SpareBank 1 Nord-Norge Preliminary annual accounts 2010 Group

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1 SpareBank 1 Nord-Norge Preliminary annual accounts 2010 Group Very good results for the 4 th quarter and 2010 overall. The Bank s financial strength remains strong. Highlights (figures in brackets refer to the same period in 2009): Operating profit before tax for 2010 totalled NOK 1,002 million (NOK 1,002 million). Return on equity after tax was 15.3 per cent (18.2 per cent). Earnings per equity certificate (Group) of NOK (NOK 16.39). Underlying banking operations remain good; profit from core operations before losses of NOK 685 million (NOK 663 million). Combined profit before tax for the Group s subsidiaries totalled NOK 82 million (NOK 25 million). Net gain on financial investments totalled NOK 404 million (NOK 479 million). The profit contribution from SpareBank 1 Gruppen AS totalled NOK 164 million (NOK 175 million). The profit contribution from other joint ventures in the SpareBank 1 Alliance (Bank 1 Oslo, BN Bank, SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt) totalled NOK 87 million (NOK 105 million). Net recognised gain from the Bank s share portfolio totalled NOK 133 million (NOK 141 million). NOK 63.4 million of this was attributable to the recognition of dividend income and changes in the value of the share portfolio in the 1 st quarter related to the merger between Nordito and PBS. Net recognised gains on interest-bearing portfolio (including related financial derivatives transactions) totalled NOK 3 million (NOK 22 million). Net recognised gain from currency and other financial derivatives totalled NOK 17 million (NOK 36 million). Costs are kept under control cost-to-income ratio was 46.8 per cent (45.0 per cent). There was a nonrecurring gain in the 1 st quarter 2010 due to recognising income from a NOK 60 million reduction in pension liabilities as a result of the transition to a new early retirement pension scheme (AFP) in the private sector. Low loan losses: Net losses totalled NOK 87 million (NOK 185 million). Net losses of NOK 43 million in the 4 th quarter. Total lending growth over the past 12 months (including loans transferred to SpareBank 1 Boligkreditt): 7.2 per cent (4.0 per cent). Retail market: 8.4 per cent (incl. SpareBank 1 Boligkreditt AS) (8.4 per cent). Corporate market 4.7 per cent (-15.1 per cent). Accounts show lending growth over the past 12 months of 1.8 per cent (-6.0 per cent). Growth in deposits over the past 12 months: 12.9 per cent (0.9 per cent). Retail market 6.7 per cent (5.7 per cent). Corporate market 19.1 per cent (-4.8 per cent). Public sector market 22.3 per cent (20.2 per cent). Deposit-to-loan ratio: 80.3 per cent (72.4 per cent). The Bank is financially strong, with a core capital adequacy (Group) of 10.9 per cent (10.7 per cent) and total capital adequacy of 11.9 per cent (12.8 per cent). Liquidity remains satisfactory. Proposed cash dividend of NOK 5.75 (NOK 6.75) to the equity certificate holders. SpareBank 1 Nord-Norge s main Board of Directors proposes a bonus issue and a split of the Bank s Equity Capital Certificates. Introductory comments The quarterly accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS), including IAS 34 relating to interim reporting. IFRS involves the use of different principles for the incorporation of subsidiaries and joint-venture companies between the parent bank and group accounts. In the consolidated accounts, the equity method is applied, in accordance with which the profit/loss of joint-venture companies is incorporated in the Group s profit and loss account based on ownership interest, and is taken into consideration in the book value of the ownership interests on the balance sheet. The proportionate share of the subsidiaries profit/loss is consolidated into the accounts. In accordance with IFRS, only the cost method of accounting shall be used in company accounts. This means that the book value of subsidiaries and joint-venture businesses in the parent bank s accounts is the historic cost. In the Parent Bank s profit and loss account, only the annual dividends received from these businesses are shown. In accordance with the rules and regulations from the Ministry of Finance dated 16 October 2008, permission was given to reclassify securities in the trading portfolio from the category At fair market value with value changes through profit and loss to categories which are assessed at the amortised cost. The Group decided to make such a reclassification of large parts of the interest-bearing portfolio held for sale as at 1 July Future assessments in these categories shall be calculated at 1/23

