OPERATING LEASES

12 Months Ended

Dec. 31, 2018

OPERATING LEASES

OPERATING LEASES

NOTE 12 — OPERATING LEASES

The Corporation currently maintains five operating leases for branch locations in Birmingham, Manistique, Marquette, Negaunee and Traverse City.

Future minimum payments for base rent, by year and in the aggregate, under the initial terms of the operating lease agreements, consist of the following (dollars in thousands):

2019	$	747
2020		608
2021		503
2022		499
2023		495
Thereafter		2,629
Total	$	5,481

Rent expense for all operating leases amounted to $1.096 million in 2018 and $1.109 million in 2017.