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Leases

12 Months Ended

Dec. 31, 2014



NOTE P – 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 2014, $19.0 million in 2013 and $19.4 million in 2012.

Future minimum payments as of December 31, 2014 under non-cancelable operating leases with initial terms exceeding one year are as follows (in thousands):



Year
2015	$	16,226
2016	15,176
2017	13,789
2018	11,517
2019	9,656
Thereafter	51,840
	$	118,204

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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