The balance in goodwill is the result of a branch acquisition 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 VCB in 2019. The purpose of these acquisitions was to expand the Company’s 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. The Company does not amortize goodwill, but instead evaluates it periodically for impairment. In the event the asset suffers a decline in value based on criteria established in governing accounting standards, an impairment will be recorded.

	December 31,
(Dollars in thousands)	2020		2019
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

The change from December 31, 2019 to December 31, 2020 in goodwill from the VCB acquisition was due to an adjustment to the fair value of a loan after the end of 2019.

December 31, 2020	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Core deposit intangibles	$	2,776	$	1,366	$	1,410
Other amortizable intangibles		2,528		1,016		1,512

December 31, 2019
Core deposit intangibles	$	2,776	$	875	$	1,901
Other amortizable intangibles		2,339		522		1,817

Intangible amortization expense is included in non-interest expense or interest and fees on loans depending on the intangible. For the years ended December 31, 2020 and 2019, intangible amortization expense totaled $984 thousand and $474 thousand, respectively.

Estimated amortization expense for the next five years and thereafter as of December 31, 2020 is as follows:

(Dollars in thousands)
2021	$	759
2022		593
2023		394
2024		342
2025		293
Thereafter		541
Total	$	2,922

Effective second quarter 2020, the Company began retaining servicing rights on mortgages originated and sold by its mortgage division to the secondary market. As of December 31, 2020, the Company was servicing approximately $846.5 million of sold loans. The Company records MSR assets initially at fair value and subsequently accounts for them under the amortization method and performs an impairment assessment each reporting period. Management determined no impairment existed on MSR assets as of December 31, 2020. For the year ended December 31, 2020, income of $7.1 million was recorded in the Company’s consolidated statements of income. As of December 31, 2020, the carrying value of MSR assets reported in the Company’s consolidated balance sheets totaled $7.1 million ($7.3 million fair value).