Annual report 2022- Financial statement

Income Statement

NOK 1 000	Note	2022	2021

Total interest income	5	7,203,389	4,360,791
Total interest expenses	5	-5,559,392	-2,016,385
Net interest income		1,643,997	2,344,406

Commissions to SpareBank 1 banks	6	-1,249,440	-2,097,594
Net commission income		-1,249,440	-2,097,594

Net gains/losses from financial instruments	7	-287,945	-91,327
Net other operating income		-287,945	-91,327

Total operating income		106,612	155,485

Salaries and other ordinary personnel expenses	8,9,10	-13,822	-10,701
Other operating expenses	11	-30,474	-28,205
Total operating expenses		-44,296	-38,906

Operating result before loan loss provisions		62,316	116,579
Loan loss provisions	15	-16,489	14,960
Pre-tax operating result		45,826	131,539

Taxes	12	-1,179	-24,514
Profit/(loss) for the period		44,647	107,026


Portion attributable to shareholders		4,454	73,541
Portion attributable to additional Tier 1 capital holders		40,193	33,484
Profit/(loss) for the period		44,647	107,026

Overview of Comprehensive Income

NOK 1 000	2022	2021
Profit/loss for the year	44,647	107,026
Items that will not be reclassified to profit/loss
Actuarial gains and losses pensions	1,223	-459
Tax effect	-306	115

Items that may be reclassified to profit/loss later
Basis swap valuation adjustment	623,282	85,082
Tax effect	-155,821	-21,271
Other comprehensive income for the period	468,379	63,467

Comprehensive income for the period	513,026	170,493

Balance Sheet 2022

NOK 1 000		2022	2021

Assets
Lending to and deposits with credit institutions	21,24	1,360,520	1,434,091
Certificates and bonds	21,22,24	29,426,208	26,195,602
Residential mortage loans	14,15,21,24	252,904,944	222,812,873
Financial derivatives	20,21,22,24	3,990,087	7,586,258
Deferred tax asset	12	133,671	205,886
Other assets	13,21,24	70,500	4,111
Total assets		287,885,930	258,238,820

Liabilities and equity
Liabilities
Debt incurred by issuing securities	17,19,21,22	260,848,557	237,522,824
Collateral received under derivatives contracts	19,20,21,24,32	714,730	3,892,723
Financial derivatives	19,20,21,22	11,822,504	2,766,866
Tax payable	12,21	115,171	30,081
Subordinated debt	18,19,21	1,436,805	1,430,860
Other Liabilities	10,21,23	129,777	176,618
Total Liabilities		275,067,542	245,819,972

Equity
Share capital	9	7,797,215	7,797,215
Share premium		3,901,255	3,901,255
Declared dividends		-	73,294
Basis swap valuation reserve		212,567	-254,894
Other equity		7,350	1,978
Hybrid capital	9,13	900,000	900,000
Total equity		12,818,388	12,418,848

Total liabilities and equity		287,885,930	258,238,820

Changes in Equity

NOK 1 000	Share capital	Share premium	Dividend	Basis swap valuation reserve	Other Equity	Hybrid capital	Total Equity
Balance as of 31 December, 2020	7,797,215	3,901,255	85,769	-318,706	2,280	900,000	12,367,814
Dividend 2020	-	-	-85,769		-	-	-85,769
Profit/(loss) for the period	-	-	73,294		248	-33,484	40,058
Paid interest on hybrid capital - directly against equity	-	-	-		-	33,484	33,484
Basis swap valuation change, net	-	-	-	63,812		-	63,812
Actuarial gain/loss pension	-	-	-		-345	-	-345
Other	-	-	-		-205	-	-205
Balance as of 31 December, 2021	7,797,215	3,901,255	73,294	-254,894	1,978	900,000	12,418,848
Dividend 2021	-	-	-73,294		-	-	-73,294
Profit/(loss) for the period	-	-			44,647	-40,193	4,454
Paid interest on hybrid capital - directly against equity	-	-	-		-40,193	40,193	-0
Basis swap valuation change, net	-	-	-	467,462			467,462
Actuarial gain/loss pension					917		917
Other	-	-	-				-
Balance as of 31 December, 2022	7,797,215	3,901,255	-0	212,567	7,350	900,000	12,818,387

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	2022	2021

Cash flows from operations
Interest received	6,927,219	4,364,213
Paid commissions to SpareBank 1 banks	-1,366,740	-2,124,745
Paid expenses, operations	-42,121	-42,105
Paid tax	0	-93,081
Net cash flow relating to operations	5,518,357	2,104,283

Cash flows from investments
Net purchase of loan portfolio	-29,889,709	-14,162,127
Net payments on the acquisition of government certificates	4,402,153	-1,420,376
Net payments on the acquisition of bonds	-7,833,793	8,597,611
Net cash flows relating to investments	-33,321,349	-6,984,891

