Financial statements

Income Statement

NOK 1 000             Note 01.01.2021 - 31.03.2021 01.01.2020 - 31.03.2020 2020
                     
Total interest income             2 1,078,111 1,631,398 5,119,553
Total interest expenses             2 -505,139 -1,151,751 -2,980,079
Net interest income               572,972 479,646 2,139,474
                     
Commissions to SpareBank 1 banks             3 -500,416 -358,017 -1,769,898
Net commission income               -500,416 -358,017 -1,769,898
                     
Net gains/losses from financial instruments             4 -43,583 -283,788 -142,200
Net other operating income               -43,583 -283,788 -142,200
                     
Total operating income               28,972 -162,159 227,376
                     
Salaries and other ordinary personnel expenses             5 -3,105 -3,154 -12,465
Other operating expenses             6 -6,896 -6,794 -28,065
Total operating expenses               -10,001 -9,949 -40,530
                     
Operating result before losses               18,971 -172,107 186,846
Expected cumulative loss mortgages (IFRS 9)               12,382 -9,236 -18,429
Pre-tax operating result               31,354 -181,343 168,417
                     
Taxes               -5,584 49,486 -29,239
Profit/loss for the year               25,770 -131,857 139,178
                     
                     
Portion attrubutable to shareholders               16,752 -148,459 86,001
Portion attributable to additional Tier 1 capital holders               9,018 16,602 53,177
Profit/loss for the period               25,770 -131,857 139,178

Overview of Comprehensive Income

NOK 1 000               01.01.2021 - 31.03.2021 01.01.2020 - 31.03.2020 2020
Profit/loss for the year               25,770 -131,857 139,178
Items which will not impact the income statement in future periods:               - - -
Change due to basis swap spread adjustment               -193,013 103,767 120,478
Tax effect of basis swap spread adjustment               48,253 -25,942 -30,120
Change in pensions for a previous period               - - -
Estimate deviation for pensions               - - 1,537
Tax effect of the estimate deviation               - - -384
Total profit/loss accounted for in equity               -144,760 77,825 91,512
Total profit/loss               -118,990 -54,031 230,690

Balance Sheet 1st Quarter 2021

NOK 1 000               31.03.2021 31.03.2020 2020
                     
Assets                    
Lending to and deposits with credit institutions             13 1,977,185 4,471,962 6,473,876
Certificates and bonds             13,14 25,297,614 38,793,444 34,515,412
Residential mortage loans             8,13 210,994,595 199,687,454 208,613,697
Financial derivatives             12,13,14 11,937,811 38,900,544 21,396,448
Defered tax asset             13 300,014 233,644 281,880
Other assets             7,13 4,009,951 1,831 5,018
Total assets               254,517,170 282,088,878 271,286,332
                     
Liabilities and equity                    
Liabilities                    
Debt incurred by issuing securities             10,13,14 225,652,744 239,812,029 239,372,170
Collateral received under derivatives contracts             19.13 7,190,519 23,685,075 16,838,423
Repurchase agreement             13 2,610,725 3,799,825 -
Financial derivatives             12,13,14 2,389,366 723,758 915,540
Deferred tax             13 0 - 30,120
Tax payable             13 3,685 230,533 123,196
Subordinated debt             11,13 1,430,181 1,433,354 1,429,990
Other Liabilities             13,15 3,085,914 284,635 209,078
Total Liabilities               242,363,133 269,969,209 258,918,517
                     
Equity                    
Paid-in equity             13 11,698,470 11,418,470 11,698,470
Other paid-in equity (not yet registered)             13 - - -
Hybrid capital             9,13 900,000 1,180,000 900,000
Accrued equity             13 -470,203 -346,945 -316,424
Net profit             13 25,770 -131,857 -
Declared dividends             13 - - 85,769
Total equity               12,154,037 12,119,669 12,367,815
                     
Total liabilities and equity               254,517,170 282,088,878 271,286,332

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 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
Net income for the period         - - 85,769 - 53,409 -53,177 - 86,001
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
Net income for the period         - - - - 25,770 -9,018 - 16,752
Paid interest on hybrid capital - directly against equity         - - - - -9,018 9,018 - -
OCI -basisswapspread         - - - - -144,760 - - -144,760
Balance as of 31 March, 2021         7,797,215 3,901,255 - - -444,434 - 900,000 12,154,037

 

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           31.03.2021 31.03.2020 2020
                 
Cash flows from operations                
Interest received           1,103,081 1,399,409 5,189,270
Paid expenses, operations           19 8,450 -34,661
Paid tax           -123,196 -250,190 -251,521
Net cash flow relating to operations           979,904 1,157,669 4,903,088
                 
Cash flows from investments                
Net purchase of loan portfolio           -2,884,423 -8,383,080 -19,108,681
Net payments on the acquisition of government bills           -699,564 -2,739,869 -2,099,005
Net payments on the acquisition of bonds           7,907,924 -5,281,335 -5,146,575
Net investments in intangible assets           0 -474 0
Net investments in fixed assets           0 0 -5,040
Net cash flows relating to investments           4,323,937 -16,404,758 -26,359,301
                 
Cash flows from funding activities                
Net receipt/payment from the issuance of securities           -2,695,544 -2,565,537 16,016,622
Net receipt/payment from the issuance of subordinated debt           0 0 0
Net receipt/payment of loans to credit institutions           -6,617,735 13,832,350 5,157,620
Equity capital subscription           0 0 281,153
Paid dividend           0 0 -90,566
Net interest payments on funding activity           -487,253 -1,349,012 -3,235,991
Net cash flow relating to funding activities           -9,800,532 9,917,801 18,128,839
                 
Net cash flow in the period           -4,496,692 -5,329,288 -3,327,374
                 
Balance of cash and cash equivalents at beginning of period           6,473,877 9,801,250 9,801,251
                 
Net receipt/payments on cash           -4,496,692 -5,329,288 -3,327,374
                 
Balance of cash and cash equivalents at end of period           1,977,185 4,471,962 6,473,877