Annual report 2021

Income Statement

NOK 1 000	Note	4. quarter 2021	4. quarter 2020	2021	2020

Total interest income	5	1,151,894	1,125,288	4,360,791	5,119,553
Total interest expenses	5	-597,236	-482,915	-2,016,385	-2,980,079
Net interest income		554,658	642,373	2,344,406	2,139,474

Commissions to SpareBank 1 banks	6	-491,099	-600,887	-2,097,594	-1,769,898
Net commission income		-491,099	-600,887	-2,097,594	-1,769,898

Net gains/losses from financial instruments	7	-60,177	-36,041	-91,327	-142,200
Net other operating income		-60,177	-36,041	-91,327	-142,200

Total operating income		3,383	5,445	155,485	227,376

Salaries and other ordinary personnel expenses	8,9,10	-1,149	-3,532	-10,701	-12,465
Other operating expenses	11	-6,198	-7,985	-28,205	-28,065
Total operating expenses		-7,346	-11,517	-38,906	-40,530

Operating result before losses		-3,964	-6,072	116,579	186,846
Mortages IFRS 9 ECL	15	1,646	-7,614	14,960	-18,429
Pre-tax operating result		-2,317	-13,687	131,539	168,417

Taxes	12	2,521	5,197	-24,514	-29,239
Profit/loss for the year		204	-8,490	107,026	139,178


Portion attributable to shareholders		-7,564	-17,307	73,541	86,001
Portion attributable to additional Tier 1 capital holders		7,767	8,816	33,484	53,177
Profit/loss for the period		204	-8,490	107,026	139,178

Overview of Comprehensive Income

NOK 1 000	4. quarter 2021	4. quarter 2020	2021	2020
Profit/loss for the year	204	-8,490	107,026	139,178
Items which will not impact the income statement in future periods:
Change due to basis swap spread adjustment	220,372	42,676	85,082	120,478
Tax effect of basis swap spread adjustment	-55,093	-10,669	-21,271	-30,120
Estimate deviation for pensions	-459	1,537	-459	1,537
Tax effect of the estimate deviation	115	-384	115	-384
Total profit/loss accounted for in equity	164,934	33,160	63,467	91,512
Total profit/loss	165,138	24,670	170,493	230,690

Balance Sheet 2021

NOK 1 000		2021	2020

Assets
Lending to and deposits with credit institutions	21,24	1,434,091	6,473,876
Certificates and bonds	21,22,24	26,195,602	34,515,412
Residential mortage loans	14,21,24	222,812,873	208,613,697
Financial derivatives	20,21,22,24	7,586,258	21,396,448
Defered tax asset		205,886	281,880
Other assets	13,21,24	4,111	5,018
Total assets		258,238,820	271,286,332

Liabilities and equity
Liabilities
Debt incurred by issuing securities	17,19,21,22	237,522,824	239,372,170
Collateral received under derivatives contracts	19,20,21,24,32	3,892,723	16,838,423
Repurchase agreement		-	-
Financial derivatives	19,20,21,22	2,766,866	915,540
Deferred tax	12,21	-	30,120
Tax payable	12,21	30,081	123,196
Subordinated debt	18,19,21	1,430,860	1,429,990
Other Liabilities	10,21,23	176,618	209,078
Total Liabilities		245,819,972	258,918,517

Equity
Paid-in equity	16	11,698,470	11,698,470
Other paid-in equity (not yet registered)
Hybrid capital	16,19	900,000	900,000
Accrued equity		-252,916	-316,425
Net profit		-
Declared dividends		73,294	85,769
Total equity		12,418,848	12,367,815

Total liabilities and equity		258,238,820	271,286,332

Changes in Equity

NOK 1 000	Share capital	Share premium	Dividend	Other Equity	Hybrid capital	Total Equity
Balance as of 31 December 2019	7,610,548	3,807,922	90,566	-408,168	1,180,000	12,280,868
Share increase 22 May 2020	186,667	93,333	-	-	-	280,000
Profit/(loss) for the period	-	-	85,769	231	53,177	139,177
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
Dividend 2020	-	-	-85,769	-	-	-85,769
Profit/(loss) for the period	-	-	73,294	248	33,484	107,026
Paid interest on hybrid capital - directly against equity	-	-	-	-	-33,484	-33,484
OCI -basisswapspread	-	-	-	63,812	-	63,812
OCI - pension - annual estimate deviation	-	-	-	-345	-	-345
Other	-	-	-	-205	-	-205
Balance as of 31 December, 2021	7,797,215	3,901,255	73,294	-252,916	900,000	12,418,848

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	2021	2020

Cash flows from operations
Interest received	4,364,213	5,189,270
Paid commissions to SpareBank 1 banks	-2,124,745	-1,712,682
Paid expenses, operations	-42,105	-34,661
Paid tax	-93,081	-251,521
Net cash flow relating to operations	2,104,283	3,190,406