2 amortised cost using the effective interest method of accounting, which means that earlier value write-downs and interest are amortised and incorporated as interest income over the remaining life of the securities in question. The Bank s remaining portfolio of commercial paper and bonds is classified as At fair value through profit and loss. To the extent that there is an active market for the securities involved, observable market prices are applied in order to assess fair value. Since 1 January 2010, the Group has amended its classification of net interest income/costs relating to interest rate hedging for fixed interest loans. Previously, these items were recognised in the profit and loss account under Net value changes for financial assets, but they are now reported under Interest income. The figures for previous periods (2010 and 2009) have also been reclassified to give comparable figures. Earnings performance Operating profit before tax for 2010 was NOK 1,002 million. The profit for 2009 was also NOK 1,002 million. The Group s core operations (operations excluding net income from financial investments) remain strong and show a profit before losses of NOK 685 million, which is NOK 22 million higher than in The Group s return on equity after tax as at 31 December 2010 was 15.3 per cent (18.2 per cent). The earnings per equity certificate were NOK (NOK 16.39). For the Parent Bank, the earnings per equity certificate were per cent (13.85 per cent). The tax charge has been estimated at NOK 186 million (NOK 143 million). Compared with the 4 th quarter 2009, the changes in the profit before tax are as follows: Reduction in net interest income Increase in net commission income Reduction in income from financial investments Reduction in other operating income Reduction in costs Reduction in net losses NOK 44 million + NOK 67 million NOK 120 million NOK 16 million + NOK 15 million + NOK 98 million For the 4 th quarter, the operating profit before tax totalled NOK 242 million, compared with NOK 260 million in the 3 rd quarter, NOK 240 million in the 2 nd quarter and NOK 260 million in the 1 st quarter 2010, respectively. Return on equity for the 4 th quarter was 15.3 per cent (26.3 per cent). Profit attributable to SpareBank 1 Group The SpareBank 1 Group s preliminary profit after tax at the end of the 2010 totalled NOK 822 million. The SpareBank 1 Nord-Norge Group has incorporated NOK 160 million of this profit into its accounts. In addition, a NOK 4 million correction to the profit for 2009 was recognised as income. With effect from 1 January 2010, the owner banks in SpareBank 1 Gruppen AS took over ownership of Bank 1 Oslo AS. SpareBank 1 Nord-Norge s ownership interest in Bank 1 Oslo is 19.5 per cent. As at the 4 th quarter 2010, the consolidated accounts include profit of NOK 37 million attributable to Bank 1 Oslo. Subsidiaries The Group s subsidiaries reported a combined profit before tax of NOK 82 million for SpareBank 1 Finans Nord-Norge AS accounted for NOK 67 million of this profit. A loss of NOK 1 million attributable to North West 1 Alliance Bank in Russia was incorporated into the consolidated accounts for the period from 13 September to 31 December Reference is also made to the note in the interim accounts and a separate section below in this quarterly report. Proposed profit allocation The Parent Bank s profit after tax is distributed between the equity certificate holders and the Bank s communityowned capital in accordance with the relative distribution of equity capital between the owner groups in the Parent Bank as at 1 January In accordance with the Bank s equity certificate holder policy, a distribution is proposed in the form of dividends/donations to the Bank s two owner groups (equity certificate holders and community-owned capital) so that the owner groups share of the Bank s equity capital are maintained at the same level as at 1 January The main Board of Directors is proposing that the Supervisory Board declares a cash dividend of NOK 5.75 per equity certificate, for a total of NOK 103 million, and an allocation of NOK 103 million to the Dividend Equalisation Fund. In addition, a combined transfer of NOK 154 million is proposed to charitable causes. This gives the following proposal for allocation of the profit for the year: Parent Bank's profit after tax NOK 597 million Allocated cash dividend NOK 103 million To dividend equalisation fund NOK 103 million Total to equity certificate holders (34.54%) NOK 206 million Allocated for distribution to charitable causes Allocated to donation fund Allocated to savings bank's reserve Total to the Bank s community-owned capital (65.46%) Total allocations NOK 154 million NOK 41 million NOK 195 million NOK 391 million NOK 597 million Dividends are distributed to registered equity certificate holders as at 29 March The Bank s equity certificates will trade ex dividend as of 30 March Interest margin The Group s net interest income for 2010 was NOK 1,129 million. This is NOK 44 million lower than in In relation to the average total assets, the net interest income for 2010 was 1.70 per cent, which is 0.10 percentage points lower than last year. 2/23

3 For the 4 th quarter, net interest income was NOK 285 million, NOK 6 million lower than the 3 rd quarter. Net interest income is affected by the transfer of loans to SpareBank 1 Boligkreditt. Income from the transferred portfolio is recognised as commission income. For the four quarters of the year, this amounted to NOK 27, 24, 19 and 19 million, respectively. The equivalent figures for 2009 were NOK 12, 11, 27 and 26 million. To ensure the Bank s liquidity, substantial long-term funding were raised in the capital market during the financial crisis in 2007 and This funding were raised with high credit spreads compared with the current levels, which has increased the Bank s average borrowing costs. This has had a negative impact on the Bank's interest margin. The Bank has maintained a continuous focus on its lending margin. The Bank further expect strong competition and low interest rates to keep the Bank's interest margin under pressure. Net income from banking services and other income Net commission income totalled NOK 505 million in 2010, an increase of NOK 67 million compared with last year. The earnings improvement was largely due to an increase in commission income from SpareBank 1 Boligkreditt and EnterCard, and higher agent fees from EiendomsMegler1 Nord-Norge. Other operating income totalled NOK 8 million for the year. This is NOK 16 million lower than last year. This reduction is attributed primarily to the recognition of a gain on the sale of the Group s factoring business in Net commission and other income for the 4 th quarter totalled NOK 128 million, compared with NOK 131 million for the previous quarter and NOK 121 million for the 4 th quarter in Income from financial investments Net income from financial investments totalled NOK 404 million for This income can be broken down as follows: Profit attributable to the SpareBank 1 Group NOK 164 million Profit attributable to SpareBank 1 Boligkreditt Profit attributable to Bank 1 Oslo Profit attributable to BN Bank NOK 11 million NOK 37 million NOK 33 million Recognised amortised net lesser value BN Bank NOK 4 million Profit attributable to SpareBank 1 Næringskreditt NOK 2 million Share dividends Net gains on shares NOK 43 million NOK 90 million Net gains on bonds NOK 3 million Net gain on currency and financial derivatives NOK 17 million Compared with 2009, the net income from financial investments was NOK 120 million lower in For the 4 th quarter, net income from financial investments totalled NOK 148 million. As of 30 June 2010, a gain of NOK 63.4 million was recognised in connection with the merger of Nordito AS and PBS Holding AS. The merger was completed in April, with effect in the accounts from 1 January PBS was the acquiring company, and the new company was given the name Nets. The ownership interest in Nets was revalued as at 31 December 2010 and entailed an unrealised value increase of NOK 45 million for the Bank's interest. On 1 July 2008, the Bank completed a reclassification of large parts of the interest-bearing securities in the trading portfolio, from the category At fair market value through the profit and loss account to categories which are assessed at amortised cost. This involved NOK 3,807 million of the book portfolio of NOK 4,981 million as at 30 June If such a reclassification had not taken place, additional unrealised losses of NOK 212 million would have been recognised for this portfolio from 1 July to 31 December 2008 as a result of higher credit spreads. Without the reclassification, this unrealised loss would have become an unrealised gain of NOK 5 million as at 31 December As a result of scheduled amortisation, the value of the reclassified portfolio fell from NOK 3,807 to NOK 2,088 million over the period from 30 June 2008 to 31 December Earlier write-downs on this part of the portfolio totalled NOK 112 million as at 30 June 2008, and they will be recognised as income (amortised) over the remaining term to maturity of each individual security. In 2008, 2009 and 2010, NOK 18 million, NOK 26 million and NOK 19 million were recognised, respectively, as income. As at 31 December 2010, the average term to maturity for the reclassified part of the portfolio was 1.6 years. The reclassified portfolio has been assessed with regard to the need for a permanent write-down in value. As at 31 December 2008, a NOK 46 million write-down had been made on two of the Bank s investments as a result. Additional write-downs were made on one of the securities in 2009 in the amount of NOK 17 million. No additional write-downs were made in Otherwise, reference is made to the relevant note in the quarterly accounts. Operating costs The ordinary operating costs for 2010 totalled NOK 957 million. Compared with 2009, this represents a reduction of NOK 15 million or 1.5 per cent. The pension costs were reduced by the recognition of nonrecurring income of NOK 60 million as a result of the transition to the new early retirement pension scheme in the private sector. Current pension costs related to the early retirement pension scheme will increase in the future as a result. Excluding the above recognition of non-recurring income, operating costs totalled NOK 1,017 million, which is NOK 45 million higher than in This increase is attributed to: Wages and salaries NOK 28 million Pensions NOK 2 million 3/23

