(6)	REAL ESTATE AND OTHER ASSETS OWNED

The Company’s real estate and other assets owned represent properties and personal collateral acquired through customer loan defaults. The property is recorded at the lower of cost or fair value less estimated cost to sell and carrying cost at the date acquired. Any difference between the book value and estimated market value is recognized as a charge off through the allowance for loan loss account. Additional real estate owned and other asset losses may be determined on individual properties at specific intervals or at the time of disposal. In general, the Company will obtain a new appraisal on all real estate owned with a book balance in excess of $250,000 on an annual basis. Additional losses are recognized as a non-interest expense.

At June 30, 2015, December 31, 2014, and June 30, 2014, the composition of the Company’s balances in both real estate and assets owned and non-accrual loans are as follows:


	June 30, 2015			December 31, 2014			June 30, 2014
	(Dollars in Thousands)

One-to-four family mortgages	$	115			159			356
Land		943			1,768			934
Non-residential real estate		737			—			200

Total other assets owned	$	1,795			1,927			1,490


Total non-accrual loans	$	7,056			3,175			8,735


Total non-performing assets	$	8,851			5,102			10,225


Non-performing assets / Total assets		1.01	%		0.55	%		1.08	%

The following is a summary of the activity in the Company’s real estate and other assets owned for the six month period ending June 30, 2015:


	Balance		Activity During 2015					Reduction		Gain (Loss)			Balance
	12/31/2014		Foreclosures		Proceeds			in Values		on Sale			6/30/2015
	(Dollars in Thousands)

One-to-four family mortgages	$	159		105		(116	)		—		(33	)		115
Land		1,768		—		(124	)		—		(701	)		943
Non-residential real estate		—		737		—			—		—			737


Total	$	1,927		842		(240	)		—		(734	)		1,795

The following is a summary of the activity in the Company’s real estate and other assets owned for the year ended December 31, 2014:


	Activity During 2014
	Balance 12/31/2013		Foreclosures		Sales			Reduction in Values			Gain (Loss) on Sale			Balance 12/31/2014
	(Dollars in Thousands)
One-to-four family mortgages	$	350		461		(667	)		(5	)		20			159
Land		1,124		943		(123	)		(157	)		(19	)		1,768
Non-residential real estate		200		175		(328	)		—			(47	)		—


Total	$	1,674		1,579		(1,118	)		(162	)		(46	)		1,927