NOTE 13 ? COMMITMENTS AND CONTINGENCIES The Corporations banking subsidiary currently leases three branch banking facilities and one parcel of land under operating leases. Rent expense for the years ended December 31, 2015, 2014 and 2013 was $ 153,000 , $ 122,000 and $ 142,000 , respectively. Minimum rental payments required under these operating leases are: 2016 - $ 125,000 , 2017 - $ 132,000 , 2018 - $ 134,000 , 2019 - $ 110,000 , and 2020 - $ 59,000 , and thereafter $ 2,589,000 . The banking subsidiary leases land and a bank building in Stroudsburg, Pennsylvania, under a lease expiring in 2017. This lease has an operating lease commitment and a capital lease component. Minimum future rental payments as of December 31, 2015 under this non-cancelable operating lease component for land are due as follows and are not included in the amounts of operating lease payments above, 2016 - $ 48,000 and 2017 - $ 43,000 . Minimum future lease payments under the capital lease component for the bank building as of December 31, 2015 for each of the next two years are: Year Ending December 31 2016 132,000 2017 120,000 Total minimum lease payments 252,000 Less amounts representing interest 20,000 Present value of net minimum lease payments $ 232,000 In the normal course of business, there are various pending legal actions and proceedings that are not reflected in the consolidated financial statements. Management does not believe the outcome of these actions and proceedings will have a material effect on the consolidated financial position of the Corporation.