OPERATING LEASES

12 Months Ended

Dec. 31, 2019

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):

Years Ending	Related Party		Unrelated Party
December 31	Amount		Amount
2020	$	467	$	244
2021		477		120
2022		486		82
2023		496		—
2024		506		—
Thereafter		2,081		—
Total	$	4,513	$	446

Rent expense for all operating leases amounted to $1.132 million in 2019 and $1.096 million in 2018.