Guaranteed loan financing

12 Months Ended

Dec. 31, 2020

Guaranteed loan financing.

Guaranteed loan financing

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 consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the 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 consolidated statements of income.  

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

	Weighted Average		Range of		Range of
(In Thousands)	Interest Rate		Interest Rates		Maturities (Years)	Ending Balance
December 31, 2020	3.76	%	0.99 - 6.50	%	2021 - 2044	$	401,705
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)	December 31, 2020
2021		395
2022		1,420
2023		2,340
2024		3,429
2025		3,689
Thereafter		390,432
Total	$	401,705

Our guaranteed loan financings are secured by loans of $403.0 million and $487.2 million as of December 31, 2020 and 2019, respectively.