Financial statements

Income Statement

NOK 1 000 Note 31.03.2020 31.03.2019 2019
         
Total interest income 2 1,631,398 1,287,936 5,834,356
Total interest expenses 2 -1,151,751 -840,389 -3,958,307
Net interest income   479,646 447,547 1,876,048
         
Commission and fee expensenes   -358,017 -345,532 1,444,292
Net commission income   -358,017 -345,532 -1,444,292
         
Net gains/losses from financial instruments 3 -283,788 15,390 -171,295
Net other operating income   -283,788 15,390 -171,295
         
Total operating income   -162,159 117,405 260,462
         
Salaries and other ordinary personnel expenses 4 -3,154 -2,835 -11,780
Other operating expenses 5 -6,794 -5,344 -24,359
Total operating expenses   -9,949 -8,178 -36,139
         
Operating result before losses   -172,107 109,227 224,323
Impairment losses on loans and guarantees   -9,236 -2,234 856
Pre-tax operating result   -181,343 106,993 225,179
         
Taxes   49,486 -26,748 -56,298
Profit/loss for the year   -131,857 80,245 168,880
         
         
Portion attrubutable to shareholders   -148,459 69,793 123,796
Portion attributable to additional Tier 1 capital holders   16,602 10,452 45,084
Profit/loss for the period   -131,857 80,245 168,880

Overview of Comprehensive Income

NOK 1 000   31.03.2020 31.03.2019 2019
Profit/loss for the year   -131,857 80,245 168,880
Items which will not impact the income statement in future periods:        
Change due to basis swap spread adjustment   103,767 -154,573 -74,707
Tax effect of basis swap spread adjustment   -25,942 38,643 18,677
Change in pensions for a previous period        
Estimate deviation for pensions   -   -353
Tax effect of the estimate deviation   -   88
Total profit/loss accounted for in equity   77,825 -115,930 -56,294
Total profit/loss   -54,031 -35,685 112,586

Balance Sheet

NOK 1 000   31.03.2020 31.03.2019 2019
         
Assets        
Lending to and deposits with credit institutions 12 4,471,962 5,111,110 9,801,250
Certificates and bonds 12,13 38,793,444 25,623,908 28,067,101
Residential mortage loans 7,12 199,687,454 188,171,797 191,309,342
Financial derivatives 11,12,13 38,900,544 17,447,357 16,254,454
Defered tax asset 12 233,644 3,484 188,308
Other assets 6,12 1,831 1,801 890
Total assets   282,088,878 236,359,456 245,621,345
         
Liabilities and equity        
Liabilities        
Debt incurred by issuing securities 9,12,13 239,812,029 207,447,274 217,670,078
Collateral received under derivatives contracts 12,18 23,685,075 12,784,877 12,418,140
Repurchase agreement 12 3,799,825 1,508,401 -
Financial derivatives 11,12,13 723,758 1,048,763 1,420,374
Deferred tax 12 - 733 -
Tax payable 12 230,533 15,503 250,190
Subordinated debt 10,12 1,433,354 1,431,965 1,433,439
Other Liabilities 12,14 284,635 164,711 148,256
Total Liabilities   269,969,209 224,402,227 233,340,477
         
Equity        
Paid-in equity 12 11,418,470 11,208,470 11,418,470
Other paid-in equity (not yet registered) 12 - - -
Hybrid capital 8,12 1,180,000 1,180,000 1,180,000
Accrued equity 12 -346,945 -511,486 -408,167
Net profit 12 -131,857 80,245  
Declared dividends 12 - - 90,566
Total equity   12,119,669 11,957,229 12,280,868
         
Total liabilities and equity   282,088,878 236,359,456 245,621,345

Changes in Equity

NOK 1 000 Share capital Additional paid in equity Dividend Other paid-in equity (not yet registered) 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 - - -317,603 - 1,180,000 12,280,868
Net income for the period - - - - -148,459 16,602 - -131,857
Paid interest on hybrid capital - directly against equity - - - - - -16,602 - -16,602
OCI -basisswapspread - - - - 77,825     77,825
Dividend 2019 - - - - -90,566     -90,566
Balance as of 31 March 2020 7,610,548 3,807,922 - - -478,802 - 1,180,000 12,119,669

 

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 31.03.2020 31.03.2019 2019
       
Cash flows from operations      
Interest received 1,399,409 1,464,435 4,790,476
Paid expenses, operations 8,450 -21,283 -39,009
Paid tax -250,190 0 -15,503
Net cash flow relating to operations 1,157,669 1,443,152 4,735,964
       
Cash flows from investments      
Net purchase of loan portfolio -8,383,080 -4,086,081 -7,189,127
Net payments on the acquisition of government bills -2,739,869 299,574 -575,312
Net payments on the acquisition of bonds -5,281,335 -1,279,359 -3,042,017
Net investments in intangible assets   153 153
Net investments in fixed assets -474    
Net cash flows relating to investments -16,404,758 -5,065,713 -10,806,303
       
Cash flows from funding activities      
Net receipt/payment from the issuance of securities -2,565,537 975,908 12,608,151
Net receipt/payment from the issuance of subordinated debt 0 175,000 -175,000
Net receipt/payment of collateral received under derivatives contracts 13,792,363 -4,439,931 -5,938,817
Equity capital subscription 0 420,000 630,000
Paid dividend 0 -72,276 0
Net interest payments on funding activity -1,349,012 1,307,121 -4,241,013
Net cash flow relating to funding activities 9,877,814 -4,248,420 2,883,320
       
Net cash flow in the period -5,369,275 -7,870,981 -3,187,019
       
Balance of cash and cash equivalents at beginning of period 9,801,250 12,990,004 12,990,004
       
Net receipt/payments on cash -5,369,275 -7,870,981 -3,187,019
Exchange rate difference 39,987 -7,913 -1,735
       
Balance of cash and cash equivalents at end of period 4,471,961 5,111,110 9,801,250