--- title: Financial statements --- ## Income statement | NOK 1 000 | Note | 2015 | 2014 | | --- | --- | --- | --- | |   | | | | | Total interest income | 5 | 3,879,909 | 4,476,095 | | Total interest expenses | 5 | -3,473,052 | -4,120,722 | | Net interest income |   | 406,857 | 355,372 | |   | | | | | Net gains/losses from financial instruments | 6 | 233,848 | -38,458 | | Net other operating income |   | 233,848 | -38,458 | |   | | | | | Total operating income |   | 640,704 | 316,915 | |   | | | | | Salaries and other ordinary personnel expenses | 8 | -10,700 | -10,224 | | Administration expenses | 10 | -10,625 | -9,299 | | Other operating expenses | 11 | -9,760 | -12,064 | | Depreciation on fixed assets and other intangible assets | 13 | -1,985 | -1,702 | | Total operating expenses |   | -33,070 | -33,290 | |   | | | | | Operating result before losses |   | 607,635 | 283,625 | | Write-downs on loans and guarantees | 14 | 0 | 0 | | Pre-tax operating result |   | 607,635 | 283,625 | |   | | | | | Taxes | 12 | -134,535 | -78,586 | | Profit/loss for the year |   | 473,100 | 205,039 | --- ## Overview of Comprehensive Income | NOK 1 000 |   | 2015 | 2014 | | --- | --- | --- | --- | |   | | | | | Profit/loss for the year |   | 473,100 | 205,039 | | Items which will not impact the income statement in future periods: |   |   |   | | Change in pensions for a previous period |   |   | 4,700 | | Estimate deviation for pensions |   | 5,685 | -6,488 | | Tax effect of the estimate deviation |   | -1,421 | 1,752 | | Total profit/loss accounted for in equity |   | 4,264 | -36 | | Total profit/loss |   | 477,363 | 205,003 | --- ## Balance Sheet | NOK 1 000 | Note | 2015 | 2014 | | --- | --- | --- | --- | |   | | | | | Assets |   |   |   | | Lending to and deposits with credit institutions | 20 | 8,083,543 | 16,268,940 | | Norwegian Government Treasury Bills | 20 | 8,705,692 | 487,553 | | Bonds | 20 | 42,113,662 | 19,880,949 | | Lending to customers | 14 | 169,338,988 | 161,205,282 | | Financial derivatives | 19 | 40,947,743 | 29,746,665 | | Other assets | 13 | 3,671 | 4,468 | | Total assets |   | 269,193,299 | 227,593,858 | |   | | | | | Liabilities and equity |   |   |   | | Liabilities |   |   |   | | Debt incurred by issuing securities | 17 | 218,853,602 | 188,719,491 | | Collateral received under derivatives contracts | 20 | 36,950,453 | 27,181,223 | | Financial derivatives | 19 | 690,315 | 825,043 | | Deferred tax | 12 | 370,561 | 234,604 | | Tax payable |   | 0 | 0 | | Subordinated debt | 18 | 2,434,380 | 1,954,262 | | Other Liabilities | 9 | 156,116 | 204,836 | | Total Liabilities |   | 259,455,427 | 219,119,459 | |   | | | | | Equity |   |   |   | | Paid-in equity | 15 | 8,568,470 | 8,268,470 | | Other paid-in equity (not yet registered) | 16 | 690,000 |   | | Accrued equity | 16 | 374,328 | 2,039 | | Declared dividends | 16 | 105,074 | 203,890 | | Total equity |   | 9,737,872 | 8,474,399 | |   | | | | | Total liabilities and equity |   | 269,193,299 | 227,593,858 | --- ## Changes in Equity | NOK 1 000 | Share capital | Additional paid in equity | Dividend | Other paid-in equity (not yet registered) | Other Equity | Total Equity | | --- | --- | --- | --- | --- | --- | --- | |   | | | | | | | | Balance as of 31 December 2013 | 5,310,548 | 2,657,922 | 319,630 | 0 | 925 | 8,289,025 | | Share increase 26. February 2014 | 200,000 | 100,000 | 0 | 0 | 0 | 300,000 | | Dividend paid for 2013 | 0 | 0 | -319,630 | 0 | 0 | -319,630 | | Net income for the period | 0 | 0 | 203,890 | 0 | 1,149 | 205,039 | | Change in pension for a previous period | 0 | 0 | 0 | 0 | 4,700 | 4,700 | | OCI - pension - annual estimate deviation | 0 | 0 | 0 | 0 | -4,736 | -4,736 | | Balance as of 31 December 2014 | 5,510,548 | 2,757,922 | 203,890 | 0 | 2,038 | 8,474,399 | | Dividend paid for 2014 | 0 | 0 | -203,890 | 0 | 0 | -203,890 | | Equity increase 29. Sept. 2015 | 200,000 | 100,000 |   |   |   | 300,000 | | Other pad-in equity (not yet registered) |   |   |   | 690,000 |   | 690,000 | | Net income for the period * | 0 | 0 | 105,074 |   | 368,026 | 473,100 | | OCI - pension - annual estimate deviation |   |   |   |   | 4,263 | 4,263 | | Balance as of 31 December 2015 | 5,710,548 | 2,857,922 | 105,074 | 690,000 | 374,328 | 9,737,872 | ** The Board has elected not to distribute all of net income as a dividend. The effect of the valuation of basis swaps of NOK 374 million (after tax) is not paid out but added to Other Equity.* --- ## Cash Flow Statement | NOK 1 000 | 2015 | 2014 | | --- | --- | --- | |   | | | | Cash flows from operations |   |   | | Interest received | 3,784,335 | 4,217,076 | | Paid expenses. operations | -27,767 | -34,248 | | Paid tax | 0 | -20,537 | | Net cash flow relating to operations | 3,756,568 | 4,162,291 | |   | | | | Cash flows from investments |   |   | | Net purchase of loan portfolio | -8,168,134 | 13,547,291 | | Net payments on the acquisition of government bills | -8,214,730 | 773,608 | | Net payments on the acquisition of bonds | -21,073,393 | -13,810,924 | | Net investments in intangible assets | -1,054 | -1,603 | | Net cash flows relating to investments | -37,457,311 | 508,372 | |   | | | | Cash flows from funding activities |   |   | | Net receipt/payment from the issuance of certificates | -749,970 | -2,649,531 | | Net receipt/payment from the issuance of bonds | 19,811,929 | -8,996,950 | | Net receipt/payment from the issuance of subordinated debt | 480,000 | 1,950,000 | | Net receipt/payment of loans to credit institutions | 8,412,189 | 13,456,060 | | Equity capital subscription | 990,000 | 300,000 | | Paid dividend | -203,890 | -319,630 | | Net interest payments on funding activity | -3,433,837 | -3,892,809 | | Net cash flow relating to funding activities | 25,306,422 | -152,859 | |   | | | | Net cash flow in the period | -8,394,321 | 4,517,804 | |   | | | | Balance of cash and cash equivalents Jan 1. 2014 | 16,268,940 | 11,882,469 | | Net receipt/payments on cash | -8,394,321 | 4,517,804 | | Exchange rate difference | 208,925 | -131,332 | | Balance of cash and cash equivalents Dec 31. 2014 | 8,083,543 | 16,268,940 | --- ## Quarterly income statement | NOK 1 000 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | 4th Quarter 2014 | | --- | --- | --- | --- | --- | --- | |   | | | | | | | Total interest income | 933,888 | 953,317 | 985,788 | 1,006,916 | 1,089,772 | | Total interest expenses | -838,460 | -840,875 | -889,343 | -904,375 | -990,434 | | Net interest income | 95,428 | 112,442 | 96,446 | 102,541 | 99,337 | | Net gains/losses from financial instruments | 18,482 | 8,027 | -18,586 | 225,925 | 24,242 | | Net other operating income | 18,482 | 8,027 | -18,586 | 225,925 | 24,242 | | Total operating income | 113,910 | 120,469 | 77,860 | 328,467 | 123,579 | | Salaries and other ordinary personnel expenses | -3,622 | -2,409 | -2,075 | -2,594 | -2,200 | | Administration expenses | -2,961 | -2,419 | -2,578 | -2,667 | -2,632 | | Other operating expenses | -3,003 | -2,429 | -1,904 | -2,423 | -3,308 | | Depreciation on fixed assets and other intangible assets | -438 | -488 | -547 | -512 | -476 | | Total operating expenses | -10,025 | -7,745 | -7,104 | -8,196 | -8,617 | | Operating result before losses | 103,885 | 112,724 | 70,756 | 320,271 | 114,962 | | Write-downs on loans and guarantees | 0 | 0 | 0 | 0 | 0 | | Pre-tax operating result | 103,885 | 112,724 | 70,756 | 320,271 | 114,962 | | Taxes | 1,477 | -30,435 | -19,104 | -86,473 | -33,047 | | Profit/loss for the year | 105,362 | 82,288 | 51,652 | 233,798 | 81,915 | | Other income and expense | 4,264 | 0 | 0 | 0 | -36 | | Total Profit/Loss | 109,626 | 82,288 | 51,652 | 233,798 | 81,879 | --- ## Quarterly balance sheets | NOK 1 000 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | 4th Quarter 2014 | | --- | --- | --- | --- | --- | --- | |   | | | | | | | Assets |   |   |   |   |   | | Lending to and deposits with credit institutions | 8,083,543 | 16,896,170 | 13,049,194 | 14,824,479 | 16,268,940 | | Norwegian Government Treasury Bills | 8,705,692 | 0 | 19,926 | 248,200 | 487,553 | | Bonds | 42,113,662 | 28,522,929 | 16,361,109 | 19,680,901 | 19,880,949 | | Lending to customers | 169,338,988 | 166,201,206 | 161,072,171 | 163,915,020 | 161,205,282 | | Financial derivatives | 40,947,743 | 37,885,017 | 27,178,048 | 29,953,871 | 29,746,665 | | Other assets | 3,671 | 4,692 | 3,696 | 2,631 | 4,468 | | Total assets | 269,193,299 | 249,510,013 | 217,684,144 | 228,625,101 | 227,593,858 | |   | | | | | | | Liabilities and equity |   |   |   |   |   | | Liabilities |   |   |   |   |   | | Debt incurred by issuing securities | 218,853,602 | 201,403,517 | 181,577,042 | 191,054,848 | 188,719,491 | | Collateral received under derivatives contracts | 36,950,453 | 35,800,968 | 24,404,974 | 25,767,483 | 27,181,223 | | Financial derivatives | 690,315 | 392,999 | 682,483 | 622,647 | 825,043 | | Deferred tax | 370,561 | 234,604 | 234,604 | 234,604 | 234,604 | | Tax payable | 0 | 0 | 0 | 0 | 0 | | Subordinated debt | 2,434,380 | 2,434,246 | 1,953,999 | 1,954,021 | 1,954,262 | | Other Liabilities | 156,116 | 305,434 | 275,084 | 283,302 | 204,836 | | Total Liabilities | 259,455,427 | 240,571,767 | 209,128,186 | 219,916,905 | 219,119,459 | |   | | | | | | | Equity |   |   |   |   |   | | Contributed equity | 8,568,470 | 8,268,470 | 8,268,470 | 8,268,470 | 8,268,470 | | Other paid in equity (not yet registered) | 690,000 | 300,000 | 0 | 0 | 0 | | Accrued equity | 374,328 | 2,039 | 2,039 | 2,039 | 2,039 | | Net profit | 0 | 367,738 | 285,449 | 233,798 | 0 | | Declared dividends | 105,074 | 0 | 0 | 203,890 | 203,890 | | Total equity | 9,737,872 | 8,938,246 | 8,503,595 | 8,708,196 | 8,474,399 | | Total liabilities and equity | 269,193,299 | 249,510,013 | 217,612,414 | 228,625,101 | 227,593,858 | --- ## Auditor's statement [![deloitte-thumb](https://spabol.sparebank1.no/hs-fs/hubfs/img/reports/2015/deloitte-thumb.jpg?width=150&name=deloitte-thumb.jpg)](https://spabol.sparebank1.no/hubfs/img/reports/2015/auditors-statement.pdf?hsLang=en) Download the auditor's statement [here](https://spabol.sparebank1.no/hubfs/img/reports/2015/auditors-statement.pdf?hsLang=en) ---