--- title: Spabol - 2020 - Financial statements --- ## Income Statement 2020 | NOK 1 000 |   |   |   |   |   |   | Note | 4. quarter 2020 | 4. quarter 2019 | 2020 | 2019 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |   |   |   |   |   |   |   |   |   |   |   |   | | Total interest income |   |   |   |   |   |   | 5 | 1,125,288 | 1,628,769 | 5,119,553 | 5,834,356 | | Total interest expenses |   |   |   |   |   |   | 5 | -482,915 | -1,146,064 | -2,980,079 | -3,958,307 | | Net interest income |   |   |   |   |   |   |   | 642,373 | 482,705 | 2,139,474 | 1,876,049 | |   |   |   |   |   |   |   |   |   |   |   |   | | Commissions to SpareBank 1 banks |   |   |   |   |   |   | 6 | -600,887 | -374,357 | -1,769,898 | -1,444,292 | | Net commission income |   |   |   |   |   |   |   | -600,887 | -374,357 | -1,769,898 | -1,444,292 | |   |   |   |   |   |   |   |   |   |   |   |   | | Net gains/losses from financial instruments |   |   |   |   |   |   | 7 | -36,041 | -81,024 | -142,200 | -171,295 | | Net other operating income |   |   |   |   |   |   |   | -36,041 | -81,024 | -142,200 | -171,295 | |   |   |   |   |   |   |   |   |   |   |   |   | | Total operating income |   |   |   |   |   |   |   | 5,445 | 27,324 | 227,376 | 260,462 | |   |   |   |   |   |   |   |   |   |   |   |   | | Salaries and other ordinary personnel expenses |   |   |   |   |   |   | 8,9,10 | -3,532 | -2,744 | -12,465 | -11,780 | | Other operating expenses |   |   |   |   |   |   | 11 | -7,985 | -7,015 | -28,065 | -24,359 | | Total operating expenses |   |   |   |   |   |   |   | -11,517 | -9,759 | -40,530 | -36,139 | |   |   |   |   |   |   |   |   |   |   |   |   | | Operating result before losses |   |   |   |   |   |   |   | -6,072 | 17,564 | 186,846 | 224,323 | | Impairment losses on loans and guarantees |   |   |   |   |   |   | 15 | -7,614 | -1,148 | -18,429 | 856 | | Pre-tax operating result |   |   |   |   |   |   |   | -13,687 | 16,416 | 168,417 | 225,179 | |   |   |   |   |   |   |   |   |   |   |   |   | | Taxes |   |   |   |   |   |   | 12 | 5,197 | -4,108 | -29,239 | -56,298 | | Profit/loss for the year |   |   |   |   |   |   |   | -8,490 | 12,308 | 139,178 | 168,880 | |   |   |   |   |   |   |   |   |   |   |   |   | |   |   |   |   |   |   |   |   |   |   |   |   | | Portion attrubutable to shareholders |   |   |   |   |   |   |   | -17,307 | 206 | 86,001 | 123,796 | | Portion attributable to additional Tier 1 capital holders |   |   |   |   |   |   |   | 8,816 | 12,102 | 53,177 | 45,084 | | Profit/loss for the period |   |   |   |   |   |   |   | -8,490 | 12,308 | 139,178 | 168,880 | --- ## Overview of Comprehensive Income | NOK 1 000 |   |   |   |   |   |   |   | 4. quarter 2020 | 4. quarter 2019 | 2020 | 2019 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Profit/loss for the year |   |   |   |   |   |   |   | -8,490 | 12,308 | 139,178 | 168,880 | | Change due to basis swap spread adjustment |   |   |   |   |   |   |   | 42,676 | -2,983 | 120,478 | -74,707 | | Tax effect of basis swap spread adjustment |   |   |   |   |   |   |   | -10,669 | 746 | -30,120 | 18,677 | | Estimate deviation for pensions |   |   |   |   |   |   |   | 1,537 | -353 | 1,537 | -353 | | Tax effect of the estimate deviation |   |   |   |   |   |   |   | -384 | 88 | -384 | 88 | | Total profit/loss accounted for in equity |   |   |   |   |   |   |   | 33,160 | -2,502 | 91,512 | -56,294 | | Total profit/loss |   |   |   |   |   |   |   | 24,670 | 