Financial statements

Income Statement 2019

NOK 1 000 Note 4. quarter 2019 4. quarter 2018 2019 2018
 
Total interest income 5 1,628,769 1,303,438 5,834,356 5,096,029
Total interest expenses 5 -1,146,064 -856,896 -3,958,307 -3,244,627
Net interest income   482,705 446,542 1,876,048 1,851,402
 
Commission expense   -374,357 -369,625 -1,444,292 -1,518,263
Net commission income   -374,357 -369,625 -1,444,292 -1,518,263
 
Net gains/losses from financial instruments 6 -81,025 -113,543 -171,295 -293,531
Net other operating income   -81,025 -113,543 -171,295 -293,531
 
Total operating income   27,324 -36,626 260,462 39,608
 
Salaries and other ordinary personnel expenses 7, 8, 9 -2,744 -2,527 -11,780 -11,766
Other operating expenses 10 -7,015 -6,145 -24,359 -20,490
Total operating expenses   -9,759 -8,672 -36,139 -32,256
 
Operating result before losses   17,564 -45,299 224,323 7,352
 
Write-downs on loans and guarantees 14 -1,148 -520 856 -849
Pre-tax operating result   16,416 -45,819 225,179 6,503
 
Taxes 11 4,108 11,453 56,298 1,627
Profit/loss for the year   12,308 -34,365 168,880 4,876
 
Portion attrubutable to shareholders   206 -45,188 123,796 -36,928
Portion attributable to additional Tier 1 capital holders   12,102 10,823 45,084 41,804
Profit/loss for the period   12,308 -34,365 168,880 4,876

Overview of Comprehensive Income

NOK 1 000   4. quarter 2019 4. quarter 2018 2019 2018
 
Profit/loss for the year   12,308 -34,365 168,880 4,876
Items which will not impact the income statement in future periods:          
Change due to basis swap spread adjustment   -2,983 -144,411 -74,707 -280,245
Tax effect of basis swap spread adjustment   746 36,103 18,677 70,061
Change in pensions for a previous period          
Estimate deviation for pensions   -353 5,468 -353 5,468
Tax effect of the estimate deviation   88 -1,367 88 -1,367
Total profit/loss accounted for in equity   -2,502 -104,207 -56,294 -206,083
Total profit/loss   9,806 -138,572 112,586 -201,207

Balance Sheet 2019

NOK 1 000     Note 2019 2018
 
Assets          
Lending to and deposits with credit institutions     20,23 9,801,250 12,990,004
Certificates and bonds     20,21,23 28,067,101 25,271,910
Residential mortage loans     13,20,23 191,309,342 184,073,918
Financial derivatives     19,20,21,23 16,254,454 23,183,793
Defered tax asset       188,308 -
Other assets     12,20,23 890 2
Total assets       245,621,345 245,521,375
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities     16,18,20,21 217,670,078 212,351,045
Collateral received under derivatives contracts     18,19,20,23,31 12,418,140 18,733,053
Repurchase agreement       - -
Financial derivatives     18,19,20,21 1,420,374 1,042,108
Deferred tax     11,20 - 39,377
Tax payable     11,20 250,190 15,503
Subordinated debt     17,18,20 1,433,439 1,606,160
Other Liabilities     9,20,22 148,256 150,763
Total Liabilities       233,340,477 233,938,010
 
Equity          
Paid-in equity     15 11,418,470 10,788,470
Other paid-in equity (not yet registered)       - -
Hybrid capital     15,18 1,180,000 1,180,000
Accrued equity       -408,167 -385,104
Declared dividends       90,566 -
Total equity       12,280,868 11,583,366
 
Total liabilities and equity       245,621,345 245,521,375

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 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 - - - - -3,071 - - -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 - - -306,173 -78,932 1,180,000 11,583,366
Change in presentation of interest on hybrid capital - - - - -78,932 78,932 - -
Share increase 27 February 2019 280,000 140,000 - - - - - 420,000
Share increase 22 May 2019 140,000 70,000 - - - - - 210,000
Net income for the period - - - - 33,231 45,084 - 78,315
Paid interest on hybrid capital - directly against equity - - - - - -45,084 - -45,084
OCI -basisswapspread - - - - -56,030 - - -56,030
Proposed dividend for 2019 - - - - 90,566 - - 90,566
OCI - pension - annual estimate deviation - - -   -264 - - -264
Balance as of 31 December 2019 7,610,548 3,807,922 - - -317,603 - 1,180,000 12,280,868

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.