Cash flows from funding activities
Net receipt/payment from the issuance of securities	35,381,101	14,106,168
Net receipt/payment from the issuance of subordinated debt	0	0
Net receipt/payment of loans to credit institutions	-2,903,043	-12,312,780
Equity capital subscription	917	-550
Paid additional Tier 1 capital	-40,193	-33,484
Paid dividend	-73,294	-85,769
Net interest payments on funding activity	-4,636,068	-1,832,760
Net cash flow relating to funding activities	27,729,420	-159,176

Net cash flow in the period	-73,571	-5,039,785

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

Net receipt/payments on cash	-73,571	-5,039,785

Balance of cash and cash equivalents at end of period	1,360,520	1,434,092

Quarterly Income Statement

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

NOK 1 000	4. quarter 2022	3. quarter 2022	2. quarter 2022	1. quarter 2022	1. quarter 2021
Total interest income	2,548,460	1,820,052	1,526,422	1,308,454	1,151,894
Total interest expenses	-2,254,730	-1,436,847	-1,059,989	-807,825	-597,236
Net interest income	293,730	383,205	466,433	500,629	554,658
Commissions to SpareBank 1 banks	-171,347	-296,817	-365,648	-415,628	-491,099
Net commission income	-171,347	-296,817	-365,648	-415,628	-491,099
Net gains/losses from financial instruments	-94,600	6,439	-105,910	-93,874	-60,177
Net other operating income	-94,600	6,439	-105,910	-93,874	-60,177
Total operating income	27,783	92,827	-5,124	-8,874	3,383
Salaries and other ordinary personnel expenses	-3,547	-3,557	-2,830	-3,887	-1,149
Other operating expenses	-10,340	-7,712	-5,925	-6,498	-6,198
Total operating expenses	-13,887	-11,269	-8,755	-10,385	-7,346
Operating result before losses	-3,547	-3,557	-13,880	-19,259	-3,964
Mortages IFRS 9 ECL	-8,691	-6,665	226	-1,360	1,646
Pre-tax operating result	5,206	74,894	-13,654	-20,619	-2,317
Taxes	2,022	-16,260	5,700	7,359	2,521
Profit/loss for the year	7,227	58,633	-7,954	-13,260	204
Other income and expense	-608,178	665,522	73,027	338,008	164,934
Total Profit/Loss	-600,951	724,155	65,074	324,748	165,138

Quarterly Balance Sheet

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

NOK 1 000	31.12.2022	30.09.2022	30.06.2022	31.03.2022	31.12.2021
Assets
Lending to and deposits with credit institutions	1,360,520	4,816,899	2,518,479	4,026,358	1,434,091
Certificates and bonds	29,426,208	27,625,296	30,451,050	27,784,216	26,195,602
Residential mortage loans	252,904,944	245,162,243	237,573,557	230,689,401	222,812,873
Financial derivatives	3,990,087	5,976,104	6,375,186	2,397,900	7,586,258
Defered tax asset	133,671	0	68,874	93,217	205,886
Other assets	70,500	602,519	1,636,995	1,976,628	4,111
Total assets	287,885,930	284,183,060	278,624,141	266,967,719	258,238,820

Liabilities and equity
Liabilities
Debt incurred by issuing securities	260,848,557	256,447,029	253,916,041	243,627,664	237,522,824
Collateral received under derivatives contracts	714,730	1,122,032	2,113,394	340,877	3,892,723
Repurchase agreement	0	0	250,021	0	0
Financial derivatives	11,822,504	11,024,074	7,508,626	8,291,753	2,766,866
Deferred tax	0	152,966	0	0	0
Tax payable	115,171	33,282	17,021	22,722	30,081
Subordinated debt	1,436,805	1,433,996	1,432,116	1,431,504	1,430,860
Other Liabilities	129,777	537,968	669,512	591,714	176,618
Total Liabilities	275,067,542	270,751,347	265,906,730	254,306,235	245,819,972

Equity
Share capital	7,797,215	7,797,215	7,797,215	7,797,215	7,797,215
Share premium	3,901,255	3,901,255	3,901,255	3,901,255	3,901,255
Declared dividends	0	0	0	0	73,294
Basis swap valuation reserve	212,567	793,845	138,175	74,296	-254,894
Other equity	7,350	1,978	1,978	1,978	1,978
Net profit	0	37,420	-21,213	-13,260	0
Hybrid capital	900,000	900,000	900,000	900,000	900,000
Total equity	12,818,388	13,431,713	12,717,411	12,661,484	12,418,848
Total liabilities and equity	287,885,930	284,183,060	278,624,141	266,967,719	258,238,820