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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the six months ended June 30, 2025 were as follows:
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Consolidated
Balance at December 31, 2024 | $ | 138,476 |  |  | $ | 15,434 |  |  | $ | 21,600 |  |  | $ | 175,510 |
Addition to goodwill from acquisitions | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2025 | $ | 138,476 |  |  | $ | 15,434 |  |  | $ | 21,600 |  |  | $ | 175,510 |
The Corporation also has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The following table reflects the components of intangible assets at the dates indicated:
| At June 30, 2025 |  | At December 31, 2024
(Dollars in thousands) | Gross Carrying Amount |  | Accumulated Amortization (1) |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization (1) |  | Net Carrying Amount
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Core deposit intangibles | $ | 5,268 |  |  | $ | 5,172 |  |  | $ | 96 |  |  | $ | 6,788 |  |  | $ | 6,597 |  |  | $ | 191 |
Customer related intangibles | 2,476 |  |  | 1,514 |  |  | 962 |  |  | 2,476 |  |  | 1,348 |  |  | 1,128 |
Servicing rights | 12,632 |  |  | 5,723 |  |  | 6,909 |  |  | 12,274 |  |  | 5,284 |  |  | 6,990 |
Total amortized intangible assets | $ | 20,376 |  |  | $ | 12,409 |  |  | $ | 7,967 |  |  | $ | 21,538 |  |  | $ | 13,229 |  |  | $ | 8,309 |
(1) Included within accumulated amortization is a valuation allowance of $21 thousand and $7 thousand on servicing rights at June 30, 2025 and December 31, 2024, respectively. The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2025 and the succeeding fiscal years is as follows:
Year | (Dollars in thousands) | Amount
Remainder of 2025 |  | $ | 208 |
2026 |  | 318 |
2027 |  | 216 |
2028 |  | 161 |
2029 |  | 105 |
Thereafter |  | 50 |
Total |  | $ | 1,058 |
The aggregate fair value of servicing rights was $11.4 million and $12.7 million at June 30, 2025 and December 31, 2024, respectively. The fair value of these rights was determined using a discount rate of 11.1% and 11.0% at June 30, 2025 and December 31, 2024, respectively. Changes in the servicing rights balance are summarized as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Beginning of period | $ | 6,872 |  |  | $ | 5,681 |  |  | $ | 6,990 |  |  | $ | 8,982 |
Servicing rights capitalized | 464 |  |  | 537 |  |  | 747 |  |  | 963 |
Amortization of servicing rights | (432) |  |  | (136) |  |  | (814) |  |  | (477) |
Sold servicing rights | — |  |  | — |  |  | — |  |  | (3,466) |
Changes in valuation allowance | 5 |  |  | 1 |  |  | (14) |  |  | 81 |
End of period | $ | 6,909 |  |  | $ | 6,083 |  |  | $ | 6,909 |  |  | $ | 6,083 |
Loans serviced for others | $ | 1,049,499 |  |  | $ | 933,873 |  |  | $ | 1,049,499 |  |  | $ | 933,873 |
Activity in the valuation allowance for servicing rights was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Valuation allowance, beginning of period | $ | (26) |  |  | $ | (18) |  |  | $ | (7) |  |  | $ | (98) |
Additions | — |  |  | — |  |  | (14) |  |  | — |
Reductions | 5 |  |  | 1 |  |  | — |  |  | 81 |
Valuation allowance, end of period | $ | (21) |  |  | $ | (17) |  |  | $ | (21) |  |  | $ | (17) |
The estimated amortization expense of servicing rights for the remainder of 2025 and the succeeding fiscal years is as follows:
Year | (Dollars in thousands) | Amount
Remainder of 2025 |  | $ | 1,118 |
2026 |  | 941 |
2027 |  | 794 |
2028 |  | 673 |
2029 |  | 570 |
Thereafter |  | 2,813 |
Total |  | $ | 6,909 |

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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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