Note 13 – Guaranteed loan financing

Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in the unaudited interim consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the unaudited interim consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying unaudited interim consolidated statements of income.

The following table presents guaranteed loan financing and the related interest rates and maturity dates:


	Weighted		Range of
	Average		Interest	Range of
(In Thousands)	Interest Rate		Rates	Maturities (Years)	Ending Balance
March 31, 2020	5.21	%	1.70 - 6.50 %	2020 - 2044	$	457,032
December 31, 2019	5.45	%	1.70 - 7.50 %	2020 - 2044	$	485,461

The following table summarizes contractual maturities of total guaranteed loan financing outstanding:


(In Thousands)	March 31, 2020
2020	$	314
2021		1,326
2022		2,369
2023		3,329
2024		4,614
Thereafter		445,080
Total	$	457,032

Our guaranteed loan financings are secured by loans, net of $458.6 million and $487.2 million as of March 31, 2020 and December 31, 2019, respectively.