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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
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 for the years ended December 31:
(Dollars in thousands) | 2024 | 2023
Goodwill, beginning of year | $ | 362,169 |  | $ | 292,397 |
Goodwill recorded from acquisitions | 1,030 |  | 69,772 |
Goodwill, end of year | $ | 363,199 |  | $ | 362,169 |
Peoples performed a quantitative assessment of goodwill as of October 1, 2024, and management concluded that the fair value of Peoples’ single reporting unit was greater than its carrying amount. On September 30, 2024, Peoples purchased the assets of an insurance business, for which Peoples has recorded $0.2 million in goodwill as of December 31, 2024. On October 31, 2024, Peoples purchased the assets of an insurance business, for which $0.8 million in goodwill has been recorded as of December 31, 2024. 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, and immediately thereafter, Limestone Bank, Inc., the subsidiary bank of Limestone, merged with and into Peoples Bank (collectively, the “Limestone Merger”). Peoples recorded goodwill from the Limestone Merger totaling $68.8 million. On January 3, 2023, Peoples acquired a trust and investment business, for which Peoples record ed $0.6 million in goodwill. On October 10, 2023, Peoples purchased the assets of an additional insurance business, for which $0.4 million i n goodwill was recorded. Other intangible assets Other intangible assets were comprised of the following at December 31:
(Dollars in thousands) | Core Deposits |  | Customer Relationships |  | Indefinite-Lived Trade Names |  | Total
2024 |  |  |  |  |  |  |
Gross intangibles | $ | 54,186 |  |  | $ | 37,920 |  |  | $ | 2,491 |  |  | $ | 94,597 |
Intangibles recorded from acquisitions | — |  |  | 550 |  |  | — |  |  | 550 |
Accumulated amortization | (31,545) |  |  | (25,723) |  |  | — |  |  | (57,268) |
Total acquisition-related intangibles | $ | 22,641 |  |  | $ | 12,747 |  |  | $ | 2,491 |  |  | $ | 37,879 |
Servicing rights |  |  |  |  |  |  | 1,216 |
Non-compete agreements (a) |  |  |  |  |  |  | 128 |
Total other intangibles |  |  |  |  |  |  | $ | 39,223 |
2023 |  |  |  |  |  |  |
Gross intangibles | $ | 26,464 |  |  | $ | 37,920 |  |  | $ | 2,491 |  |  | $ | 66,875 |
Intangibles recorded from acquisitions | 27,722 |  |  | — |  |  | — |  |  | 27,722 |
Accumulated amortization | (25,670) |  |  | (20,680) |  |  | — |  |  | (46,350) |
Total acquisition-related intangibles | $ | 28,516 |  |  | $ | 17,240 |  |  | $ | 2,491 |  |  | $ | 48,247 |
Servicing rights |  |  |  |  |  |  | 1,385 |
Non-compete agreements (a) |  |  |  |  |  |  | 371 |
Total other intangibles |  |  |  |  |  |  | $ | 50,003 |
(a) Non-compete agreements were recognized due to acquisitions. Peoples performed other intangible assets impairment testing as of October 1, 2024 and concluded there was no impairment in the recorded value of other intangible assets as of October 1, 2024. During the annual impairment test, Peoples assessed quantitative factors, including relevant events and circumstances, to determine that it was more-likely-than-not that the fair value of other intangible assets exceeded the carrying value. Other intangible assets recorded from the above-mentioned acquisitions in 2024 consisted of $0.6 million of customer relationship intangibles related to the insurance acquisition in October 2024. Other intangible assets recorded from the above-mentioned acquisitions in 2023 consisted of $27.7 million of core deposit intangibles related to the Limestone Merger. The following table details estimated aggregate future amortization of other intangible assets at December 31, 2024:
(Dollars in thousands) |  | Core Deposits |  | Customer Relationships |  | Non-Compete Agreements |  | Total
2025 |  | $ | 4,609 |  |  | $ | 4,124 |  |  | $ | 112 |  |  | $ | 8,845 |
2026 |  | 3,736 |  |  | 3,036 |  |  | 16 |  |  | 6,788 |
2027 |  | 3,043 |  |  | 2,188 |  |  | — |  |  | 5,231 |
2028 |  | 2,608 |  |  | 1,462 |  |  | — |  |  | 4,070 |
2029 |  | 2,359 |  |  | 971 |  |  | — |  |  | 3,330 |
Thereafter |  | 6,286 |  |  | 966 |  |  | — |  |  | 7,252 |
Total |  | $ | 22,641 |  |  | $ | 12,747 |  |  | $ | 128 |  |  | $ | 35,516 |
The weighted average amortization period of other intangibles is 7.6 years. The following is an analysis of activity of servicing rights for the years ended December 31:
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Balance, beginning of year |  | $ | 1,385 |  |  | $ | 1,816 |  |  | $ | 2,218 |
Amortization |  | (349) |  |  | (457) |  |  | (594) |
Servicing rights originated |  | 180 |  |  | 27 |  |  | 180 |
Change in valuation allowance |  | — |  |  | (1) |  |  | 12 |
Balance, end of year |  | $ | 1,216 |  |  | $ | 1,385 |  |  | $ | 1,816 |
The following is the breakdown of the discount rates and prepayment speeds of servicing rights for the years ended December 31:
|  | 2024 | 2023
|  | Minimum | Maximum | Minimum | Maximum
Discount rates |  | 12.5 | % | 15.0 | % | 13.5 | % | 16.0 | %
Prepayment speeds |  | 9.4 | % | 16.0 | % | 7.7 | % | 16.1 | %
The fair value of servicing rights was $3.0 million at December 31, 2024 and $3.2 million at December 31, 2023.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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