4 Social insurance contributions NOK 1 million Administrative expenses NOK 3 million Depreciation NOK 4 million Property expenses NOK 5 million Other expenses NOK 18 million Total NOK 45 million In relation to the average total assets, costs amounted to 1.44 per cent, a reduction of 0.05 percentage points compared with Excluding the aforementioned adjustments relating to the early retirement scheme, expenses were 1.54 per cent of the average total assets. The Group's cost-to-income ratio was 46.8 per cent in 2010, compared with 45.0 per cent in The cost-toincome ratio excluding the reduction in pension costs was 49.7 per cent. For the 4 th quarter, ordinary operating costs totalled NOK 276 million, compared with NOK 237 million in the previous quarter. The breakdown of the cost increase from the 3 rd to 4 th quarters of 2010 is as follows: Increase in wages and pension costs NOK 21 million Increase in administrative expenses NOK 15 million Increase in other costs NOK 3 million Total reduction NOK 39 million At the end of the 4 th quarter 2010, the Bank employed 788 full-time equivalents, 672 of which were employed by the Parent Bank. The corresponding figures for last year were 778 and 690, respectively. The Bank is continuing to implement cost-reduction measures. This includes possible rationalisation measures within the areas of distribution and overall staffing levels. Net losses and commitments in default The Group s net losses on loans totalled NOK 87 million in Net losses are divided between NOK 70 million in the corporate market and NOK 17 million in the retail market. For the 4 th recognised. quarter, losses of NOK 43 million were Net commitments in default and doubtful commitments totalled NOK 597 million as at 31 December 2010, which represents 0.94 per cent of gross lending including intermediary loans. This represents an increase of NOK 26 million over The Group s aggregate individual loss write-downs were NOK 271 million as at 31 December 2010, an increase of NOK 23 million on the previous quarter. Group write-downs fell by NOK 2 million in the 4 th quarter to NOK 200 million, and the group write-downs represented 0.3 per cent of the Group's total gross lending including intermediary loans as at 31 December In the opinion of the Executive Board, the quality of the Bank s loan portfolio is good, and the Bank is still doing excellent work in connection with commitments in default and doubtful commitments in the Group. As a result of the economic downturn, the Bank experienced relatively high loss levels in 2008 and Despite the continued uncertainties regarding growth and the prospects of the international and national economies, the Executive Board is of the opinion that the level of losses in the near future will be somewhat lower than in 2008/2009. Tax The Group s tax charge for 2010 is estimated at NOK 186 million. In the Parent Bank s accounts, the tax base has been reduced by permanent differences, as well as the effects of the exemption model. According to IFRS, wealth tax is not a tax charge, and NOK 9 million has therefore been charged to the profit and loss account as other operating costs. Total assets The Group's total assets were NOK 68,780 million as at 31 December This is an increase of NOK 4,541 million, or 7 per cent, compared with for the last 12 months. Loans The Group's gross lending to customers totalled NOK 49,046 as at 31 December Compared with 31 December 2009, this represents an increase of 1.8 per cent. Intermediary mortgage lending amounting to NOK 14,288 million had been transferred to SpareBank 1 Boligkreditt AS as at 31 December Lending growth including these loans amounted to 7.2 per cent. Retail banking loans showed growth of 8.4 per cent, while corporate and public sector loans showed growth of 4.7 per cent. Including intermediary loans, the retail market percentage of the Bank's total lending was somewhat higher than at the end of the 4th quarter 2009 and represented 69.7 per cent of the total lending as at 31 December The financial crisis, and the resulting slowdown in economic growth, reduced lending growth, particularly to the corporate market. The Bank has, however, observed greater optimism among business and industry in the region, which has resulted in a higher demand for loans from the spring of The Executive Board still has ambitions for lending growth and greater market shares. In the case of new loans, particular emphasis is placed on the customers ability to service and repay their outstanding loans, and on a satisfactory level of collateral and other security to ensure that credit risk is maintained at an acceptable level. Saving and investments The Group's deposits from customers totalled NOK 39,389 as at 31 December The increase over the past 12 months was NOK 4,512 million or 12.9 per cent. The deposit increases were 6.7 per cent in the retail market, 22.3 per cent in the public sector market and 19.1 per cent in the corporate market. Portfolio of commercial paper and bonds The Group s portfolio of certificates and bonds totalled NOK 11,567 million as at 31 December The corresponding figure as at 31 December 2009 was NOK 8,893 million. The value of the portfolio of interestbearing securities remains higher than previous years as a result of the following circumstances: Increased liquidity reserves in the form of commercial paper and Treasury bills. 4/23