9,806 | 230,690 | 112,586 | --- ## Balance Sheet 2020 | NOK 1 000 |   |   |   |   |   |   |   |   | Note | 2020 | 2019 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |   |   |   |   |   |   |   |   |   |   |   |   | | Assets |   |   |   |   |   |   |   |   |   |   |   | | Lending to and deposits with credit institutions |   |   |   |   |   |   |   |   | 21,24 | 6,473,876 | 9,801,250 | | Certificates and bonds |   |   |   |   |   |   |   |   | 21,22,24 | 34,515,412 | 28,067,101 | | Residential mortage loans |   |   |   |   |   |   |   |   | 14,21,24 | 208,613,697 | 191,309,342 | | Financial derivatives |   |   |   |   |   |   |   |   | 20,21,22,24 | 21,396,448 | 16,254,454 | | Defered tax asset |   |   |   |   |   |   |   |   |   | 281,880 | 188,308 | | Other assets |   |   |   |   |   |   |   |   | 13,21,24 | 5,018 | 890 | | Total assets |   |   |   |   |   |   |   |   |   | 271,286,332 | 245,621,345 | |   |   |   |   |   |   |   |   |   |   |   |   | | Liabilities and equity |   |   |   |   |   |   |   |   |   |   |   | | Liabilities |   |   |   |   |   |   |   |   |   |   |   | | Debt incurred by issuing securities |   |   |   |   |   |   |   |   | 17,19,21,22 | 239,372,170 | 217,670,078 | | Collateral received under derivatives contracts |   |   |   |   |   |   |   |   | 19,20,21,24,32 | 16,838,423 | 12,418,140 | | Financial derivatives |   |   |   |   |   |   |   |   | 19,20,21,22 | 915,540 | 1,420,374 | | Deferred tax |   |   |   |   |   |   |   |   | 12,21 | 30,120 | - | | Tax payable |   |   |   |   |   |   |   |   | 12,21 | 123,196 | 250,190 | | Subordinated debt |   |   |   |   |   |   |   |   | 18,19,21 | 1,429,990 | 1,433,439 | | Other Liabilities |   |   |   |   |   |   |   |   | 10,21,23 | 209,078 | 148,256 | | Total Liabilities |   |   |   |   |   |   |   |   |   | 258,918,517 | 233,340,477 | |   |   |   |   |   |   |   |   |   |   |   |   | | Equity |   |   |   |   |   |   |   |   |   |   |   | | Paid-in equity |   |   |   |   |   |   |   |   | 16 | 11,698,470 | 11,418,470 | | Hybrid capital |   |   |   |   |   |   |   |   | 16,19 | 900,000 | 1,180,000 | | Accrued equity |   |   |   |   |   |   |   |   |   | -316,424 | -408,167 | | Declared dividends |   |   |   |   |   |   |   |   |   | 85,769 | 90,566 | | Total equity |   |   |   |   |   |   |   |   |   | 12,367,815 | 12,280,868 | |   |   |   |   |   |   |   |   |   |   |   |   | | Total liabilities and equity |   |   |   |   |   |   |   |   |   | 271,286,332 | 245,621,345 | --- ## Changes in Equity | NOK 1 000 |   |   |   |   | Share capital | Additional paid in equity | Dividend | Other Equity | Interest on hybrid capital | Hybrid capital | Total Equity | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 90,566 | -408,168 | - | 1,180,000 | 12,280,868 | | Share increase 16 September 2020 |   |   |   |   | 186,667 | 93,333 |   |   |   |   | 280,000 | | Net income for the period |   |   |   |   | - | - | 85,769 | 53,409 | -53,177 | - | 86,001 | | Paid interest on hybrid capital - directly against equity |   |   |   |   | - | - | - | -53,177 | 53,177 | - | - | | OCI -basisswapspread |   |   |   |   | - | - | - | 90,359 |   |   | 90,359 | | Dividend 2019 |   |   |   |   | - | - | -90,566 |   |   |   | -90,566 | | OCI - pension - annual estimate deviation |   |   |   |   |   |   |   | 1,153 |   |   | 1,153 | | Other |   |   |   |   |   |   |   |   |   | -280,000 | -280,000 | | Balance as of 31 December 2020 |   |   |   |   | 7,797,215 | 