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Goodwill and Intangible Assets
 12 Months Ended
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)
20242023
Goodwill balance, beginning of year$127,031 $114,231 
Brunswick Acquisition— 12,800 
Commonwealth Benefits Group Acquisition1,129 — 
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)
202420232022
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 intangibles1,267 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 
2026812 
2027591 
2028370 
2029260 
2030-thereafter314 
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)20242023
Customer list intangible balance, beginning of year$1,830 $2,275 
Commonwealth Financial Group acquisition1,481 — 
Amortization of customer list intangible512 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 
2026532 
2027456 
2028380 
2029304 
2030-thereafter519 
Total$2,799