5 Transfer of loans to SpareBank 1 Boligkreditt involves an increased portfolio of covered bonds (and reduced loans). Using the authorities swap scheme for covered bonds involves accounting-related incorporation on a gross basis, which in turn means a parallel increase in assets (including commercial paper) and liabilities. The larger portfolio of commercial paper and bonds entails only a small degree of increased risk. Liquidity Deposits from customers represent the Bank s main source of funding. At the end of the 4 th quarter 2010, the depositto-loan ratio was 80.3 per cent, up by 7.9 percentage points on the previous year. The Bank s remaining funding, apart from equity capital and deposits from customers, is mainly from long-term funding from the capital markets. The Bank's access to liquidity is still satisfactory. The Bank s strategic aim is to maintain its overall liquidity risk at a low level. Equity and capital adequacy SpareBank 1 Nord-Norge was granted a permit by the Financial Supervisory Authority of Norway to use internal measuring methods (Internal Rating Based Approach) for credit risk as of 1 January The statutory minimum capital adequacy requirement for credit risk has therefore been based on the Bank s internal risk assessment as of The rules and regulations render the statutory minimum requirement for capital adequacy more risksensitive, so that the capital requirement to a larger extent corresponds to the risk in the underlying portfolios. The use of internal measurement measures places great demands on the Bank s organisation, competence, risk models and risk management systems. As a result of the transitional rules in the new regulations, the IRB banks were to benefit in full from the reduced regulatory capital adequacy requirements as of This was postponed, and the transitional rules also apply in The Group has been granted a permit by the Financial Supervisory Authority of Norway to use proportional consolidation for its capital adequacy reporting for SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt. How the capital adequacy regulations are practised by the largest banks in the SpareBank 1 Alliance was reviewed and coordinated in the 3 rd quarter This applies primarily to the methodology for consolidating their joint ventures. For SpareBank 1 Nord-Norge this has entailed changes to the calculation of SpareBank 1 Nord-Norge's capital adequacy in the form of an increase in the Parent Bank's capital adequacy and a reduction in the Group's capital adequacy. In the figures for the 4 th quarter 2010, past figures have been adjusted to reflect these changes. It is worth noting that some of the reduction in the Group's capital adequacy ratio is due to the transitional rules (the "floor") for the capital adequacy requirements coming into force (the Group's risk-weighted assets have also fallen as a result of the changes). As at 31 December 2010, the Group's core capital adequacy was per cent (10.71 per cent) of the riskweighted assets. The total capital adequacy ratio was per cent (12.76 per cent). If the full impact of the IRB approach is included (without a "floor"), the core capital adequacy ratio is per cent. As at 31 December 2010, the Parent Bank's capital adequacy ratio was per cent (15.27 per cent), of which the core capital accounted for per cent (12.66 per cent). The Bank adopted a new core capital adequacy goal of 11 per cent or higher in December The Bank s financial position is deemed satisfactory. The Bank s equity certificate holders The Bank s equity certificate capital amounts to NOK 896 million and is divided into 17,912,073 equity certificates. The equity certificate ratio was per cent as at 1 January The number of equity certificate holders was 8,156 as at at 31 December 2010, a reduction of 51 over the past 12 months. The number of equity certificate holders from northern Norway was 2,423. A summary of the Bank s 20 largest equity certificate holders is provided in the notes to the accounts. Bonus issue of equity capital certificates (ECCs) and split SpareBank 1 Nord-Norge s main Board of Directors proposes that the Supervisory Board passes a resolution for a bonus issue of ECCs through the transfer of NOK 300 million from the Banks s dividend equalisation fund. This implies an issue of 5,970,691 new ECCs of NOK 50 (free certificates). 3 existing ECCs will entitle the holder to acquire 1 new ECC. It is further proposed that after the bonus issue has been completed, the nominal amount of each ECC is split in two so that the new nominal amount will be NOK 25. The final decision on the above will take place at the Supervisory Board s meeting on 29 March The date for implementation of the bonus issue and the split will depend on the date for approval of the necessary changes in the Bank s articles of association, and registration in the Norwegian Registry of Business Enterprises and VPS in Norway. Notification to the Oslo Stock Exchange will be sent once the date for the bonus issue and split is decided. Northwest Russia In September 2010, SpareBank 1 Nord-Norge established banking operations in Russia through North West 1 Alliance Bank. SpareBank 1 Nord-Norge holds a 75 per cent ownership interest in the bank, while the remaining 25 per cent of the shares are owned by SpareBank 1 Nord- Norge's Russian partner Bank Tavrichesky in St. Petersburg. The new bank is headquartered in St. Petersburg and has a branch office in Murmansk. When it started operating, North West 1 Alliance Bank had 37 employees, including 3 managers recruited from SpareBank 1 Nord-Norge. 5/23

6 In May 2008 SpareBank 1 Nord-Norge acquired a 10 per cent ownership interest in Bank Tavrichesky, St.Petersburg. The financial performance of Bank Tavrichesky remained satisfactory even during the credit crisis. Concluding remarks and outlook The Main Board of Directors consider the Bank's financial results for the 4 th quarter and for the year 2010 to be very good. The Bank s core operations remain strong. There is greater optimism among businesses and industries in the region, which has resulted in a growing demand for loans. Low interest rates and increasing competition is expected to continue to keep the Bank's interest margin under pressure. The Bank attaches importance to balance sheet growth, in terms of deposits and loans alike. Importance is also attached to increasing other income through sales of products and services. All lending growth shall involve good quality. The Bank will continue to place a main focus on cost reducing measures. This includes possible rationalisation measures within the areas of distribution and overall staffing levels. Tromsø, 8 February 2011 The Main Board of Directors of SpareBank 1 Nord- Norge 6/23

