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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table summarizes the changes in goodwill:
| For the Years Ended December 31,
(In thousands) | 2024 |  | 2023
Goodwill balance, beginning of year | $ | 127,031 |  |  | $ | 114,231 |
Brunswick Acquisition | — |  |  | 12,800 |
Commonwealth Benefits Group Acquisition | 1,129 |  |  | — |
Goodwill balance, end of year | $ | 128,160 |  |  | $ | 127,031 |
On July 31, 2024, Mid Penn acquired the insurance business and related accounts of a full-service employee benefits firm that serves mid to large employers across central and eastern Pennsylvania, northern Maryland, and northern Virginia. Goodwill totaling $1.1 million was booked as a result of this business combination. On May 19, 2023, Mid Penn purchased Brunswick Bank in a business combination. Goodwill totaling $12.8 million was booked as a result of this business combination. The following table summarizes the changes in core deposit intangible.
| For the Years Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Core deposit intangible balance, beginning of year | $ | 4,649 |  |  | $ | 4,964 |  |  | $ | 7,282 |
Brunswick core deposit intangibles | — |  |  | 999 |  |  | — |
Riverview (adjustment) acquisition | — |  |  | — |  |  | (705) |
Amortization of core deposit intangibles | 1,267 |  |  | 1,314 |  |  | 1,613 |
Core deposit and other intangible balances, end of year | $ | 3,382 |  |  | $ | 4,649 |  |  | $ | 4,964 |
The following table shows the amortization expense for future periods:
(In thousands) |
2025 | $ | 1,035 |
2026 | 812 |
2027 | 591 |
2028 | 370 |
2029 | 260 |
2030-thereafter | 314 |
Total | $ | 3,382 |
Customer List Intangible As a result of the Commonwealth Financial Group and Riverview Acquisitions, Mid Penn recorded a customer list intangible asset included in total intangible assets related to the insurance and wealth management customers assumed in the acquisitions. This intangible is amortized as an expense over ten years using the sum of the years’ amortization method. The following table summarizes the changes in the customer list intangible during the years ended December 31:
(In thousands) | 2024 |  | 2023 |  |
Customer list intangible balance, beginning of year | $ | 1,830 |  |  | $ | 2,275 |  |  |
Commonwealth Financial Group acquisition | 1,481 |  |  | — |  |  |
Amortization of customer list intangible | 512 |  |  | 445 |  |  |
Customer list intangible, end of year | $ | 2,799 |  |  | $ | 1,830 |  |  |
The following table shows the amortization expense for future periods:
(In thousands) |
2025 | $ | 608 |
2026 | 532 |
2027 | 456 |
2028 | 380 |
2029 | 304 |
2030-thereafter | 519 |
Total | $ | 2,799 |

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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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