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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2024
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. In accordance with ASC Topic 350, goodwill is tested at least annually for impairment at the reporting unit level. The Corporation performs an annual test of goodwill for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of goodwill during 2022 through 2024.
Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2024 and 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 December 31, 2023138,476 15,434 21,600 175,510 
Addition to goodwill from acquisitions    
Balance at December 31, 2024$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 Corporation also performs an annual test of core deposit and customer-related intangibles for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of core deposit and customer-related intangibles during 2022 through 2024.

The amortization of core deposit and customer-related intangibles for the years ended December 31, 2024, 2023 and 2022 was $648 thousand, $845 thousand and $1.2 million, respectively.

The following table reflects the components of intangible assets at the dates indicated:
At December 31, 2024At December 31, 2023
(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 $6,597 $191 $6,788 $6,329 $459 
Customer-related intangibles2,476 1,348 1,128 4,162 2,653 1,509 
Servicing rights12,274 5,284 6,990 30,850 21,868 8,982 
Total amortized intangible assets$21,538 $13,229 $8,309 $41,800 $30,850 $10,950 
(1) Included within accumulated amortization is a valuation allowance of $7 thousand and $98 thousand on servicing rights at December 31, 2024 and 2023, respectively.

The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows:
Year(Dollars in thousands)Amount
2025$469 
2026318 
2027216 
2028161 
2029105 
Thereafter50 
Total$1,319 

The aggregate fair value of servicing rights was $12.7 million and $17.7 million at December 31, 2024 and 2023, respectively. The fair value of these rights was determined using a discount rate of 11.0% at December 31, 2024 and 12.3% at December 31, 2023. The change in the fair value of servicing rights from December 31, 2023 was primarily related to the sale of servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.
Changes in the servicing rights balance are summarized as follows:
 For the Years Ended December 31,
(Dollars in thousands)202420232022
Beginning of period$8,982 $8,572 $7,878 
Servicing rights capitalized2,724 1,946 2,344 
Amortization of servicing rights(1,341)(1,443)(1,658)
Sold servicing rights(3,466)— — 
Changes in valuation allowance91 (93)
End of period$6,990 $8,982 $8,572 
Loans serviced for others$1,032,011 $1,630,032 $1,503,149 
The change in loans serviced for others from December 31, 2023 was primarily related to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.

Activity in the valuation allowance for servicing rights are summarized as follows:
 For the Years Ended December 31,
(Dollars in thousands)202420232022
Valuation allowance, beginning of period$(98)$(5)$(13)
Additions (93)— 
Reductions91 — 
Valuation allowance, end of period$(7)$(98)$(5)

The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows:
Year(Dollars in thousand)Amount
2025$972 
2026847 
2027738 
2028643 
2029562 
Thereafter3,228 
Total$6,990