7 Key figures group Amounts in NOK million and in % of average assets % % % From the profit and loss account Net interest income ,70 % ,80 % ,15 % Net fee-, commision and other operating income 513 0,77 % 462 0,71 % 411 0,67 % Net income from financial investments 404 0,61 % 524 0,80 % ,14 % Total income ,09 % ,31 % ,69 % Total costs 957 1,44 % 972 1,49 % 971 1,58 % Result before losses ,64 % ,82 % 676 1,10 % Losses 87 0,13 % 185 0,28 % 183 0,30 % Result before tax ,51 % ,54 % 493 0,80 % Tax 186 0,28 % 143 0,22 % 143 0,23 % Minority interests 0 0,00 % 1 0,00 % 2 0,00 % Result for the period 816 1,23 % 858 1,32 % 348 0,57 % Profitability Return on equity capital 1 15,3 % 18,2 % 8,1 % Interest margin 2 1,70 % 1,80 % 2,15 % Cost/income 3 46,8 % 45,0 % 59,0 % Balance sheet figures Loans and advances to customers Loans and advances to customers including agency loans Growth in loans and advances to customers past 12 months 1,8 % -6,0 % 2,1 % Growth in loans and advances to cust. incl. agency loans past 12 months 7,2 % 4,0 % 8,0 % Deposits from customers Growth in deposits from customers past 12 months 12,9 % 0,9 % 7,9 % Deposits as a percentage of gross lending 4 80,3 % 72,4 % 67,4 % Deposits as a percentage of gross lending including agency loans 62,2 % 59,1 % 60,9 % Average assets Total assets Losses on loans and *) commitments in default Losses on loans to customers as a percentage of gross loans incl.agency loans 0,14 % 0,31 % 0,32 % Commitments in default as a percentage of gross loans incl.agency loans 0,35 % 0,65 % 0,54 % Commitments at risk of loss as a percentage of gross loans incl.agency loans 1,03 % 0,71 % 0,79 % Net comm. in default and at risk of loss as a per. of gross loans incl. agency loans 0,94 % 0,97 % 0,97 % Solidity Capital adequacy ratio 6 11,95 % 12,76 % 10,56 % Core capital adequacy ratio 7 10,89 % 10,71 % 9,32 % Core capital Equity and related capital resources Adjusted risk-weighted assets base Branches and full-time employees Branches Manyear Equity Certificates Equity Certificate ratio overall 8 34,54 % 34,54 % 34,22 % 34,19 % 32,50 % 35,60 % Quoted/market price NONG as at 120,00 110,00 44,00 127,00 149,50 157,00 Quotation value Equity capital per Equity Certificate - Group (NOK) ,56 98,80 85,91 86,97 79,84 73,17 Result per Equity Certificate (Group) 11 15,73 16,54 6,71 14,31 16,45 11,37 Cash dividend per Equity Certificate to be paid 12 5,75 6,75 3,00 9,50 10,00 10,00 P/E (Price/Earnings) - Group 13 7,6 6,6 6,6 8,9 9,1 13,8 P/V (Price/Book Value) - Group 14 1,1 1,1 0,5 1,5 1,9 2,1 *) Agency loans includes loans transferred to SpareBank 1 Boligkreditt AS and SpareBank 1 Næringskreditt AS 1 Profit for the period as a percentage of average total equity, calculated as average amount of quarterly equity and per and Total interest margin as a percentage of average total assets 3 Total costs as a percentage of total net income 4 Deposits from customers as a percentage of gross lending 5 Average assets are calculated as average assets each quarter and at and Net subordinated capital as a percentage of calculated risk-weighted balance 7 Core capital as a percentage of calculated risk-weighted balance 8 EC holders share of equity capital as at Quoted price on Oslo Stock Exchange multiplied by numbers of EC's outstanding 10 EC-capital + Premium Fund + Dividend Equalisation Fund + Equity Certificates holders' share of the equity capital as at * (other equity capital + Result for the period, divided by number of EC's outstanding 11 Profit for the period (group) multiplied by Equity Certificates holders' share of the equity capital as at , in relation to total number of EC's 12 Cash dividend per EC for the accounting year. Resolution made by Main Board of Directors 13 Market price on Oslo Stock Exchange at end of period, divided by result for the period per EC 14 Market price on Oslo Stock Exchange at end of period, divided by book value of equity capital per EC 7/23

8 Statement of comprehensive income Parent Bank Group Q09 4Q Q10 4Q Interest income Interest costs Net interest income Fee- and commission income Fee- and commission costs Other operating income Net fee-, commision and other operating income Dividend Income from investments Net gain from investments in securities Net income from financial investments Total income Personnel costs Administration costs Ordinary depreciation Other operating costs Total costs Result before losses Losses Result before tax Tax Result for the period Majority interest Minority interests Result per Equity Certificate Result per Equity Certificate Diluted result per Equity Certificate Comprehensive income Result for the period Recalculation differences Effective part of change in fair market value in cash flow hedging Net change in fair market value of investment in joint ventures Net change in fair market value of financial assets available for sale Tax on other comprehensive income Other comprehensive income for the period Total comprehensive income for the period Majority interest Minority interests Totalresult per Equity Certificate Total result per Equity Certificate Diluted total result per Equity Certificate Tax on other comprehensive income: Effective part of change in fair market value in cash flow hedging Net change in fair market value of financial assets available for sale Tax on other comprehensive income /23