3,901,255 | 85,769 | -316,425 | - | 900,000 | 12,367,815 | *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 |   |   |   |   |   | 2020 | 2019 | | --- | --- | --- | --- | --- | --- | --- | --- | |   |   |   |   |   |   |   |   | | Cash flows from operations |   |   |   |   |   |   |   | | Interest received |   |   |   |   |   | 5,189,270 | 4,790,476 | | Paid expenses, operations |   |   |   |   |   | -34,661 | -39,009 | | Paid tax |   |   |   |   |   | -251,521 | -15,503 | | Net cash flow relating to operations |   |   |   |   |   | 4,903,088 | 4,735,964 | |   |   |   |   |   |   |   |   | | Cash flows from investments |   |   |   |   |   |   |   | | Net purchase of loan portfolio |   |   |   |   |   | -19,108,681 | -7,189,127 | | Net payments on the acquisition of government bills |   |   |   |   |   | -2,099,005 | -575,312 | | Net payments on the acquisition of bonds |   |   |   |   |   | -5,146,575 | -3,042,017 | | Net investments in intangible assets |   |   |   |   |   |   | 153 | | Net investments in fixed assets |   |   |   |   |   | -5,040 |   | | Net cash flows relating to investments |   |   |   |   |   | -26,359,301 | -10,806,303 | |   |   |   |   |   |   |   |   | | Cash flows from funding activities |   |   |   |   |   |   |   | | Net receipt/payment from the issuance of securities |   |   |   |   |   | 16,016,622 | 12,608,151 | | Net receipt/payment from the issuance of subordinated debt |   |   |   |   |   |   | -175,000 | | Net receipt/payment of loans to credit institutions |   |   |   |   |   | 5,157,620 | -5,940,551 | | Equity capital subscription |   |   |   |   |   | 281,153 | 630,000 | | Paid dividend |   |   |   |   |   | -90,566 |   | | Net interest payments on funding activity |   |   |   |   |   | -3,235,991 | -4,241,013 | | Net cash flow relating to funding activities |   |   |   |   |   | 18,128,839 | 2,881,586 | |   |   |   |   |   |   |   |   | | Net cash flow in the period |   |   |   |   |   | -3,327,374 | -3,188,753 | |   |   |   |   |   |   |   |   | | Balance of cash and cash equivalents at beginning of period |   |   |   |   |   | 9,801,250 | 12,990,004 | |   |   |   |   |   |   |   |   | | Net receipt/payments on cash |   |   |   |   |   | -3,327,374 | -3,188,753 | |   |   |   |   |   |   |   |   | | Balance of cash and cash equivalents at end of period |   |   |   |   |   | 6,473,876 | 9,801,250 | --- ## Quarterly Income Statement These quarterly statements are not individually audited and are included as additional information to these accounts. | NOK 1 000 |   |   | 4. quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | 1st Quarter 2020 | 4th Quarter 2019 | | --- | --- | --- | --- | --- | --- | --- | --- | | Total interest income |   |   | 1,125,288 | 1,112,955 | 1,249,912 | 1,631,398 | 1,628,769 | | Total interest expenses |   |   | -482,915 | -466,886 | -878,527 | -1,151,751 | -1,146,064 | | Net interest income |   |   | 642,373 | 646,069 | 371,385 | 479,646 | 482,705 | | Commission and fee expensenes |   |   | -600,887 | -566,950 | -244,043 | -358,017 | -374,357 | | Net commission income |   |   | -600,887 | -566,950 | -244,043 | -358,017 | -374,357 | | Net gains/losses from financial instruments |   |   | -36,041 | 5,734 | 171,895 | -283,788 | -81,025 | | Net other operating income |   |   | -36,041 | 5,734 | 171,895 | -283,788 | -81,025 | | Total operating income |   |   | 5,445 | 84,853 | 299,237 | -162,159 | 27,324 | | Salaries and other ordinary personnel