Cash Flow Statement

NOK 1 000 2019 2018
 
Cash flows from operations    
Interest received 4,790,476 3,787,762
Paid expenses. operations -39,009 -59,111
Paid tax -15,503 0
Net cash flow relating to operations 4,735,964 3,728,652
 
Cash flows from investments    
Net purchase of loan portfolio -7,189,127 -6,392,387
Net payments on the acquisition of government bills -575,312 1,163,310
Net payments on the acquisition of bonds -3,042,017 27,522,971
Net investments in intangible assets 153 -897
Net cash flows relating to investments -10,806,303 22,292,996
 
Cash flows from funding activities    
Net receipt/payment from the issuance of securities 12,608,151 -8,468,784
Net receipt/payment from the issuance of subordinated debt -175,000 0
Net receipt/payment of collateral received under derivatives contracts -5,938,817 -4,901,801
Equity capital subscription 630,000 630,000
Paid dividend 0 -72,276
Net interest payments on funding activity -4,241,013 -3,267,854
Net cash flow relating to funding activities 2,883,320 -16,080,715
 
Net cash flow in the period -3,187,019 9,940,933
 
Balance of cash and cash equivalents at beginning of period 12,990,004 3,044,644
Net receipt/payments on cash -3,187,019 9,940,933
Exchange rate difference -1,735 4,427
Balance of cash and cash equivalents at end of period 9,801,250 12,990,004

To compare with the balance sheet see Note 18 Reconciliation of liabilities arising from financing activities.

Quarterly Income Statement

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

NOK 1 000 4th Quarter 2019 3th Quarter 2019 2th Quarter 2019 1th Quarter 2019 4th Quarter 2018
 
Total interest income 1,628,769 1,521,528 1,396,122 1,287,936 1,303,438
Total interest expenses -1,146,064 -1,054,143 -917,711 -840,389 -856,896
Net interest income 482,705 467,385 478,411 447,547 446,542
Commission and fee expensenes -374,357 -370,367 -354,035 -345,532 -369,625
Net commission income -374,357 -370,367 -354,035 -345,532 -369,625
Net gains/losses from financial instruments -81,025 -55,735 -49,926 15,390 -113,543
Net other operating income -81,025 -55,735 -49,926 15,390 -113,543
Total operating income 27,324 41,283 74,450 117,405 -36,626
Salaries and other ordinary personnel expenses -2,744 -3,695 -2,506 -2,835 -2,527
Other operating expenses -7,015 -6,181 -5,820 -5,344 -6,145
Total operating expenses -9,759 -9,876 -8,325 -8,178 -8,672
Operating result before losses 17,564 31,407 66,125 109,227 -45,299
Write-downs on loans and guarantees -1,148 4,102 136 -2,234 -520
Pre-tax operating result 16,416 35,510 66,261 106,993 -45,819
Taxes 108,489 -8,877 -16,565 -26,748 11,453
Profit/loss for the year 12,308 26,632 49,695 80,245 -34,365
Other income and expense -2,502 -25,750 87,888 -115,930 -104,207
Total Profit/Loss 9,806 882 137,583 -35,685 -138,572

Quarterly Balance Sheet

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

NOK 1 000 31.12.2019 30.09.2019 30.06.2019 31.03.2019 31.12.2018
 
Assets          
Lending to and deposits with credit institutions 9,801,250 4,564,258 4,519,102 5,111,110 12,990,004
Certificates and bonds 28,067,101 35,143,942 29,554,116 25,623,908 25,271,910
Residential mortage loans 191,309,342 189,763,221 190,606,858 188,171,797 184,073,918
Financial derivatives 16,254,454 22,386,673 17,829,896 17,447,357 23,183,793
Defered tax asset 188,308 10,994 7,110 3,484 -
Other assets 890 991 1,040 1,801 1,750
Total assets 245,621,345 251,870,081 242,518,121 236,359,456 245,521,375
 
Liabilities and equity          
Liabilities          
Debt incurred by issuing securities 217,670,078 220,220,804 214,370,809 207,447,274 212,351,045
Collateral received under derivatives contracts 12,418,140 16,783,630 12,625,416 12,784,877 18,733,053
Repurchase agreement - - 553,863 1,508,401 -
Financial derivatives 1,420,374 900,005 1,030,359 1,048,763 1,042,108
Deferred tax - 21,446 30,029 733 39,377
Tax payable 250,190 52,191 - 15,503 15,503
Subordinated debt 1,433,439 1,432,972 1,432,458 1,431,965 1,606,160
Other Liabilities 148,256 175,870 181,253 164,711 150,763
Total Liabilities 233,340,477 239,586,917 230,224,187 224,402,227 233,938,010
 
Equity          
Contributed equity 11,418,470 11,418,470 11,418,470 11,208,470 10,788,470
Other paid in equity (not yet registered) - - - - -
Hybrid capital 1,180,000 1,180,000 1,180,000 1,180,000 1,180,000
Accrued equity -577,048 -471,879 -434,476 -511,486 -389,980
Net profit 168,880 156,572 129,940 80,245 4,876
Declared dividends 90,566 - - - -
Total equity 12,280,868 12,283,163 12,293,934 11,957,229 11,583,366
Total liabilities and equity 245,621,345 251,870,081 242,518,121 236,359,456 245,521,375