

NOTE 16 – LEASES

Certain branch offices and equipment are leased under agreements that expire at varying dates through 2035. Most leases contain renewal provisions at the Corporation’s option. Total rental expense was approximately $18.1 million in 2015, $18.1 million in 2014 and $19.0 million in 2013.

Future minimum payments as of December 31, 2015 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands):



Year
2016	$	16,325
2017	15,487
2018	13,046
2019	10,995
2020	9,836
Thereafter	46,819
	$	112,508