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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2016
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

The following table details changes in the recorded amount of goodwill for the years ended December 31:
(Dollars in thousands)
2016
2015
Goodwill, beginning of year
$
132,631

$
98,562

Acquired goodwill

34,069

Goodwill, end of year
$
132,631

$
132,631



Peoples performed the required goodwill impairment test and concluded there was no impairment in the recorded value of goodwill in 2016, based upon the estimated fair value of the single reporting unit. During the annual goodwill impairment test, Peoples assessed qualitative factors, including relevant events and circumstances, to determine that it was more likely than not that the fair value of the reporting unit exceeded the carrying value.
Other intangible assets
Other intangible assets were comprised of the following at December 31:
(Dollars in thousands)
Core Deposits
 
Customer Relationships
 
Total
2016
 
 
 
 
 
Gross intangibles
$
16,150

 
$
4,859

 
$
21,009

Acquired intangibles

 
514

 
514

Accumulated amortization
(7,594
)
 
(2,847
)
 
(10,441
)
Total acquired intangibles
$
8,556

 
$
2,526

 
$
11,082

Servicing rights
 
 
 
 
2,305

Total other intangibles


 


 
$
13,387

2015
 
 
 
 
 
Gross intangibles
$
7,013

 
$
8,858

 
$
15,871

Acquired intangibles
8,623

 
1,695

 
10,318

Accumulated amortization
(4,396
)
 
(7,194
)
 
(11,590
)
Total acquired intangibles
$
11,240

 
$
3,359

 
$
14,599

Servicing rights
 
 
 
 
2,387

Total other intangibles


 


 
$
16,986


The following table details estimated aggregate future amortization expense of core deposit and customer relationship intangible assets at December 31, 2016:
(Dollars in thousands)
 
Core Deposits
 
Customer Relationships
 
Total
2017
 
$
2,688

 
$
722

 
$
3,410

2018
 
2,175

 
606

 
2,781

2019
 
1,658

 
482

 
2,140

2020
 
1,138

 
352

 
1,490

2021
 
648

 
217

 
865

Thereafter
 
249

 
147

 
396

Total
 
$
8,556

 
$
2,526

 
$
11,082


For further information regarding Peoples' acquisitions, refer to Note 17.

The following is an analysis of activity of servicing rights for the years ended December 31:
(Dollars in thousands)
 
2016
 
2015
 
2014
Balance, beginning of year
 
$
2,387

 
$
2,238

 
$
2,295

Amortization
 
(762
)
 
(662
)
 
(597
)
Servicing rights originated
 
680

 
566

 
497

Servicing rights acquired
 

 
245

 
43

Balance, end of year
 
$
2,305

 
$
2,387

 
$
2,238

 
No valuation allowances were required at December 31, 2016, 2015 and 2014 for Peoples’ servicing rights since the fair value equaled or exceeded the book value.