Financial statements

Income Statement

NOK 1 000             Note 3. quarter 2020 3. quarter 2019 01.01.2020-30.09.2020 01.01.19-30.09.2019 2019
                         
Total interest income             2 1,112,955 1,277,542 3,994,265 4,207,768 5,834,356
Total interest expenses             2 -466,886 -1,054,143 -2,497,164 -2,812,243 -3,958,307
Net interest income               646,069 97,018 1,497,101 1,395,525 1,876,049
                         
Commission and fee expensenes               -566,950 -126,381 -1,169,011 -1,072,116 -1,444,292
Net commission income               -566,950 -126,381 -1,169,011 -1,072,116 1,444,292
                         
Net gains/losses from financial instruments             3 5,734 -55,735 -106,159 -90,271 -171,295
Net other operating income               5,734 -55,735 -106,159 -90,271 -171,295
                         
Total operating income               84,853 41,283 221,932 233,138 260,462
                         
Salaries and other ordinary personnel expenses             4 -3,844 -3,695 -8,934 -9,035 -11,780
Other operating expenses             5 -5,340 -6,181 -20,079 -17,344 -24,359
Total operating expenses               -9,185 -9,876 -29,013 -26,380 -36,139
                         
Operating result before losses               75,668 31,407 192,919 206,759 224,323
Impairment losses on loans and guarantees               9,327 4,102 -10,815 2,004 856
Pre-tax operating result               84,995 35,510 182,104 208,763 225,179
                         
Taxes               -18,169 -8,877 -34,436 -52,191 -56,298
Profit/loss for the year               66,826 26,632 147,668 156,572 168,880
                         
                         
Portion attrubutable to shareholders               54,508 14,980 103,307 123,590 123,796
Portion attributable to additional Tier 1 capital holders               12,318 11,652 44,361 32,982 45,084
Profit/loss for the period               66,826 26,632 147,668 156,572 168,880

Overview of Comprehensive Income

NOK 1 000               3. quarter 2020 3. quarter 2019 01.01.2020- 30.09.2020 01.01.19- 30.09.2019 2019
Profit/loss for the year               66,826 26,632 147,668 156,572 168,880
Items which will not impact the income statement in future periods:               -        
Change due to basis swap spread adjustment               -71,769 -34,334 77,802 -71,723 -74,707
Tax effect of basis swap spread adjustment               17,942 8,584 -19,450 17,931 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               -53,827 -25,750 58,351 -53,792 -56,294
Total profit/loss               12,999 882 206,020 102,780 112,586

Balance Sheet 2020

NOK 1 000                   30.09.2020 30.09.2019 2019
                         
Assets                        
Lending to and deposits with credit institutions                 12 17,695,451 4,564,258 9,801,250
Certificates and bonds                 12,13 33,852,412 35,143,942 28,067,101
Residential mortage loans                 7,12 205,998,995 189,763,221 191,309,342
Financial derivatives                 11,12,13 30,074,324 22,386,673 16,254,454
Defered tax asset                 12 142,782 10,994 188,308
Other assets                 6,12 798 991 890
Total assets                   287,764,762 251,870,081 245,621,345
                         
Liabilities and equity                        
Liabilities                        
Debt incurred by issuing securities                 9,12,13 245,303,651 220,220,804 217,670,078
Collateral received under derivatives contracts                 12,18 23,499,230 16,783,630 12,418,140
Repurchase agreement                 12 250,003 - -
Financial derivatives                 11,12,13 726,670 900,005 1,420,374
Deferred tax                 12 19,450 21,446 -
Tax payable                 12 223,594 52,191 250,190
Subordinated debt                 10,12 1,429,936 1,432,972 1,433,439
Other Liabilities                 12,14 3,960,268 175,870 148,256
Total Liabilities                   275,412,801 239,586,917 233,340,477
                         
Equity                        
Paid-in equity                 12 11,698,470 11,418,470 11,418,470
Other paid-in equity (not yet registered)                 12   - -
Hybrid capital                 8,12 900,000 1,180,000 1,180,000
Accrued equity                 12 -394,177 -471,879 -408,167
Net profit                 12 147,668 156,572  
Declared dividends                 12   - 90,566
Total equity                   12,351,961 12,283,163 12,280,868
                         
Total liabilities and equity                   287,764,762 251,870,081 245,621,345

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
Share increase 22 May 2020         186,667 93,333           280,000
Net income for the period         - - - - 147,668 -44,361 - 103,307
Paid interest on hybrid capital - directly against equity         - - - - -44,361 44,361 - -
OCI -basisswapspread         - - - - 58,351     58,351
Dividend 2019         - - - - -90,566     -90,566
Other                     -280,000 -280,000
Balance as of 30 september, 2020         7,797,215 3,901,255 - - -246,510 - 1,180,000 12,351,961

 

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           30.09.2020 30.09.2019 2019
                 
Cash flows from operations                
Interest received           2,858,899 3,628,381 4,790,476
Paid expenses, operations           20,014 -1,014 -39,009
Paid tax           250,190 -15,503 -15,503
Net cash flow relating to operations           3,129,103 3,611,864 4,735,964
                 
Cash flows from investments                
Net purchase of loan portfolio           -14,782,191 -5,666,076 -7,189,127
Net payments on the acquisition of government bills           -536,787 -197,693 -575,312
Net payments on the acquisition of bonds           -5,248,524 -9,965,581 -3,042,017
Net investments in intangible assets             153 153
Net investments in fixed assets           -385    
Net cash flows relating to investments           -20,567,887 -15,829,197 -10,806,303
                 
Cash flows from funding activities                
Net receipt/payment from the issuance of securities           13,146,072 0 12,608,151
Net receipt/payment from the issuance of subordinated debt           -280,000 175,000 -175,000
Net receipt/payment from the issuance of bonds             8,219,005  
Net receipt/payment of collateral received under derivatives contracts             0 -5,938,817
Net receipt/payment of loans to credit institutions           16,098,870 -1,942,822  
Equity capital subscription           280,000 630,000 630,000
Paid dividend           -90,566 0 0
Net interest payments on funding activity           -3,833,460 -3,287,289 -4,241,013
Net cash flow relating to funding activities           25,320,916 -3,793,893 2,883,320
                 
Net cash flow in the period           7,882,133 -8,423,439 -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           7,882,133 -8,423,439 -3,187,019
Exchange rate difference           12,068 -2,306 -1,735
                 
Balance of cash and cash equivalents at end of period           17,695,451 4,564,258 9,801,250