginning of year$292,397 $264,193 
Goodwill recorded from acquisitions64,000 28,204 
Goodwill, end of period$356,397 $292,397 
As of the close of business on April 30, 2023, Peoples completed its merger with Limestone Bancorp, Inc. ("Limestone") pursuant to an Agreement and Plan of Merger dated October 24, 2022, at which point Limestone merged with and into Peoples (the "Limestone Merger"), and Limestone Bank, Inc., the subsidiary bank of Limestone, merged immediately thereafter with and into Peoples' wholly-owned subsidiary, Peoples Bank. Peoples preliminarily recorded goodwill from the Limestone Merger as of June 30, 2023 totaling $63.4 million.
On January 3, 2023, Peoples acquired a trust and investment business, for which Peoples initially recognized $200,000 in goodwill. A further adjustment of $381,000 was recognized on May 31, 2023. The goodwill recorded from this acquisition totaled $581,000 as of June 30, 2023.
On March 7, 2022, Peoples Bank purchased 100% of the equity of Vantage pursuant to an Equity Purchase Agreement, dated February 16, 2022, at which point Vantage became a legal subsidiary of Peoples Bank. During 2022, Peoples recorded $27.2 million of goodwill related to this acquisition, which was offset partially by an adjustment of $1.3 million to the goodwill balance related to the merger (the "Premier Merger") of Peoples with Premier Financial Bancorp, Inc. (“Premier”) on September 17, 2021.
Other Intangible Assets
Other intangible assets were comprised of the following at June 30, 2023, and at December 31, 2022:
(Dollars in thousands)Core DepositsCustomer RelationshipsIndefinite-Lived Trade NamesTotal
June 30, 2023
Gross intangibles$26,464 $39,241 $2,491 $68,196 
Intangibles recorded from acquisitions27,722 — — 27,722 
Accumulated amortization(22,226)(18,522)— (40,748)
Total acquisition-related intangibles$31,960 $20,719 $2,491 $55,170 
Servicing rights1,605 
Total other intangibles$56,775 
December 31, 2022
Gross intangibles$26,464 $25,173 $1,274 $52,911 
Intangibles recorded from acquisitions— 14,067 1,217 15,284 
Accumulated amortization(20,667)(15,412)— (36,079)
Total acquisition-related intangibles$5,797 $23,828 $2,491 $32,116 
Servicing rights1,816 
Total other intangibles$33,932 
As of the close of business on April 30, 2023, Peoples preliminarily recorded $27.7 million of core deposit intangibles related to the merger with Limestone. Refer to "Note 13 Acquisitions" for additional information.
Other intangible assets recorded in 2022 were $10.8 million of customer relationship intangible assets, $1.2 million of non-compete intangible assets, and $1.2 million of indefinite-lived trade name intangible assets related to the Vantage acquisition. Peoples also recorded $2.0 million of customer relationship intangible assets and $0.1 million of non-compete intangible assets related to the acquisition of Elite Agency, Inc. ("Elite"). Refer to "Note 13 Acquisitions" for additional information.
The following table details estimated aggregate future amortization of other intangible assets at June 30, 2023:
(Dollars in thousands)Core DepositsCustomer RelationshipsTotal
Remaining six months of 2023$3,418 $3,151 $6,569 
20245,881 5,325 11,206 
20254,614 4,255 8,869 
20263,738 3,114 6,852 
20273,046 2,289 5,335 
Thereafter11,263 2,585 13,848 
Total$31,960 $20,719 $52,679 
The weighted average amortization period of other intangible assets is 9.2 years.