Financial statements

Income Statement

NOK 1 000 Note 2016 2015
 
Total interest income 5 3,797,962 3,879,909
Total interest expenses 5 -3,386,965 -3,473,052
Net interest income 410,997 406,857
 
Net gains/losses from financial instruments 6 -521,993 233,848
Net other operating income -521,993 233,848
 
Total operating income -110,996 640,704
 
Salaries and other ordinary personnel expenses 8 -11,409 -10,700
Administration expenses 10 -10,247 -10,625
Other operating expenses 11 -12,315 -9,760
Depreciation on fixed assets and other intangible assets 13 -1,367 -1,985
Total operating expenses -35,338 -33,070
 
Operating result before losses -146,334 607,635
Write-downs on loans and guarantees 0 0
Pre-tax operating result -146,334 607,635
 
Taxes 12 36,583 -134,535
Profit/loss for the year -109,751 473,100

Overview of Comprehensive Income

NOK 1 000 2016 2015
 
Profit/loss for the year -109,751 473,100
Items which will not impact the income statement in future periods:
Change in pensions for a previous period
Estimate deviation for pensions -1,054 5,685
Tax effect of the estimate deviation 12 264 -1,421
Total profit/loss accounted for in equity -791 4,264
Total profit/loss -110,542 477,363

Balance Sheet

NOK 1 000 Note 2016 2015
 
Assets
Lending to and deposits with credit institutions 19 8,129,096 8,083,543
Norwegian Government Treasury Bills 19 1,948,409 8,705,692
Bonds 19 40,558,209 42,113,662
Lending to customers 14 174,463,203 169,338,988
Financial derivatives 18 27,150,388 40,947,743
Other assets 13 1,543 3,671
Total assets 252,250,848 269,193,299
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 16 213,056,583 218,853,602
Collateral received under derivatives contracts 19 24,304,397 36,950,453
Financial derivatives 18 1,781,221 690,315
Deferred tax 12 208,816 370,561
Tax payable 12 124,898 0
Subordinated debt 17 1,603,778 2,434,380
Other Liabilities 19 117,865 156,116
Total Liabilities 241,197,558 259,455,427
 
Equity
Paid-in equity 15 9,498,470 8,568,470
Other paid-in equity (not yet registered) 210,000 690,000
Hybrid capital 1,081,034 0
Accrued equity 149,836 374,328
Declared dividends 113,950 105,074
Total equity 11,053,290 9,737,872
 
Total liabilities and equity 252,250,848 269,193,299

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) Other Equity Hybrid capital Total Equity
 
Balance as of 31 December 2013 5,310,548 2,657,922 319,630 - 925 - 8,289,025
Share increase 26. February 2014 200,000 100,000 - - - - 300,000
Dividend paid for 2013 - - -319,630 - - - -319,630
Net income for the period - - 203,890 - 1,149 - 205,039
Change in pension for a previous period - - 0 - 4,700 - 4,700
OCI - pension - annual estimate deviation - - 0 - -4,736 - -4,736
Balance as of 31 December 2014 5,510,548 2,757,922 203,890 - 2,038 - 8,474,399
Dividend paid for 2014 - - -203,890 - 0 - -203,890
Equity increase 29. Sept. 2015 200,000 100,000 - - 0 - 300,000
Other pad-in equity (not yet registered) - - - 690,000 0 - 690,000
Net income for the period * - - 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
Registration of share increase (from Dec. 22. 2015) 460,000 230,000 - -690,000 - - -
Dividend 2015 - - -105,074 - - - -105,074
Share increase June 29 160,000 80,000 - - - - 240,000
Share increase December 28 (not yet registered) - - - 210,000 - - 210,000
Net income for the period * - - - - -109,751 - -109,751
Proposed dividend for 2016 - - 113,950 - -113,950 - -
OCI - pension - annual estimate deviation - - - - -791 - -791
Reclassification of hybrid capital as of December 31 - - - - 0 1,081,034 1,081,034
Balance as of 31 December 2016 6,330,548 3,167,922 113,950 210,000 149,836 1,081,034 11,053,290

* The Board has elected not to distribute all of other equity as a dividend. The effect of the valuation of basis swaps of NOK 149 million (after tax) is not paid out but added to other Equity. Equity is paid in by the Company's parent banks when a requirement arises. The requirement arises regularly when the Company acquires larger portfolios of mortgage loans, and otherwise according to changes in capitalization rules because SpareBank 1 Boligkreditt is subject to the same capital adequacy rules under Pillar 1 as banks in general. Each parent bank has also signed a Shareholders agreement with the Company, which amongst other things stipulates when additional capital must be contributed. All hybrid instruments have been reclassified to equity from 31.12.2016. This is according to the definition of a financial liability under IAS 32.


