Financial statements

Income Statement 2018

NOK 1 000 Note 4. quarter 2018 4. quarter 2017 2018 2017
 
Total interest income 5 933,812 809,548 3,577,766 3,470,270
Total interest expenses 5 -856,896 -701,413 -3,244,627 -3,044,417
Net interest income   76,917 108,134 333,139 425,852
 
Net gains/losses from financial instruments 6 -113,543 -153,411 -293,531 -630,361
Net other operating income   -113,543 -153,411 -293,531 -630,361
 
Total operating income   -36,626 -45,277 39,608 -204,508
 
Salaries and other ordinary personnel expenses 7,8,9 -2,527 -3,081 -11,766 -12,017
Other operating expenses 10 -6,145 -6,679 -20,490 -22,389
Total operating expenses   -8,672 -9,760 -32,256 -34,406
 
Operating result before losses   -45,299 -55,037 7,352 -238,914
Write-downs on loans and guarantees 13 -520   -849 0
Pre-tax operating result   -45,819 -55,037 6,503 -238,914
 
Taxes 11 11,453 13,750 -1,627 59,720
Profit/loss for the year   -34,365 -41,286 4,876 -179,194
 
Portion attributable to shareholders   -45,188 -50,516 -36,928 -216,321
Portion attributable to additional Tier 1 capital holders   10,823 9,230 41,804 37,127
Profit/loss for the period   -34,365 -41,286 4,876 -179,194

Overview of Comprehensive Income

NOK 1 000   4. quarter 2018 4. quarter 2017 2018 2017
 
Profit/loss for the year   -34,365 -41,286 4,876 -179,194
Items which will not impact the income statement in future periods:          
Change due to basis swap spread adjustment   -144,411 0 -280,245 0
Tax effect of basis swap spread adjustment   36,103 0 70,061 0
Change in pensions for a previous period          
Estimate deviation for pensions   5,468 -347 5,468 -347
Tax effect of the estimate deviation   -1,367 87 -1,367 87
Total profit/loss accounted for in equity   -104,207 -260 -206,083 -260
Total profit/loss   -138,572 -41,546 -201,207 -179,454

Balance Sheet 2018

NOK 1 000     Note 2018 2017
 
Assets          
Lending to and deposits with credit institutions     20,23 129,900 3,044,644
Certificates and bonds     20,21,23 25,271,910 54,318,384
Lending to customers     13,20,23 184,073,918 177,675,130
Financial derivatives     19,20,21,23 23,183,793 27,144,125
Defered tax asset       0 0
Other assets     12,20,23 1,750 1,188
Total assets       245,521,375 262,183,472
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities     16,18,20,21 212,351,045 224,462,981
Collateral received under derivatives contracts     18,20,23,31 18,733,053 23,628,253
Financial derivatives     18,19,20,21 1,042,108 898,292
Deferred tax     11,20 39,377 136,634
Tax payable     11,20 15,503 0
Subordinated debt     17,18,20 1,606,160 1,603,356
Other Liabilities     9,20,22 150,763 182,231
Total Liabilities       233,938,010 250,911,747
 
Equity          
Paid-in equity     15 10,788,470 9,858,470
Other paid-in equity (not yet registered)       0 300,000
Hybrid capital     15,18 1,180,000 1,180,000
Accrued equity       -389,980 -139,022
Net profit       4,876 0
Declared dividends       0 72,276
Total equity       11,583,366 11,271,724
 
Total liabilities and equity       245,521,375 262,183,472

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) Other Equity Interest on hybrid capital Hybrid capital Total Equity
 
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 2016 - - -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 - directly against equity - - - - - -37,127 -1,034 -38,161
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 -101,894 -37,127 1,180,000 11,271,724
Change in losses due to new IFRS 9 measurment - - - - -3 - - -3,071
Registration of share increase (from 27 December 2017) 200,000 100,000 - -300,000 - - - -
Share increase 28 February 2018 160,000 80,000 - - - - - 240,000
Share increase 11 May 2018 160,000 80,000 - - - - - 240,000
Dividend 2017 - - -72,276 - - - - -72,276
Share increase September 27 100,000 50,000 - - - - - 150,000
Net income for the period - - - - 4,876 - - 4,876
Paid interest on hybrid capital - directly against equity - - - - - -41,804 - -41,804
OCI -basisswapspread - - - - -210,184 - - -210,184
Proposed dividend for 2018 - - - - - - - -
OCI - pension - annual estimate deviation - - - - 4,101 - - 4,101
Balance as of 31 December 2018 7,190,548 3,597,922 0 - -306,173 -78,932 1,180,000 11,583,366

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 2018 2017
 
Cash flows from operations    
Interest received 3,787,762 3,552,215
Paid expenses. operations -59,111 -34,718
Paid tax 0 -124,898
Net cash flow relating to operations 3,728,652 3,392,598
 
