Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Other Intangible Assets [Abstract]

The following table details changes in the recorded amount of goodwill for the years ended December 31:



(Dollars in thousands)	2013		2012
Goodwill, beginning of year	$	64,881	$	62,520
Acquired goodwill	5,639		2,361
Goodwill, end of year	$	70,520	$	64,881

Peoples performed the required goodwill impairment tests and concluded there was no impairment in the recorded value of goodwill as of December 31, 2013, based upon the estimated fair value of the single reporting unit.

Other intangible assets

Other intangible assets were comprised of the following at December 31:



(Dollars in thousands)	Core Deposit			Customer Relationships			Total
2013
Gross intangibles	$	7,195		$	6,189		$	13,384
Acquired intangibles	1,565			2,458			4,023
Accumulated amortization	(6,815		)	(5,804		)	(12,619		)
Total acquired intangibles	$	1,945		$	2,843		$	4,788
Servicing rights							2,295
Total other intangibles							$	7,083
2012
Gross intangibles	$	8,192		$	6,182		$	14,374
Acquired intangibles	661			1,008			1,669
Accumulated amortization	(8,232		)	(6,240		)	(14,472		)
Total acquired intangibles	$	621		$	950		$	1,571
Servicing rights							2,073
Total other intangibles							$	3,644

The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2013:



(Dollars in thousands)	Core Deposits		Customer Relationships		Total
2014	$	512	$	542	$	1,054
2015	434		495		929
2016	357		446		803
2017	279		391		670
2018	200		332		532
Thereafter	163		637		800
Total	$	1,945	$	2,843	$	4,788

For further information regarding Peoples' acquisitions, please refer to Note 18.

The following is an analysis of activity of servicing rights for the years ended December 31:



(Dollars in thousands)	2013			2012			2011
Balance, beginning of year	$	2,073		$	1,544		$	1,353
Amortization	(652		)	(616		)	(397		)
Servicing rights originated	675			1,145			588
Servicing rights acquired	199			—			—
Balance, end of year	$	2,295		$	2,073		$	1,544

No valuation allowances were required at December 31, 2013, 2012 and 2011 for Peoples’ servicing rights since the fair value equaled or exceeded the book value.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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