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Goodwill and Intangibles | 6 Months Ended
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Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Note 6 – Goodwill and Intangibles The balance in goodwill is the result of a branch acquisition in Charlottesville, Virginia 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, Inc 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. Management evaluates at least annually the recorded value of goodwill. Goodwill is not an amortizing intangible. In the event the asset suffers a decline in value based on criteria established in governing accounting standards, an impairment will be recorded.
| June 30, 2020 |  |  | December 31, 2019 |
Goodwill |  |  |  |  |  |  |
Charlottesville Branch Acquisition | $ | 366 |  |  | $ | 366 |
River Bancorp, Inc. Acquisition |  | 1,728 |  |  |  | 1,728 |
Mortgage Business Acquisition |  | 600 |  |  |  | 600 |
Hammond Insurance Agency Acquisition |  | 613 |  |  |  | 613 |
Virginia Community Bankshares, Inc. Acquisition |  | 16,585 |  |  |  | 16,608 |
| $ | 19,892 |  |  | $ | 19,915 |
Information concerning amortizable intangibles included in other assets on the balance sheet is as follows:
| June 30, 2020 |  |  | December 31, 2019 |
Amortizable Intangibles |  |  |  |  |  |  |
Customer-Based Intangible - MoneyWise Payroll | $ | 443 |  |  | $ | 541 |
Customer-Based Intangible - Hammond Insurance Agency |  | 358 |  |  |  | 375 |
Customer-Based Intangible - LenderSelect Mortgage Group |  | 679 |  |  |  | 720 |
Core Deposit Intangible - River Community Bank |  | 133 |  |  |  | 211 |
Core Deposit Intangible - Virginia Community Bank |  | 1,552 |  |  |  | 1,690 |
Other |  | 207 |  |  |  | 181 |
| $ | 3,372 |  |  | $ | 3,718 |
Beginning the second quarter of 2020, the Company began recording mortgage servicing rights. At June 30, 2020, the Company was servicing approximately $213.5 million of loans originated by the mortgage division and sold to the secondary market. The initial recording of the mortgage servicing rights was at fair value and occurred in June 2020 and resulted in both an asset and mortgage loan servicing income of $1.6 million. Subsequently, the mortgage servicing asset will be measured using the amortization method and evaluated for impairment each quarter end.

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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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