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Goodwill and Intangibles | 12 Months Ended
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Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Note 7. Goodwill and Intangibles The balance in goodwill is the result of a branch acquisition in Charlottesville in 2011, the acquisition of River Bancorp, Inc. in 2016, the acquisition of a mortgage line of business in 2018, the 35% acquisition of Hammond Insurance Agency, Incorporated in 2019, and the acquisition of Virginia Community Bankshares, Inc. in 2019. The purpose of these acquisitions was to expand the geographic service area by targeting attractive markets with potential to provide continued balance sheet growth and new opportunities for the Company. Bank management will evaluate at least annually the recorded value of the goodwill. In accordance with GAAP, the Company is not amortizing goodwill. In the event the asset suffers a decline in value based on criteria established in governing accounting standards, an impairment will be recorded.
Goodwill |  |  | 2019 |  |  | 2018
Charlottesville Branch Acquisition |  | $ | 366,300 |  | $ | 366,300
River Bancorp, Inc. Acquisition |  |  | 1,727,864 |  |  | 1,727,864
Mortgage Business Acquisition |  |  | 600,000 |  |  | 600,000
Hammond Insurance Acquisition |  |  | 612,500 |  |  | —
Virginia Community Bankshares, Inc. Acquisition |  |  | 16,608,278 |  |  | —
|  | $ | 19,914,942 |  | $ | 2,694,164
Information concerning amortizable intangibles included in other assets on the balance sheet is as follows:
Amortizable Intangibles |  |  | 2019 |  |  | 2018
Customer-Based Intangible – MoneyWise Payroll |  | $ | 541,272 |  | $ | 738,098
Customer Based Intangible – Hammond Insurance |  |  | 374,986 |  |  | —
Customer Based Intangible – LenderSelect |  |  | 720,489 |  |  | —
Core Deposit Intangible – River Community Bank |  |  | 211,036 |  |  | 437,954
Core Deposit Intangible – Virginia Community Bank |  |  | 1,690,000 |  |  | —
Other |  |  | 180,536 |  |  | 136,863
|  | $ | 3,718,319 |  | $ | 1,312,915
The estimated amortization expense for the next five years and thereafter is as follows:
(Dollars in thousands) |  |  |
2020 | $ | 869,635 |
2021 |  | 716,913 |
2022 |  | 564,949 |
2023 |  | 379,624 |
2024 |  | 341,916 |
Thereafter |  | 845,282 |
Total | $ | 3,718,319 |

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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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