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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 were as follows:
(Dollars in thousands)BankingWealth ManagementInsuranceConsolidated
Balance at December 31, 2022$138,476 $15,434 $21,600 $175,510 
Addition to goodwill from acquisitions— — — — 
Balance at September 30, 2023$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 September 30, 2023At December 31, 2022
(Dollars in thousands)Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying AmountGross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Amortized intangible assets:
Core deposit intangibles$6,788 $6,244 $544 $6,788 $5,939 $849 
Customer related intangibles4,162 2,548 1,614 8,493 6,530 1,963 
Servicing rights30,360 21,439 8,921 28,904 20,332 8,572 
Total amortized intangible assets$41,310 $30,231 $11,079 $44,185 $32,801 $11,384 
(1) Included within accumulated amortization is a valuation allowance of $12 thousand and $5 thousand on servicing rights at September 30, 2023 and December 31, 2022, respectively.

The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2023 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2023$190 
2024648 
2025469 
2026319 
2027216 
Thereafter316 
Total$2,158 
The aggregate fair value of servicing rights was $19.0 million and $16.8 million at September 30, 2023 and December 31, 2022, respectively. The fair value of these rights was determined using a discount rate of 12.2% at September 30, 2023 and a range of 10.1% to 12.0% at December 31, 2022.
Changes in the servicing rights balance are summarized as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2023202220232022
Beginning of period$8,568 $8,372 $8,572 $7,878 
Servicing rights capitalized707 578 1,456 1,969 
Amortization of servicing rights(350)(383)(1,100)(1,290)
Changes in valuation allowance(4)2 (7)12 
End of period$8,921 $8,569 $8,921 $8,569 
Loans serviced for others$1,568,817 $1,484,738 $1,568,817 $1,484,738 
Activity in the valuation allowance for servicing rights was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2023202220232022
Valuation allowance, beginning of period$(8)$(3)$(5)$(13)
Additions(4)— (7)— 
Reductions— 2 — 12 
Valuation allowance, end of period$(12)$(1)$(12)$(1)

The estimated amortization expense of servicing rights for the remainder of 2023 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2023$1,042 
2024943 
2025850 
2026765 
2027687 
Thereafter4,634 
Total$8,921