Financial statements

Income Statement

NOK 1 000 Note 2. quarter 2019 2. quarter 2018 01.01.2019 - 30.06.2019 01.01.2018 - 30.06.2018 2018
 
Total interest income 2 1,042,088 913,860 1,984,491 1,718,795 3,577,766
Total interest expenses 2 -917,711 -821,721 -1,758,100 -1,542,478 -3,244,627
Net interest income   124,376 92,139 226,391 176,317 333,139
 
Net gains/losses from financial instruments 3 -49,926 -125,375 -34,536 -166,560 -293,531
Net other operating income   -49,926 -125,375 -34,536 -166,560 -293,531
 
Total operating income   74,450 -33,236 191,855 9,757 39,608
 
Salaries and other ordinary personnel expenses 4 -2,506 -2,860 -5,340 -6,140 -11,766
Other operating expenses 5 -5,820 -4,901 -11,163 -9,938 -20,490
Total operating expenses   -8,325 -7,761 -16,504 -16,077 -32,256
 
Operating result before losses   66,125 -40,997 175,352 -6,321 7,352
 
Write-downs on loans and guarantees   136 -665 -2,098 -601 -849
Pre-tax operating result   66,261 -41,662 173,253 -6,922 6,503
 
Taxes   -16,565 10,416 -43,313 1,730 -1,627
Profit/loss for the year   49,695 -31,247 129,940 -5,191 4,876
 
Portion attrubutable to shareholders   38,817 -41,908 108,610 -25,727 -36,928
Portion attributable to additional Tier 1 capital holders   10,878 10,661 21,330 20,536 41,804
Profit/loss for the period   49,695 -31,247 129,940 -5,191 4,876

Overview of Comprehensive Income

  NOK 1 000 2. quarter 2019 2. quarter 2018 01.01.2019 - 30.06.2019 01.01.2018 - 30.06.2018 2018
 
Profit/loss for the year   49,695 -31,247 129,940 -5,191 26,055
Items which will not impact the income statement in future periods:            
Change due to basis swap spread adjustment   117,184 -108,600 -37,389 -94,928 -280,245
Tax effect of basis swap spread adjustment   -29,296 27,150 9,347 23,732 70,061
Change in pensions for a previous period            
Estimate deviation for pensions   - 0 - - 5,468
Tax effect of the estimate deviation   - 0 - - -1,367
Total profit/loss accounted for in equity   87,888 -81,450 -28,042 -71,196 -206,083
Total profit/loss   137,583 -112,696 101,898 -76,387 -180,028

Balance Sheet

NOK 1 000     Note 30.06.2019 30.06.2018 2018
 
Assets            
Lending to and deposits with credit institutions     12 4,519,102 9,270,163 12,990,004
Certificates and bonds     12,13 29,554,116 43,651,308 25,271,910
Residential mortage loans     7,12 190,606,858 182,852,976 184,073,918
Financial derivatives     11,12,13 17,829,896 17,220,292 23,183,793
Defered tax asset     12 7,110 6,573 -
Other assets     6,12 1,040 1,897 1,750
Total assets       242,518,121 253,003,210 245,521,375
 
Liabilities and equity            
Liabilities            
Debt incurred by issuing securities     9,12,13 214,370,809 225,077,253 212,351,045
Collateral received under derivatives contracts     12,18 12,625,416 13,203,305 18,733,053
Repurchase agreement     12 553,863 - -
Financial derivatives     11,12,13 1,030,359 1,225,000 1,042,108
Deferred tax     12 30,029 112,902 39,377
Tax payable     12 - - 15,503
Subordinated debt     10,12 1,432,458 1,603,084 1,606,160
Other Liabilities     12,14 181,253 130,959 150,763
Total Liabilities       230,224,187 241,352,503 233,938,010
 
Equity            
Paid-in equity     12 11,418,470 10,398,470 10,788,470
Other paid-in equity (not yet registered)     12 - 240,000 -
Hybrid capital     8,12 1,180,000 1,180,000 1,180,000
Accrued equity     12 -434,476 -234,848 -389,980
Net profit     12 129,940 -5,191 4,876
Declared dividends     12 - 72,276 -
Total equity       12,293,934 11,650,707 11,583,366
 
Total liabilities and equity       242,518,121 253,003,210 245,521,375

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 2017 6,570,548 3,287,922 72,276 300,000 -101,894 -37,127 1,180,000 11,271,724
Change in losses due to new IFRS 9 measurment - - - - -3,071 - - -3,071
Registration of share increase (from 27 December 2017) 200,000 100,000 - -300,000 - - - -
Share increase 28 February 2018 160,000 80,000 - - - - - 240,000
Share increase 11 May 2018 160,000 80,000 - - - - - 240,000
Dividend 2017 - - -72,276 - - - - -72,276
Share increase September 27 100,000 50,000 - - - - - 150,000
Net income for the period - - - - 4,876 - - 4,876
Paid interest on hybrid capital - directly against equity - - - - - -41,804 - -41,804
OCI -basisswapspread - - - - -210,184 - - -210,184
Proposed dividend for 2018 - - - - - - - -
OCI - pension - annual estimate deviation - - - - 4,101 - - 4,101
Balance as of 31 December 2018 7,190,548 3,597,922 - - -306,173 -78,932 1,180,000 11,583,366
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 - - - - 129,940 - - 129,940
Paid interest on hybrid capital - directly against equity - - - - - -21,330 - -21,330
OCI -basisswapspread - - - - -28,042 - - -28,042
Balance as of 30 June 2019 7,610,548 3,807,922 - - -204,275 -100,262 1,180,000 12,293,934

 

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 30.06.2019 30.06.2018 2018
 
Cash flows from operations      
Interest received 2,348,453 2,219,481 3,787,762
Paid expenses. operations -28,477 -18,509 -59,111
Paid tax -15,503 0 0
Net cash flow relating to operations 2,304,472 2,200,972 3,728,652
 
Cash flows from investments      
Net purchase of loan portfolio -6,514,251 -5,188,946 -6,392,387
Net payments on the acquisition of government bills 299,574 987,566 1,163,310
Net payments on the acquisition of /sale of bonds -5,141,911 8,576,280 27,522,971
Net investments in intangible assets 153 -839 -897
Net cash flows relating to investments -11,356,435 4,374,062 22,292,996
 
Cash flows from funding activities      
Net receipt/payment from the issuance of certificates 0 -120,999 -120,999
Net receipt/payment from the issuance of bonds 7,436,101 11,039,537 -8,347,785
Net receipt/payment from the issuance of subordinated debt 175,000 0 0
Net receipt/payment of loans to credit institutions -5,547,447 -9,897,394 -4,901,801
Equity capital subscription 630,000 480,000 630,000
Paid dividend 0 0 -72,276
Net interest payments on funding activity -2,106,277 -1,862,718 -3,267,854
Net cash flow relating to funding activities 587,378 -361,573 -16,080,715
 
Net cash flow in the period -8,464,585 6,213,460 9,940,933
 
Balance of cash and cash equivalents at beginning of period 12,990,004 3,044,644 3,044,644
Net receipt/payments on cash -8,464,585 6,213,460 9,940,933
Exchange rate difference -6,317 12,059 4,427
Balance of cash and cash equivalents at end of period 4,519,102 9,270,163 12,990,004