Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives, which range from 5 to 12 years. Goodwill is the only intangible asset with an indefinite life on the Company’s consolidated balance sheets.


(Dollars in thousands)	Year of acquisition	March 31, 2021		December 31, 2020
Charlottesville branch acquisition	2011	$	366	$	366
River Bancorp, Inc. acquisition	2016		1,728		1,728
Mortgage business acquisition	2018		600		600
Hammond Insurance Agency acquisition	2019		613		613
Virginia Community Bankshares, Inc. acquisition	2019		16,585		16,585
Bay Banks Merger	2021		7,206		—
		$	27,098	$	19,892

The following table presents information on amortizable intangible assets included on the Company’s consolidated balance sheets as of the dates stated.

	Gross					Net
(Dollars in thousands)	Carrying		Accumulated			Carrying
March 31, 2021	Value		Amortization			Value
Core deposit intangibles	$	9,626	$	(1,683	)	$	7,943
Other amortizable intangibles		2,528		(1,031	)		1,497
Total	$	12,154	$	(2,714	)	$	9,440

	Gross					Net
(Dollars in thousands)	Carrying		Accumulated			Carrying
December 31, 2020	Value		Amortization			Value
Core deposit intangibles	$	2,776	$	(1,366	)	$	1,410
Other amortizable intangibles		2,528		(1,016	)		1,512
Total	$	5,304	$	(2,382	)	$	2,922

As a result of the Bay Banks Merger, a core deposit intangible asset of $6.9 million was recorded as of the acquisition date and is being amortized on an accelerated basis over 10 years using the sum-of-years digits method.

Included in other amortizable intangibles were loan servicing assets of $277 thousand and $209 thousand at March 31, 2021 and December 31, 2020, respectively, related to the sale of the government guaranteed portion of certain loans that the Company continues to service. Loan servicing assets of $68 thousand and $189 thousand were added during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. The amortization of these intangibles is included in interest and fees on loans in the Company’s consolidated statement of income.

The Company retains servicing rights on mortgages originated and sold to the secondary market. The Company records mortgage servicing rights (“MSR”) initially at fair value and subsequently accounts for them under the amortization method, pursuant to which an impairment assessment is performed each reporting period. The amortization method requires that the MSR assets be recorded at the lower of cost or fair value. As of March 31, 2021 and December 31, 2020, the carrying value of MSR assets were $11.4 million and $7.1 million, respectively.