Financial statements

Income Statement 2017

NOK 1 000 Note 4. quarter 2017 4. quarter 2016 2017 2016
 
Total interest income 5 809,548 972,314 3,470,270 3,797,962
Total interest expenses 5 -701,413 -883,715 -3,044,417 -3,386,965
Net interest income   108,134 88,599 425,852 410,997
 
Net gains/losses from financial instruments 6 -153,411 -262,950 -630,361 -521,993
Net other operating income   -153,411 -262,950 -630,361 -521,993
 
Total operating income   -45,277 -174,351 -204,508 -110,996
 
Salaries and other ordinary personnel expenses 7,8,9 -3,081 -3,106 -12,017 -11,409
Other operating expenses 10 -6,679 -7,050 -22,389 -23,929
Total operating expenses   -9,760 -10,156 -34,406 -35,338
 
Operating result before losses   -55,037 -184,507 -238,914 -146,334
Write-downs on loans and guarantees 13     - -
Pre-tax operating result   -55,037 -184,507 -238,914 -146,334
 
Taxes 11 13,750 46,126 59,720 36,583
Profit/loss for the year   -41,286 -138,381 -179,194 -109,751

Overview of Comprehensive Income

NOK 1 000   4. quarter 2017 4. quarter 2016 2017 2016
 
Profit/loss for the year   -41,286 -138,381 -179,194 -109,751
Items which will not impact the income statement in future periods:          
Change in pensions for a previous period   - - - -
Estimate deviation for pensions   -1,054 -347 -347 -1,054
Tax effect of the estimate deviation   264 87 87 264
Total profit/loss accounted for in equity   -791 -260 -260 -791
Total profit/loss   -42,077 -138,641 -179,454 -110,542

Balance Sheet 2017

NOK 1 000     Note 2017 2016
 
Assets          
Lending to and deposits with credit institutions     18 3,044,644 8,129,096
Certificates and bonds     19,20 54,318,384 42,506,617
Lending to customers     13,19 177,675,130 174,463,203
Financial derivatives     18,19,20 27,144,125 27,150,388
Defered tax asset       - -
Other assets     12,19 1,188 1,543
Total assets       262,183,472 252,250,848
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities     15,17,19,20 224,462,981 213,056,583
Collateral received under derivatives contracts     17,19 23,628,253 24,304,397
Financial derivatives     17,18,19,20 898,292 1,781,221
Deferred tax     11,19 136,634 208,816
Tax payable     11,19 - 124,898
Subordinated debt     16,17,19 1,603,356 1,603,778
Other Liabilities     19,21 182,231 117,865
Total Liabilities       250,911,747 241,197,558
 
Equity          
Paid-in equity     14 9,858,470 9,498,470
Other paid-in equity (not yet registered)       300,000 210,000
Hybrid capital     14 1,180,000 1,081,034
Accrued equity       -139,022 149,836
Net profit       - -
Declared dividends       72,276 113,950
Total equity       11,271,724 11,053,290
 
Total liabilities and equity       262,183,472 252,250,848

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 2015 5,710,548 2,857,922 105,074 690,000 374,328 - 9,737,872
Registration of share increase (from 22 December 2015) 460,000 230,000 - -690,000 - - -
Dividend 2015 - - -105,074 - - - -105,074
Share increase 29 June 2016 160,000 80,000 - - - - 240,000
Share increase 28 December 2016 (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 31 December 2016 - - - - - 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
Registration of share increase (from 28 December 2016) 140,000 70,000 - -210,000 - - -
Share increase 28 September 2017 100,000 50,000 - - - - 150,000
Dividend 2015 - - -113,950 - - - -113,950
Net income for the period - - - - -179,194 - -179,194
New hybrid capital - - - - - 100,000 100,000
Paid interest on hybrid capital - - - - -49,503 -1,034 -50,537
Tax on hybrid capital. directly against equity - - - - 12,376 - 12,376
Share increase December 27 (not yet registered) - - - 300,000 - - 300,000
Proposed dividend for 2017 - - 72,276 - -72,276 - -
OCI - pension - annual estimate deviation - - - - -260 - -260
Balance as of 31 December 2017 6,570,548 3,287,922 72,276 300,000 -139,022 1,180,000 11,271,724

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 2017 2016
 
Cash flows from operations    
Interest received 3,552,215 3,858,846
Paid expenses. operations -34,718 -36,469
Paid tax -124,898 0
Net cash flow relating to operations 3,392,598 3,822,377
 
