

NOTE 16 – LEASES

Certain branch offices and equipment are leased under agreements that expire at varying dates through 2036. Most leases contain renewal provisions at the Corporation’s option. Total rental expense was approximately $18.4 million in 2016, $18.1 million in 2015 and $18.1 million in 2014.

Future minimum payments as of December 31, 2016 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands):



Year
2017	$	16,330
2018	14,206
2019	12,286
2020	11,040
2021	9,396
Thereafter	44,395
	$	107,653