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) | 2025 | 2024 |
| Goodwill, beginning of year | $ | 363,199 | | $ | 362,169 | |
| Goodwill recorded from acquisitions | — | | 1,030 | |
| Goodwill, end of year | $ | 363,199 | | $ | 363,199 | |
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Peoples performed a qualitative assessment of goodwill as of October 1, 2025, and management concluded that it was not more-likely-than-not that the fair value of Peoples’ single reporting unity is below its respective carrying value as of December 31, 2025.
On September 30, 2024, Peoples acquired an insurance business, for which Peoples recorded $0.2 million in goodwill in 2024. On October 31, 2024, Peoples acquired an insurance business, for which $0.8 million in goodwill was recorded in 2024.
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 |
| 2025 | | | | | | | |
| Gross intangibles | $ | 54,186 | | | $ | 38,470 | | | $ | 2,491 | | | $ | 95,147 | |
| Intangibles recorded from acquisitions | — | | | — | | | — | | | — | |
| Accumulated amortization | (36,154) | | | (29,846) | | | — | | | (66,000) | |
| Total acquisition-related intangibles | $ | 18,032 | | | $ | 8,624 | | | $ | 2,491 | | | $ | 29,147 | |
| Servicing rights | | | | | | | 957 | |
| Non-compete agreements (a) | | | | | | | 16 | |
| Total other intangibles | | | | | | | $ | 30,120 | |
| 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 | |
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(a) Non-compete agreements were recognized due to acquisitions.
Peoples performed a qualitative impairment assessment of other intangible assets and concluded there was no indication of impairment in the recorded value of other intangible assets as of October 1, 2025.
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.
The following table details estimated aggregate future amortization of other intangible assets at December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | | Core Deposits | | Customer Relationships | | Non-Compete Agreements | | Total |
| 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 | |
| 2030 | | 2,189 | | | 514 | | | — | | | 2,703 | |
| Thereafter | | 4,097 | | | 453 | | | — | | | 4,550 | |
| Total | | $ | 18,032 | | | $ | 8,624 | | | $ | 16 | | | $ | 26,672 | |
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The weighted average amortization period of other intangibles is 6.8 years.
The following is an analysis of activity of servicing rights for the years ended December 31:
| | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | | 2025 | | 2024 | | 2023 |
| Balance, beginning of year | | $ | 1,216 | | | $ | 1,385 | | | $ | 1,816 | |
| Amortization | | (324) | | | (349) | | | (457) | |
| Servicing rights originated | | 65 | | | 180 | | | 27 | |
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| Change in valuation allowance | | — | | | — | | | (1) | |
| Balance, end of year | | $ | 957 | | | $ | 1,216 | | | $ | 1,385 | |
The following is the breakdown of the discount rates and prepayment speeds of servicing rights for the years ended December 31:
| | | | | | | | | | | | | | | | | |
| | 2025 | 2024 |
| | Minimum | Maximum | Minimum | Maximum |
| Discount rates | | 11.8 | % | 14.3 | % | 12.5 | % | 15.0 | % |
| Prepayment speeds | | 7.5 | % | 18.4 | % | 9.4 | % | 16.0 | % |
The fair value of servicing rights was $2.8 million at December 31, 2025, and $3.0 million at December 31, 2024.