Cash flows from investments
Net purchase of loan portfolio	-14,162,127	-17,395,999
Net payments on the acquisition of government certificates	-1,420,376	-2,099,005
Net payments on the acquisition of bonds	8,597,611	-5,146,575
Net investments in intangible assets	0	0
Net investments in fixed assets	0	-5,040
Net cash flows relating to investments	-6,984,891	-24,646,618

Cash flows from funding activities
Net receipt/payment from the issuance of securities	14,106,168	16,016,622
Net receipt/payment from the issuance of subordinated debt	0	0
Net receipt/payment of loans to credit institutions	-12,312,780	5,210,798
Equity capital subscription	-550	281,153
Paid additional Tier 1 capital	-33,484	-53,177
Paid dividend	-85,769	-90,566
Net interest payments on funding activity	-1,832,760	-3,235,991
Net cash flow relating to funding activities	-159,176	18,128,839

Net cash flow in the period	-5,039,785	-3,327,374

Balance of cash and cash equivalents at beginning of period	6,473,877	9,801,251

Net receipt/payments on cash	-5,039,785	-3,327,374

Balance of cash and cash equivalents at end of period	1,434,092	6,473,877

Quarterly Income Statement

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

NOK 1 000	4. quarter 2021	3. quarter 2021	2. quarter 2021	1. quarter 2021	4. quarter 2020
Total interest income	1,151,894	1,065,145	1,065,641	1,078,111	1,125,288
Total interest expenses	-597,236	-433,250	-480,759	-505,139	-482,915
Net interest income	554,658	631,895	584,882	572,972	642,373
Commissions to SpareBank 1 banks	-491,099	-584,100	-521,979	-500,416	-600,887
Net commission income	-491,099	-584,100	-521,979	-500,416	-600,887
Net gains/losses from financial instruments	-60,177	36,470	-24,038	-43,583	-36,041
Net other operating income	-60,177	36,470	-24,038	-43,583	-36,041
Total operating income	3,383	84,265	38,864	28,972	5,445
Salaries and other ordinary personnel expenses	-1,149	-3,738	-2,709	-3,105	-3,532
Other operating expenses	-6,198	-6,329	-8,782	-6,896	-7,985
Total operating expenses	-7,346	-10,067	-11,492	-10,001	-11,517
Operating result before losses	-3,964	74,198	27,373	18,971	-6,072
Mortages IFRS 9 ECL	1,646	106	826	12,382	-7,614
Pre-tax operating result	-2,317	74,304	28,199	31,354	-13,687
Taxes	2,521	-16,682	-4,769	-5,584	5,197
Profit/loss for the year	204	57,622	23,430	25,770	-8,490
Other income and expense	164,934	102,464	-59,171	-144,760	33,160
Total Profit/Loss	165,138	160,086	-35,741	-118,990	24,670

Quarterly Balance Sheet

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

NOK 1 000	31.12.2021	30.09.2021	30.06.2021	31.03.2021	31.12.2020
Assets
Lending to and deposits with credit institutions	1,434,091	3,119,248	3,184,594	1,977,185	6,473,876
Certificates and bonds	26,195,602	22,504,403	28,690,918	25,297,614	34,515,412
Residential mortage loans	222,812,873	217,216,218	211,797,941	210,994,595	208,613,697
Financial derivatives	7,586,258	11,275,359	13,893,022	11,937,811	21,396,448
Defered tax asset	205,886	285,583	319,738	300,014	281,880
Other assets	4,111	4,084,584	412,906	4,009,951	5,018
Total assets	258,238,820	258,485,395	258,299,120	254,517,170	271,286,332

Liabilities and equity
Liabilities
Debt incurred by issuing securities	237,522,824	227,144,279	234,550,251	225,652,744	239,372,170
Collateral received under derivatives contracts	3,892,723	5,206,247	7,570,606	7,190,519	16,838,423
Repurchase agreement	0	9,568,306	0	2,610,725	-
Financial derivatives	2,766,866	1,772,856	1,919,437	2,389,366	915,540
Deferred tax	0	0	0	0	30,120
Tax payable	30,081	100,231	83,549	3,685	123,196
Subordinated debt	1,430,860	1,429,845	1,429,879	1,430,181	1,429,990
Other Liabilities	176,618	1,001,948	636,226	3,085,914	209,078
Total Liabilities	245,819,972	246,223,712	246,189,947	242,363,133	258,918,517

Equity
Contributed equity	11,698,470	11,698,470	11,698,470	11,698,470	11,698,470
Other paid in equity (not yet registered)				-	-
Hybrid capital	900,000	900,000	900,000	900,000	900,000
Accrued equity	-252,916	-443,609	-538,497	-470,203	-316,424
Net profit	0	106,822	49,200	25,770	-
Declared dividends	73,294	0	0	-	85,769
Total equity	12,418,848	12,261,683	12,109,173	12,154,037	12,367,815
Total liabilities and equity	258,238,820	258,485,395	258,299,120	254,517,170	271,286,332