14. Leases

Operating lease rental income for leased assets is recognized on a straight‑line basis and amounted to $9.7 million, $9.4 million and $8.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. Related depreciation expense for owned properties is recorded in occupancy expense on a straight‑line basis over the properties’ estimated useful lives.

The following table sets forth future minimum rental income under noncancelable operating leases with terms in excess of one year as of December 31, 2016:


	Minimum
	Rental
(dollars in thousands)	Income
Year ending December 31:
2017	$	9,643
2018		9,136
2019		8,620
2020		8,617
2021		8,308
Thereafter		22,589
Total	$	66,913

The Company, as lessee, is obligated under a number of noncancelable operating leases for premises and equipment with terms, including renewal options, up to 48 years, many of which provide for periodic adjustment of rent payments based on changes in various economic indicators. Under the premises leases, the Company is usually required to pay real property taxes, insurance and maintenance.

Rental expense, net of sublease income, was as follows:


	Year Ended December 31,
(dollars in thousands)	2016		2015		2014
Rental expense charged to occupancy	$	8,689	$	8,698	$	8,373
Less: sublease income		1,303		1,588		1,464
Net rental expense charged to occupancy		7,386		7,110		6,909
Rental expense charged to equipment expense		326		383		382
Total	$	7,712	$	7,493	$	7,291

The following table presents future minimum rental expense under leases with terms in excess of one year as of December 31, 2016:


	Operating		Less		Net
	Lease		Sublease		Lease
(dollars in thousands)	Payments		Income		Payments
Year ending December 31:
2017	$	9,209	$	1,226	$	7,983
2018		7,812		963		6,849
2019		7,377		772		6,605
2020		6,106		772		5,334
2021		4,547		760		3,787
Thereafter		46,643		5		46,638
Total	$	81,694	$	4,498	$	77,196