Cash flows from investments    
Net purchase of loan portfolio -3,187,555 -5,128,140
Net payments on the acquisition of government bills 552,662 6,685,763
Net payments on the acquisition of bonds -11,142,971 -495,538
Net investments in intangible assets -214 -732
Net cash flows relating to investments -13,778,078 1,061,353
 
Cash flows from funding activities    
Net receipt/payment from the issuance of certificates -828,967 949,966
Net receipt/payment from the issuance of bonds 10,266,970 8,296,329
Net receipt/payment from the issuance of subordinated debt 100,000 250,000
Net receipt/payment of loans to credit institutions -1,413,538 -11,329,904
Equity capital subscription 450,000 450,000
Paid dividend -113,950 -105,074
Net interest payments on funding activity -3,234,635 -3,396,582
Net cash flow relating to funding activities 5,225,880 -4,885,266
 
Net cash flow in the period -5,159,599 -1,535
 
Balance of cash and cash equivalents at beginning of period 8,129,097 8,083,543
 
Net receipt/payments on cash -5,159,599 -1,535
Exchange rate difference 75,147 47,089
Balance of cash and cash equivalents at end of period 3,044,644 8,129,096

Quarterly income statement

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

NOK 1 000 4th Quarter 2017 3th Quarter 2017 2th Quarter 2017 1th Quarter 2017 4th Quarter 2016
 
Total interest income 809,548 822,416 900,887 937,419 972,314
Total interest expenses -701,413 -718,215 -777,648 -847,140 -883,715
Net interest income 108,134 104,201 123,239 90,278 88,599
Net gains/losses from financial instruments -153,411 -20,781 -205,252 -250,917 -262,950
Net other operating income -153,411 -20,781 -205,252 -250,917 -262,950
Total operating income -45,277 83,420 -82,013 -160,639 -174,351
Salaries and other ordinary personnel expenses -3,081 -3,118 -2,429 -3,389 -3,106
Other operating expenses -6,679 -4,257 -6,317 -5,136 -7,050
Total operating expenses -9,760 -7,375 -8,746 -8,525 -10,156
Operating result before losses -55,037 76,045 -90,759 -169,164 -184,507
Write-downs on loans and guarantees - - - - -
Pre-tax operating result -55,037 76,045 -90,759 -169,164 -184,507
Taxes 13,750 -19,011 22,690 42,291 46,126
Profit/loss for the year -41,286 57,034 -68,069 -126,873 -138,381
Other income and expense -260 - - - -791
Total Profit/Loss -41,546 57,034 -68,069 -126,873 -139,172

Quarterly balance sheets

NOK 1 000 31.12.2017 30.09.2017 30.06.2017 31.03.2017 31.12.2016
 
Assets          
Lending to and deposits with credit institutions 3,044,644 4,200,397 10,490,289 8,251,587 8,129,096
Certificates and bonds 54,318,384 41,638,986 44,774,036 40,229,178 42,506,617
Lending to customers 177,675,130 176,093,142 173,571,981 175,654,209 174,463,203
Financial derivatives 27,144,125 21,637,545 24,684,813 25,160,358 27,150,388
Defered tax asset - 9,299 6,174 3,005 -
Other assets 1,188 992 1,109 1,703 1,543
Total assets 262,183,472 243,580,361 253,528,402 249,300,040 252,250,848
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities 224,462,981 211,526,141 216,466,932 212,822,181 213,056,583
Collateral received under derivatives contracts 23,628,253 17,848,036 23,245,875 22,005,476 24,304,397
Financial derivatives 898,292 1,231,492 1,074,719 1,514,308 1,781,221
Deferred tax 136,634 208,816 208,816 208,816 208,816
Tax payable - - - 124,898 124,898
Subordinated debt 1,603,356 1,603,253 1,603,328 1,603,633 1,603,778
Other Liabilities 182,231 126,173 89,939 104,359 117,865
Total Liabilities 250,911,747 232,543,911 242,689,610 238,383,671 241,197,558
 
Equity          
Contributed equity 9,858,470 9,708,470 9,708,470 9,708,470 9,498,470
Other paid in equity (not yet registered) 300,000 150,000 - - 210,000
Hybrid capital 1,180,000 1,080,000 1,080,000 1,070,986 1,081,034
Accrued equity -139,022 121,938 131,314 149,836 149,836
Net profit - -137,908 -194,942 -126,873 -
Declared dividends 72,276 113,950 113,950 113,950 113,950
Total equity 11,271,724 11,036,449 10,838,792 10,916,369 11,053,290
Total liabilities and equity 262,183,472 243,580,361 253,528,402 249,300,040 252,250,848