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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
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)20192018
Goodwill, beginning of year$151,245  $133,111  
Goodwill recorded from acquisitions14,456  18,134  
Goodwill, end of year$165,701  $151,245  
Peoples performed the required annual goodwill impairment test as of October 1, 2019, and concluded there was no impairment in the recorded value of goodwill as of December 31, 2019, based upon the estimated fair value of the single reporting unit. Peoples elected to perform the quantitative impairment test to corroborate the findings of its qualitative analysis. During the annual goodwill impairment test, Peoples assessed qualitative factors, including relevant events and circumstances, in addition to completing the quantitative assessment, and determined that the fair value of the reporting unit exceeded the carrying value.
On April 12, 2019, Peoples completed its acquisition of First Prestonsburg, for which Peoples recorded $14.5 million of goodwill. On April 13, 2018, Peoples completed its acquisition of ASB, for which Peoples recorded $18.1 million of goodwill. For additional information on the First Prestonsburg acquisition, refer to "Note 19 Acquisitions."
Other intangible assets
Other intangible assets were comprised of the following at December 31:
(Dollars in thousands)Core DepositsCustomer RelationshipsTotal
2019
Gross intangibles$17,999  $7,480  $25,479  
Intangibles recorded from acquisitions4,234  —  4,234  
Accumulated amortization(15,120) (5,533) (20,653) 
Total acquisition-related intangibles$7,113  $1,947  $9,060  
Servicing rights2,742  
Total other intangibles$11,802  
2018
Gross intangibles$15,636  $7,480  $23,116  
Intangibles recorded from acquisitions2,363  —  2,363  
Accumulated amortization(12,540) (4,754) (17,294) 
Total acquisition-related intangibles$5,459  $2,726  $8,185  
Servicing rights2,655  
Total other intangibles$10,840  
Peoples performed other intangible assets impairment testing as of October 1, 2019 and concluded there was no impairment in the recorded value of other intangible assets as of December 31, 2019, based upon estimated fair value. During the annual other intangible assets 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 other intangible assets exceeded the carrying value.
Other intangible assets recorded from the First Prestonsburg acquisition in 2019 were $4.2 million of core deposit intangible assets. Refer to "Note 19 Acquisitions" for additional information. As a result of the ASB acquisition, Peoples recorded other intangible assets of $2.6 million in 2018, which included $2.4 million in core deposit intangible assets and $276,000 in servicing rights.
The following table details estimated aggregate future amortization of other intangible assets at December 31, 2019:
(Dollars in thousands)Core DepositsCustomer RelationshipsTotal
2020$2,178  $629  $2,807  
20211,568  470  2,038  
20221,011  318  1,329  
2023727  217  944  
2024587  149  736  
Thereafter1,042  164  1,206  
Total$7,113  $1,947  $9,060  
The weighted average amortization period of other intangibles is 7.6 years.
The following is an analysis of activity of servicing rights for the years ended December 31:
(Dollars in thousands)201920182017
Balance, beginning of year$2,655  $2,305  $2,305  
Amortization(871) (1,155) (663) 
Servicing rights originated958  1,229  663  
Servicing rights acquired—  276  —  
Balance, end of year$2,742  $2,655  $2,305  
No valuation allowances were required at December 31, 2019, 2018 and 2017 for Peoples’ servicing rights since, at each date, the fair value equaled or exceeded the book value.
The fair value of servicing rights was $3.9 million and $4.6 million at December 31, 2019 and 2018, respectively. Fair value at December 31, 2019 was determined using discount rates ranging from 9.8% to 12.3%, and prepayment speeds ranging from 8.9% to 12.8%, depending on the stratification of the specific right, utilizing state delinquency to calculate the default rate. Fair value at
December 31, 2018 was determined using discount rates ranging from 10.5% to 13.0%, and prepayment speeds ranging from 8.7% to 11.6%.