9 Statement of financial position Parent Bank Group Assets Cash and balances with central banks Loans and advances to credit institutions Loans and advances to customers Individual write-downs for impaired value Collective write-downs for impaired value Net loans and advances to customers Shares Certificates and bonds Financial derivatives Investments in Group Companies Investments in assosiated companies and joint ventures Property, plant and equipment Intangible assets Other assets Total assets Liabilities Deposits from credit institutions Deposits from customers Debt securities in issue Financial derivatives Other liabilities Deferred tax liabilities Subordinated loan capital Total liabilities Equity Equity Certificate capital Equity Certificate premium reserve Dividend Equalisation Fund The Savings Bank's Fund Donations Fund for unrealised gains Other equity capital Minority interests Total equity Total liabilities and equity /23

10 Result from the Group's quarterly accounts 4Q10 3Q10 2Q10 1Q10 4Q09 3Q09 2Q09 1Q09 4Q08 Interest income Interest costs Net interest income Fee- and commission income Fee- and commission costs Other operating income Net fee-, commision and other operating income Dividend Income from investments Net gain from investments in securities Net income from financial investments Total income Personnel costs Administration costs Ordinary depreciation Other operating costs Total costs Result before losses Losses Result before tax Tax Minority interests Result for the period Profitability Return on equity capital % % % % % % % % 9.18 % Interest margin 1.66 % 1.74 % 1.73 % 1.70 % 1.85 % 1.77 % 1.70 % 1.87 % 2.21 % Cost/income % % % % % % % % % Balance sheet figures Loans and advances to customers Growth in loans and advances to cust. incl. agency loans past 12 months 7.2 % 7.3 % 6.2 % 5.2 % 4.0 % 5.6 % 5.1 % 7.4 % 8.0 % Deposits from customers Growth in deposits from customers past 12 months 12.9 % 8.9 % 4.8 % 4.2 % 0.9 % 6.6 % 6.9 % 9.6 % 7.9 % Deposits as a percentage of gross lending 80.3 % 73.9 % 78.3 % 73.3 % 72.4 % 69.3 % 71.6 % 67.0 % 67.4 % Deposits as a percentage of gross lending including agency loans 62.2 % 59.5 % 62.0 % 59.3 % 59.1 % 58.6 % 62.9 % 59.9 % 60.9 % Average assets Total assets Losses on loans and commitments in default Losses on loans to customers as a percentage of gross loans incl.agency loans 0.27 % 0.01 % 0.15 % 0.14 % 0.30 % 0.27 % 0.34 % 0.37 % 0.81 % Commitments in default as a percentage of gross loans incl.agency loans 0.35 % 0.34 % 0.51 % 0.56 % 0.65 % 0.67 % 0.82 % 0.79 % 0.54 % Commitments at risk of loss as a percentage of gross loans incl.agency loans 1.03 % 0.93 % 0.85 % 0.71 % 0.71 % 0.70 % 0.67 % 0.66 % 0.79 % Net comm. in default and at risk of loss as a per. of gross loans incl. agency loans 0.94 % 0.88 % 0.99 % 0.91 % 0.97 % 1.02 % 1.18 % 1.13 % 0.97 % Solidity Capital adequacy ratio % % % % % % % % % Core capital adequacy ratio % 9.78 % 9.86 % % % 9.31 % % % 9.49 % Core capital Equity and related capital resources Adjusted risk-weighted assets base /23

11 Quarterly Report - Changes in equity Group PCC capital Premium Fund Dividend Equalisation Fund Saving Bank's Fund Donations Fund Fair value reserve Other equity Period result Total Majority interests Minority interests Total equity Equity at Total comprehensive income for the Period result Other comprehensive income: Net change in fair market value of investment in joint ventures Effective part of change in fair market value in cash flow hedging Net change in financial assets available for sale, transferred to the statement Total other comprehensive income Total comprehensive income for the period Transactions with owners Merger Set aside for dividend payments Reversal of dividend payments Dividend paid Payments from Donations Fund Total transactions with owners Equity at Equity at Total comprehensive income for the Period result Other comprehensive income: Recalculation differences Net change in fair market value of investment in joint ventures Effective part of change in fair market value in cash flow hedging Tax on other comprehensive income Total other comprehensive income Total comprehensive income for the period Transactions with owners Merger Set aside for dividend payments Reversal of dividend payments Changes in minority interests 1 1 Dividend paid Payments from Donations Fund Total transactions with owners Equity at ECC ratio overall Parent Bank Equity Certificate capital Equity Certificate premium reserve Dividend Equalisation Fund Set aside dividend Share Fund Fair Value Options A. Equity attributable to Equity Certificate holders of the Bank The Savings Bank's Fund Allocated dividends to ownerless capital Donations Share Fund Fair Value Options B. Total ownerless capital Equity Certificate Ratio overall (A/(A+B)) % % % 11/23

12 Statement of cash flows Parent Bank Group Result before tax Ordinary depreciation Write-downs, gains/losses fixed assets Losses on loans and guarantees Tax Group contributions Dividends/donations Provided from the year's operations Change in sundry liabilities: + increase/ - decrease Change in various claims: - increase/ + decrease Change in gross lending to and claims on customers: - increase/ + decrease Change in short term-securities: - increase/ + decrease Change in deposits from and debt owed to customers: + increase/ - decrease Change in debt owed to credit institutions: + increase/ - decrease A. Net liquidity change from operations Investment in fixed assets (incl merger effects) Sale of fixed assets Change in holdings of long-term securities: - increase/ + decrease B. Liquidity change from investments Change in borrowings through the issuance of securities: + increase/ - decrease Change in Equity Certificate/subordinated loan capital: + increase/ - decrease C. Liquidity change from financing A + B + C. Total change in liquidity Liquid funds at the start of the period = Liquid funds at the end of the period Liquid funds are defined as cash-in-hand, claims on central banks, plus loans to and claims on credit institutions. 12/23