Cash flows from investments    
Net purchase of loan portfolio -6,392,387 -3,187,555
Net payments on the acquisition of government bills 1,163,310 552,662
Net payments on the acquisition of /sale of bonds 27,522,971 -11,142,971
Net investments in intangible assets -897 -214
Net cash flows relating to investments 22,292,996 -13,778,078
 
Cash flows from funding activities    
Net receipt/payment from the issuance of certificates -120,999 -828,967
Net receipt/payment from the issuance of bonds -8,347,785 10,266,970
Net receipt/payment from the issuance of subordinated debt 0 100,000
Net receipt/payment of loans to credit institutions -4,901,801 -1,413,538
Equity capital subscription 630,000 450,000
Paid dividend -72,276 -113,950
Net interest payments on funding activity -3,267,854 -3,234,635
Net cash flow relating to funding activities -16,080,715 5,225,880
 
Net cash flow in the period 9,940,933 -5,159,599
 
Balance of cash and cash equivalents at beginning of period 3,044,644 8,129,097
Net receipt/payments on cash 9,940,933 -5,159,599
Exchange rate difference 4,427 75,147
Balance of cash and cash equivalents at end of period 12,990,004 3,044,644

Quarterly income statement

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

NOK 1 000 4th Quarter 2018 3th Quarter 2018 2th Quarter 2018 1th Quarter 2018 4th Quarter 2017
 
Total interest income 933,812 925,159 913,860 804,935 809,548
Total interest expenses -856,896 -845,254 -821,721 -720,757 -701,413
Net interest income 76,917 79,905 92,139 84,178 108,134
Net gains/losses from financial instruments -113,543 -13,427 -125,375 -41,185 -153,411
Net other operating income -113,543 -13,427 -125,375 -41,185 -153,411
Total operating income -36,626 66,478 -33,236 42,993 -45,277
Salaries and other ordinary personnel expenses -2,527 -3,100 -2,860 -3,279 -3,081
Other operating expenses -6,145 -4,406 -4,901 -5,037 -6,679
Total operating expenses -8,672 -7,507 -7,761 -8,316 -9,760
Operating result before losses -45,299 58,971 -40,997 34,677 -55,037
Write-downs on loans and guarantees -520 272 -665 64 -
Pre-tax operating result -45,819 59,243 -41,662 34,740 -55,037
Taxes 11,453 -14,811 10,416 -8,685 13,750
Profit/loss for the year -34,365 44,433 -31,247 26,055 -41,286
Other income and expense -104,207 -30,680 -81,450 10,254 -260
Total Profit/Loss -138,572 13,752 -112,696 36,309 -41,546

Quarterly balance sheet

NOK 1 000 31.12.2018 30.09.2018 30.06.2018 31.03.2018 31.12.2017
 
Assets          
Lending to and deposits with credit institutions 12,990,004 11,411,753 9,270,163 6,778,074 3,044,644
Certificates and bonds 25,271,910 35,032,317 43,651,308 44,775,172 54,318,384
Lending to customers 184,073,918 183,811,362 182,852,976 181,205,294 177,675,130
Financial derivatives 23,183,793 15,982,953 17,220,292 20,488,383 27,144,125
Defered tax asset - 10,055 6,573 2,968 -
Other assets 1,750 1,507 1,897 1,281 1,188
Total assets 245,521,375 246,249,947 253,003,210 253,251,172 262,183,472
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities 212,351,045 217,814,578 225,077,253 223,053,410 224,462,981
Collateral received under derivatives contracts 18,733,053 13,370,235 13,203,305 15,716,295 23,628,253
Financial derivatives 1,042,108 1,479,191 1,225,000 1,010,264 898,292
Deferred tax 39,377 102,675 112,902 140,052 136,634
Tax payable 15,503 - - - -
Subordinated debt 1,606,160 1,603,108 1,603,084 1,603,656 1,603,356
Other Liabilities 150,763 148,423 130,959 193,433 182,231
Total Liabilities 233,938,010 234,518,210 241,352,503 241,717,109 250,911,747
 
Equity          
Contributed equity 10,788,470 10,638,470 10,398,470 10,158,470 9,858,470
Other paid in equity (not yet registered) - 150,000 240,000 240,000 300,000
Hybrid capital 1,180,000 1,180,000 1,180,000 1,180,000 1,180,000
Accrued equity -389,980 -275,974 -234,848 -142,738 -139,022
Net profit 4,876 39,241 -5,191 26,055 -
Declared dividends - - 72,276 72,276 72,276
Total equity 11,583,366 11,731,737 11,650,707 11,534,063 11,271,724
Total liabilities and equity 245,521,375 246,249,947 253,003,210 253,251,173 262,183,472