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