Leases

The Corporation and FBB occupy space in Madison, Wisconsin under an operating lease agreement that expires on July 7, 2028. FBB has four loan production offices in Appleton, Oshkosh, Manitowoc and Kenosha, Wisconsin that occupy office space under separate operating lease agreements that expire on various dates between July 2017 and January 2018. In October 2016, the loan production office in Green Bay, Wisconsin was closed. FBB – Milwaukee occupies office space under an operating lease agreement that expires on November 30, 2020. Alterra occupies office space in Leawood, Kansas under an operating lease agreement that expires on May 31, 2023. The Corporation also has several specialty financing production offices under separate operating lease agreements that expire on various dates between March 2017 and September 2018. The Corporation’s total rent expense was $1.8 million, $1.7 million and $1.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Rent expense is recognized on a straight-line basis. The Corporation also leases other office equipment. Rental expense for these operating leases was $136,000, $109,000 and $37,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

Future minimum lease payments for noncancelable operating leases for each of the five succeeding years and thereafter are as follows:



(In Thousands)
2017	$	1,253
2018	1,072
2019	1,044
2020	1,036
2021	928
Thereafter	4,932
	$	10,265