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Goodwill and Other Intangible Assets
 12 Months Ended
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)20242023
Goodwill, beginning of year$362,169 $292,397 
Goodwill recorded from acquisitions1,030 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 recorded $0.6 million in goodwill. On October 10, 2023, Peoples purchased the assets of an additional insurance business, for which $0.4 million in goodwill was recorded.
Other intangible assets
Other intangible assets were comprised of the following at December 31:
(Dollars in thousands)Core DepositsCustomer RelationshipsIndefinite-Lived Trade NamesTotal
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 rights1,216 
Non-compete agreements (a)128 
Total other intangibles$39,223 
2023
Gross intangibles$26,464 $37,920 $2,491 $66,875 
Intangibles recorded from acquisitions27,722 — — 27,722 
Accumulated amortization(25,670)(20,680)— (46,350)
Total acquisition-related intangibles$28,516 $17,240 $2,491 $48,247 
Servicing rights1,385 
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 DepositsCustomer RelationshipsNon-Compete AgreementsTotal
2025$4,609 $4,124 $112 $8,845 
20263,736 3,036 16 6,788 
20273,043 2,188 — 5,231 
20282,608 1,462 — 4,070 
20292,359 971 — 3,330 
Thereafter6,286 966 — 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)202420232022
Balance, beginning of year$1,385 $1,816 $2,218 
Amortization(349)(457)(594)
Servicing rights originated180 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:
20242023
Minimum MaximumMinimumMaximum
Discount rates12.5 %15.0 %13.5 %16.0 %
Prepayment speeds9.4 %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.