Annual report 2021

Financial statement

 

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