Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table details changes in the recorded amount of goodwill:


(Dollars in thousands)	March 31, 2024		December 31, 2023
Goodwill, beginning of year	$	362,169	$	292,397
Goodwill recorded from acquisitions	—		69,772
Goodwill, end of period	$	362,169	$	362,169

As of the close of business on April 30, 2023, Peoples completed its merger with Limestone Bancorp, Inc. ("Limestone") pursuant to an Agreement and Plan of Merger dated October 24, 2022, at which point Limestone merged with and into Peoples, and immediately thereafter, Limestone Bank, Inc., the subsidiary bank of Limestone, merged with and into Peoples Bank (collectively, the “Limestone Merger”).

As of March 31, 2024, Peoples recorded $68.8 million of Goodwill related to the Limestone Merger.

Other Intangible Assets

Other intangible assets were comprised of the following at March 31, 2024, and at December 31, 2023:


(Dollars in thousands)	Core Deposits		Customer Relationships		Indefinite-Lived Trade Names		Total
March 31, 2024
Gross intangibles	$	54,186	$	37,920	$	2,491	$	94,597
Intangibles recorded from acquisitions	—		—		—		—
Accumulated amortization	(27,138)		(21,938)		—		(49,076)
Total acquisition-related intangibles	$	27,048	$	15,982	$	2,491	$	45,521
Servicing rights							1,285
Non-compete agreements							310
Total other intangibles							$	47,116

December 31, 2023
Gross intangibles	$	26,464	$	37,920	$	2,491	$	66,875
Intangibles recorded from acquisitions	27,722		—		—		27,722
Accumulated amortization	(25,670)		(20,680)		—		(46,350)
Total acquisition-related intangibles	$	28,516	$	17,240	$	2,491	$	48,247
Servicing rights							1,385
Non-compete agreements							371
Total other intangibles							$	50,003

As of March 31, 2024, Peoples recorded $27.7 million of core deposit intangibles related to the Limestone Merger. Refer to "Note 13 Acquisitions" for additional information.

The following table details estimated aggregate future amortization of other intangible assets at March 31, 2024:


(Dollars in thousands)	Core Deposits		Customer Relationships		Non-Compete Agreements		Total
Remaining nine months of 2024	$	4,406	$	3,770	$	182	$	8,358
2025	4,609		4,038		112		$	8,759
2026	3,736		2,954		16		$	6,706
2027	3,043		2,112		—		$	5,155
2028	2,608		1,392		—		$	4,000
Thereafter	8,646		1,716		—		$	10,362
Total	$	27,048	$	15,982	$	310	$	43,340

The weighted average amortization period of other intangible assets is 8.5 years.