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