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Guaranteed loan financing

9 Months Ended

Sep. 30, 2022

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. Guaranteed loan financings are secured by loans of $284.6 million and $346.1 million as of September 30, 2022 and December 31, 2021, respectively.

The table below 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
September 30, 2022	5.21	%	1.45-7.00	%	2022-2046	$	283,822
December 31, 2021	3.78	%	0.99-6.50	%	2022-2046	$	345,217

The table below presents the contractual maturities of guaranteed loan financing.


(in thousands)	September 30, 2022
2022	$	338
2023		322
2024		1,343
2025		1,524
2026		5,034
Thereafter		275,261
Total	$	283,822