13 Notes Note 1 - Accounting Principles The Group s quarterly accounts have been prepared in accordance with stock exchange rules and regulations and International Financial Reporting Standards (IFRS), including IAS 34 relating to interim reporting. The quarterly accounts do not comprise all information which is required in complete annual accounts and should be read in conjunction with the 2008 Annual Accounts. IAS 1 presentation of the financial accounts has been amended in 2009, involving several changes in the presentation of the profit and loss account now Statement of comprehensive income as well as the statement of changes in equity capital. Items which are recognised directly in equity capital shall now also be presented in the Statement of comprehensive income as extended profit and loss account items. In the equity capital statement transactions between the owners and other transactions are kept separate. In accordance with the rules and regulations dated 16 October 2008 issued by the Ministry of Finance, it is now permitted to reclassify securities in a trading portfolio from the category Market value with any value changes shown through the profit and loss account to the category Hold until maturity and Loans and claims. The SNN Group decided to apply such reclassification to large parts of its interest-bearing portfolio with effect from Future assessments within these categories shall be calculated at amortized cost, which means that earlier write-downs of values and interest are to be amortized and included in the profit and loss account as interest income over the remaining life of the items in question. Reference is made to Note 12. The remaining portfolio of certificates and bonds is assessed at market value through the profit and loss account. Note 2 - Capital Adequacy New capital adequacy rules and regulations (Basel II EU s new directives for capital adequacy) were implemented in Norway with effect from 1 January SpareBank 1 Nord-Norge has received permission from The Financial Supervisory Authorityof Norway (FSAN) to apply internal calculation methods (Internal Rating-Based Approach) for credit risk from 1 January With effect from 2007, therefore, the statutory minimum capital adequacy requirement for credit risk will be based on the Bank s internal assessment of risk. This will make the statutory minimum capital adequacy requirement more risk-sensitive, which means that the capital requirement will to a larger extent correspond to the risk contained in the underlying portfolios in question. The use of internal calculation methods will involve comprehensive demands on the Bank s organisation, competence, risk models and risk management systems. As a result of transitional rules relating to the new directive mentioned above, IRB-banks would not experience the full impact of the reduced regulatory capital requirements until Until 2010, banks had to report on a parallel basis, both according to the old capital adequacy calculations and Basel II. During the period , an annual adjustment of the risk-adjusted 13/23

14 Parent Bank Group Note 2 - Capital Adequacy Equity certificates Own equity certificates Premium reserve Equalisation reserve Savings bank's reserve Endowment fund Other equity Reserve for unrealised gains Minority interests Total equity Minority interests Core capital Adjusted subordinated capital from consolidated financial institutions Intangible assets Fund for unrealised gains Deduction for allocated dividends % deduction for subordinated capital in other financial institutions % deduction for expected losses on IRB, net of writedowns % capital adequacy reserve Fund bonds Total core capital Supplementary capital Nonperpetual subordinated capital % deduction for subordinated capital in other financial institutions % deduction for expected losses on IRB, net of writedowns % capital adequacy reserve Total supplementary capital Equity and related capital resources Minimum requirements subordinated capital, Basel I I Specialised lending exposure Other corporations exposure SME exposure Property retail mortage exposure Other retail exposure Equity investments Total credit risk IRB Credit risk standardised approach Debt risk Equity risk Currency risk Operational risk Transitional arrangements Deductions Minimum requirements subordinated capital % % % Capital adequacy ratio % % % 9.68 % % % Core capital ratio % % 9.32 % 1.36 % 2.61 % 1.52 % Supplementary capital ratio 1.05 % 2.05 % 1.23 % 14/23

15 Parent Bank Note 3 -Net bad and doubtful commitments Group Non-performing commitments Non-performing commitments, impaired Individual write-down for impaired value = Net bad and doubtful commitments % 30 % 31 % Loan loss provision ratio 31 % 28 % 27 % Note 4 - Losses incorporated in the accounts Period's change in individual write-down for impaired value Period's change in collective write-down for impaired value Period's confirmed losses against which individual write-downs were previously made Period's confirmed losses against which individual write-downs were previously not made Recoveries in respect of previously confirmed losses = Total losses on loans Note 5 - Individual- and collective write-downs for impaired value Individual write-downs for impaired value: Individual write-downs for impaired value on loans and guarantees as at Confirmed losses during the period on loans and guarantees, against which individual write-downs for impaired value has prev. been made Reversal of previous years' individual write-downs for impaired value Increase in write-downs for impaired value for commitments against which individual write-downs for impaired value were previously made Write-downs for impaired value for commitments against which no individual write-downs for impaired value was previously raised = Individual write-downs for impaired value on loans and guarantees * Collective write-downs for impaired value: Collective write-downs for impaired value against losses on loans and guarantees as at Period's collective write-downs for impaired value against losses on loans and guarantees = Collective write-downs for impaired value against losses on loans, and guarantees *Individual write-downs for impaired value on guarantees, NOK 2 million, are included in the Balance Sheet as liabilities under 'Provisions against liabilities'. 15/23