expenses |   |   | -3,532 | -3,844 | -1,935 | -3,154 | -2,744 | | Other operating expenses |   |   | -7,985 | -5,340 | -7,945 | -6,794 | -7,015 | | Total operating expenses |   |   | -11,517 | -9,185 | -9,880 | -9,949 | -9,759 | | Operating result before losses |   |   | -6,072 | 75,668 | 289,358 | -172,107 | 17,564 | | Write-downs on loans and guarantees |   |   | -7,614 | 9,327 | -10,905 | -9,236 | -1,148 | | Pre-tax operating result |   |   | -13,687 | 84,995 | 278,452 | -181,343 | 16,416 | | Taxes |   |   | 5,197 | -18,169 | -65,753 | 49,486 | 108,489 | | Profit/loss for the year |   |   | -8,490 | 66,826 | 212,699 | -131,857 | 12,308 | | Other income and expense |   |   | 33,160 | -53,827 | 34,353 | 77,825 | -2,502 | | Total Profit/Loss |   |   | 24,670 | 12,999 | 247,052 | -54,031 | 9,806 | --- ## Quarterly Balance Sheet These quarterly statements are not individually audited and are included as additional information to these accounts. | NOK 1 000 |   |   | 31.12.2020 | 30.09.2020 | 30.06.2020 | 31.03.2020 | 31.12.2019 | | --- | --- | --- | --- | --- | --- | --- | --- | | Assets |   |   |   |   |   |   |   | | Lending to and deposits with credit institutions |   |   | 6,473,876 | 17,695,451 | 8,926,842 | 4,471,962 | 9,801,250 | | Certificates and bonds |   |   | 34,515,412 | 33,852,412 | 28,950,758 | 38,793,444 | 28,067,101 | | Residential mortage loans |   |   | 208,613,697 | 205,998,995 | 202,356,280 | 199,687,454 | 191,309,342 | | Financial derivatives |   |   | 21,396,448 | 30,074,324 | 28,051,937 | 38,900,544 | 16,254,454 | | Defered tax asset |   |   | 281,880 | 142,782 | 164,031 | 233,644 | 188,308 | | Other assets |   |   | 5,018 | 798 | 4,479,081 | 1,831 | 890 | | Total assets |   |   | 271,286,332 | 287,764,762 | 272,928,929 | 282,088,878 | 245,621,345 | |   |   |   |   |   |   |   |   | | Liabilities and equity |   |   |   |   |   |   |   | | Liabilities |   |   |   |   |   |   |   | | Debt incurred by issuing securities |   |   | 239,372,170 | 245,303,651 | 233,899,764 | 239,812,029 | 217,670,078 | | Collateral received under derivatives contracts |   |   | 16,838,423 | 23,499,230 | 20,469,422 | 27,484,900 | 12,418,140 | | Repurchase agreement |   |   | 0 | 250,003 | 2,507,625 | - | - | | Financial derivatives |   |   | 915,540 | 726,670 | 734,333 | 723,758 | 1,420,374 | | Deferred tax |   |   | 30,120 | 19,450 | 37,393 | - | - | | Tax payable |   |   | 123,196 | 223,594 | 226,673 | 230,533 | 250,190 | | Subordinated debt |   |   | 1,429,990 | 1,429,936 | 1,430,788 | 1,433,354 | 1,433,439 | | Other Liabilities |   |   | 209,078 | 3,960,268 | 1,271,651 | 284,635 | 148,256 | | Total Liabilities |   |   | 258,918,517 | 275,412,801 | 260,577,649 | 269,969,209 | 233,340,477 | |   |   |   |   |   |   |   |   | | Equity |   |   |   |   |   |   |   | | Contributed equity |   |   | 11,698,470 | 11,698,470 | 11,418,470 | 11,418,470 | 11,418,470 | | Other paid in equity (not yet registered) |   |   |   |   | 0 | - | - | | Hybrid capital |   |   | 900,000 | 900,000 | 1,180,000 | 1,180,000 | 1,180,000 | | Accrued equity |   |   | -316,424 | -394,177 | -328,033 | -346,945 | -577,048 | | Net profit |   |   |   | 147,668 | 80,843 | -131,857 | 168,880 | | Declared dividends |   |   | 85,769 |   | 0 | - | 90,566 | | Total equity |   |   | 12,367,815 | 12,351,961 | 12,351,280 | 12,119,669 | 12,280,868 | | Total liabilities and equity |   |   | 271,286,332 | 287,764,762 | 272,928,929 | 282,088,878 | 245,621,345 | ---