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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6 - Goodwill and Intangible Assets Goodwill The change in the balance for goodwill was as follows:
(Dollars in thousands) |  | 2019 |  |  | 2018 |
January 1 |  | $ | 13,728 |  |  | $ | 13,728 |
Acquired goodwill from merger with County |  |  | 39,142 |  |  |  | — |
December 31 |  | $ | 52,870 |  |  | $ | 13,728 |
ChoiceOne evaluates goodwill annually for impairment. Accounting pronouncements allow a company to first perform a qualitative assessment for goodwill prior to a quantitative assessment (Step 1 assessment). If the results of the qualitative assessment indicate that it is more likely than not that goodwill is impaired, then a quantitative assessment must be performed. If not, there is no further assessment required. The Company previously acquired Valley Ridge Financial Corp. in 2006 and County in 2019, which resulted in the recognition of goodwill of $13.7 million and $39.1 million, respectively. Management concluded no impairment of goodwill existed as of the reporting date. Acquired Intangible Assets Information for acquired intangible assets at December 31, 2019 follows:
|  | Gross |  |  |  |
|  | Carrying |  |  | Accumulated |
(Dollars in thousands) |  | Amount |  |  | Amortization |
Core deposit intangible |  | $ | 6,359 |  |  | $ | 353 |
The core deposit intangible is being amortized on a sum-of-the-years digits basis over ten years. Amortization expense was $353,000 in 2019. The estimated amortization expense for the next five years ending December 31 is as follows:
2020 |  | $ | 1,369 |
2021 |  |  | 1,192 |
2022 |  |  | 1,016 |
2023 |  |  | 839 |
2024 |  |  | 662 |
Thereafter |  |  | 928 |
Total |  | $ | 6,006 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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