Cash Flow Statement

NOK 1 000 2016 2015
 
Cash flows from operations
Interest received 3,858,846 3,784,335
Paid expenses. operations -36,469 -27,767
Paid tax 0 0
Net cash flow relating to operations 3,822,377 3,756,568
 
Cash flows from investments
Net purchase of loan portfolio -5,128,140 -8,168,134
Net payments on the acquisition of government bills 6,685,763 -8,214,730
Net payments on the acquisition of bonds -495,538 -21,073,393
Net investments in intangible assets -732 -1,054
Net cash flows relating to investments 1,061,353 -37,457,311
 
Cash flows from funding activities
Net receipt/payment from the issuance of certificates 949,966 -749,970
Net receipt/payment from the issuance of bonds 8,296,329 19,811,929
Net receipt/payment from the issuance of subordinated debt 250,000 480,000
Net receipt/payment of loans to credit institutions -11,329,904 8,412,189
Equity capital subscription 450,000 990,000
Paid dividend -105,074 -203,890
Net interest payments on funding activity -3,396,582 -3,433,837
Net cash flow relating to funding activities -4,885,266 25,306,422
 
Net cash flow in the period -1,535 -8,394,321
 
Balance of cash and cash equivalents Jan 1. 2016 8,083,543 16,268,940
Net receipt/payments on cash -1,535 -8,394,321
Exchange rate difference 47,089 208,925
Balance of cash and cash equivalents Dec 31. 2016 8,129,097 8,083,543

Quarterly income statement

These quarterly statements are not individually audited and are included as additional information to these accounts.

NOK 1 000 4th Quarter 2016 3rd Quarter 2016 2nd Quater 2016 1st Quater 2016 4th Quater 2015
 
Total interest income 972,314 942,275 924,572 958,801 933,888
Total interest expenses -883,715 -839,655 -817,253 -846,342 -838,460
Net interest income 88,599 102,620 107,319 112,459 95,427
Net gains/losses from financial instruments -262,950 -181,345 -112,625 34,927 18,482
Net other operating income -262,950 -181,345 -112,625 34,927 18,482
Total operating income -174,351 -78,725 -5,306 147,386 113,909
Salaries and other ordinary personnel expenses -3,106 -3,160 -2,043 -3,100 -3,622
Administration expenses -2,649 -2,577 -2,299 -2,722 -2,961
Other operating expenses -4,047 -3,557 -3,076 -1,635 -3,003
Depreciation on fixed assets and other intangible assets -354 -293 -320 -400 -438
Total operating expenses -10,156 -9,587 -7,738 -7,857 -10,025
Operating result before losses -184,507 -88,312 -13,044 139,529 103,885
Write-downs on loans and guarantees - - - - -
Pre-tax operating result -184,507 -88,312 -13,044 139,529 103,885
Taxes 46,126 22,078 3,261 -34,882 1,477
Profit/loss for the year -138,381 -66,234 -9,783 104,647 105,362
Other income and expense -791 - - - 4,264
Total Profit/Loss -139,172 -66,234 -9,783 104,647 109,626

Quarterly balance sheets

NOK 1 000 31.12.2016 30.09.2016 30.06.2016 31.03.2016 31.12.2015
 
Assets
Lending to and deposits with credit institutions 8,129,096 10,261,328 11,257,916 11,442,842 8,083,543
Norwegian Government Treasury Bills 1,948,409 2,596,035 1,656,360 2,833,598 8,705,692
Bonds 40,558,209 46,446,864 44,733,335 45,244,165 42,113,662
Lending to customers 174,463,203 173,328,663 172,616,073 172,626,527 169,338,988
Financial derivatives 27,150,388 27,278,826 32,728,300 36,047,126 40,947,743
Other assets 1,543 2,262 1,833 2,571 3,671
Total assets 252,250,848 259,913,978 262,993,817 268,196,829 269,193,299
 
Liabilities and equity
Liabilities
Debt incurred by issuing securities 213,056,583 220,083,440 217,597,621 220,439,708 218,853,602
Collateral received under derivatives contracts 24,304,397 25,331,451 31,632,419 34,494,554 36,950,453
Financial derivatives 1,781,221 1,415,786 575,679 428,169 690,315
Deferred tax 208,816 380,104 370,561 370,561 370,561
Tax payable 124,898 - 31,621 34,882 -
Subordinated debt 1,603,778 2,684,461 2,684,337 2,434,192 2,434,380
Other Liabilities 117,865 117,308 133,917 152,245 156,116
Total Liabilities 241,197,558 250,012,550 253,026,155 258,354,311 259,455,427
 
Equity
Contributed equity 9,498,470 9,498,470 9,258,470 9,258,470 8,568,470
Other paid in equity (not yet registered) 210,000 - 240,000 - 690,000
Hybrid capital 1,081,034 - - - -
Accrued equity 149,836 374,328 374,328 374,328 374,328
Net profit - 28,630 94,864 104,647 0
Declared dividends 113,950 - 105,074 105,074
Total equity 11,053,290 9,901,428 9,967,662 9,842,519 9,737,872
Total liabilities and equity 252,250,848 259,913,978 262,993,816 268,196,829 269,193,299