(6) NON PERFORMING ASSETS

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 September 30, 2016, December 31, 2015, and September 30, 2015, the Company had balances in other real estate and assets owned and non-accrual loans consisting of the following:


	September 30, 2016			December 31, 2015			September 30, 2015
	(Dollars in Thousands)
One-to-four family mortgages	$	—			55			55
Home equity line of credit		68			—			—
Multi-family mortgages		141			—			—
Land		73			943			943
Non-residential real estate		459			738			738

Total other assets owned	$	741			1,736			1,736

Total non-accrual loans	$	11,664			7,422			7,158
Past due 90 days still accruing								1,486
Total non-performing assets	$	12,405			9,158			10,380

Non-performing assets /Average assets		1.42	%		1.02	%		1.18	%

The following is a summary of the activity in the Company’s real estate and other assets owned for the nine month period ending September 30, 2016:


	Balance		Activity During 2016					Reduction		Gain (Loss)			Balance
	12/31/2015		Foreclosures		Proceeds			in Values		on Sale			9/30/2016
	(Dollars in Thousands)
One-to-four family mortgages	$	55		—		(43	)		—		(12	)	$	—
Home equity line of credit		—		68		—			—		—			68
Multi-family real estate		—		141		—			—		—			141
Land		943		130		(987	)		—		(13	)		73
Non-residential real estate		738		—		(270	)		—		(9	)		459
Consumer		—		15		(19	)		—		4			—

Total	$	1,736		354		(1,319	)		—		(30	)	$	741

The following is a summary of the activity in the Company’s real estate and other assets owned for the year ended December 31, 2015:


	Activity During 2015
	Balance							Reduction		Loss			Balance
	12/31/2014		Foreclosures		Proceeds			in Values		on Sale			12/31/2015
	(Dollars in Thousands)
One-to-four family mortgages	$	159		105		(194	)		—		(15	)	$	55
Land		1,768		—		(124	)		—		(701	)		943
Non-residential real estate		—		738		—			—		—			738

Total	$	1,927		843		(318	)		—		(716	)	$	1,736