16 Parent Bank Group Note 6 - Loans broken down by sector and industry Central government administration and social security administration Counties and municipalities Agriculture, forestry, fisheries, hunting and fish farming Production of crude oil and natural gas Industry and mining Building and construction, power and water supply Wholesale and retail trade; hotel and restaurant industry International shipping and pipeline transport Financing, property management and business services Transport and communication Other service industries Insurance, fund management and financial services Retail banking market Foreign retail banking market Gross lending Note 7 - Losses broken down by sector and industry Central government administration and social security administration Counties and municipalities Agriculture, forestry, fisheries, hunting and fish farming Production of crude oil and natural gas Industry and mining Building and construction, power and water supply Wholesale and retail trade; hotel and restaurant industry International shipping and pipeline transport Financing, property management and business services Transport and communication Other service industries Insurance, fund management and financial services Retail banking market Foreign retail banking market Non individual specific write-downs public market Collective write-downs public market Collective write-downs retail market Unallocated market Gross losses Recoveries from previously written off losses Net losses Note 8 - Deposits broken down by sector and industry Central government administration and social security administration Counties and municipalities Agriculture, forestry, fisheries, hunting and fish farming Production of crude oil and natural gas Industry and mining Building and construction, power and water supply Wholesale and retail trade; hotel and restaurant industry International shipping and pipeline transport Financing, property management and business services Transport and communication Insurance, fund management and financial services Other service industries Retail banking market Foreign retail banking market Deposits from customers /23

17 Note 9 - Subsidiaries Profit from ordinary operations (Amounts in NOK 1 000) after tax Equity Share of Eq.% SpareBank 1 Finans Nord-Norge AS SpareBank 1 Nord-Norge Invest AS Eiendomsdrift AS EiendomsMegler 1 Nord-Norge AS SpareBank 1 Nord-Norge Forvaltning ASA North-West 1 Alliance Bank Parent Bank Group Note 10 - Other assets Repossessed assets Accrued income Prepayments Other assets Total other assets Note 11 - Other liabilities Costs incurred Provisioning against incurred liabilities and costs Other liabilities Total other liabilities Note 12 - Investment in bonds As a result of extraordinary market conditions, parts of the Bank s ordinary securities portfolio became illiquid in Following the changes in international accounting standards in October 2008 (see note 1), the SNN Group decided to reclassify parts of the Bank s bond portfolio as at from the category Market value with inclusion of value changes over the profit and loss account to the categories Hold until maturity and Loans and claims as the securities in question no longer was expected to be sold before maturity. In the category Hold until maturity the Bank includes quoted securities, whereas unquoted securities has been put into the category of Loans and claims.' In the categories Hold until maturity and Loans and claims the securities are assessed at amortized cost. After the reclassification, the writedowns made earlier will be reversed over the portfolio s remaining life, which on average is 1,6 year as at , and included in the profit and loss account as interest income. For the last half year of 2008 and the year 2009, such inclusion of income amounts to NOK 44 million. As at the amount booked as income is NOK 19 million. If the reclassification had not been made, the Group would have charged NOK 212 million to the profit and loss account in the third and fourth quarter of 2008 due to increased credit spreads. This would have been an unrealised gain NOK 5 million as at It was necessary to apply a NOK 46 million write-down due to the permanent impairment of value in this portfolio as at A further NOK 17 million write-down has been made on this part of the portfolio as at No further write-down has been made in The portfolio had an NOK 478 million unrealised loss on foreign exchange as at As at the loss was NOK 3 million and as at the unrealised loss is NOK 57 million Hold until maturity Book value Nominal value (nominal amount) Theoretical market value Loans and claims Book value Nominal value (nominal amount) Theoretical market value Total book value /23

18 Note 13 - Securities issued and subordinated loan capital Parent Bank and Group Securities issued Certificates and other short-term borrowings Bond debt Total debt securities in issue Changes in securities issued: Statement of financial position Issued Matured/ redeemed Exchange rate movements Other adjustments Statement of financial position Certificates and other short-term borrowings Bond debt Total debt securities issued Subordinated loan capital and perpetual subordinated loan capital securities Perpetual subordinated loan capital securities months Libor + margin (US$ 60 mill.)(call opt. 2013) Perpetual subordinated loan capital securities - currency Total perpetual subordinated loan capital securities Subordinated loan capital Subordinated loan capital with definite maturities Total subordinated loan capital Total subordinated loan capital and perpetual Changes in subordinated loan capital and perpetual subordinated loan capital securities: Statement of financial position Issued Matured/ redeemed Exchange rate movements Other adjustments Statement of financial position Subordinated loan capital with definite maturities Perpetual subordinated loan capital securities subordinated loan capital securities /23

19 Note 14 - Financial derivatives Parent Bank and Group Interest rate swaps: Commitments to exchange one set of cash flow for another over an agreed period. Foreign exchange derivatives: Agreements to buy or sell a fixed amount of currency at an agreed future date at a rate of exchange which has been agreed in advance Currency swaps: Agreements relating to the swapping of currency- and interest rate terms and conditions, periods and amounts having been agreed in advance. Interest rate- and currency swap agreements: Agreements involving the swapping of currency- and interest rate terms and conditions, periods and amounts having been agreed in advance. Options: Agreements where the seller gives the buyer a right, but not an obligation to either sell or buy a financial instrument or currency at an agreed date or before, and at an agreed amount. SpareBank 1 Nord-Norge enters into hedging contracts with respected Norwegian and foreign banks in order to reduce its own risk. Financial derivatives transactions are related to ordinary banking operations and are done in order to reduce the risk relating to the Bank s funding loans from the financial markets, and in order to cover and reduce risk relating to customer-related activities. Only hedging transactions relating to the Bank s funding loan operations are defined as fair value hedging in accordance with IFRS standard IAS 39. Other hedging transactions are defined as ordinary accounts-related hedging. The Bank does not use cash flow hedging. Fair value hedging transactions Net loss charged to the statement of comprehensive income in respect of hedging instruments in connection with actual value hedging Total gain from hedging objects relating to the hedged risk Total fair value hedging transactions The Bank's main Board of Directors has determined limits for maximum risk for the Bank's interest rate positions. Routines have been established to ensure that positions are maintained within these limits. Fair value through statement of comprehensive income Fair value Fair value Fair value Foreign currency instruments Contract Assets Liabilites Contract Assets Liabilites Contract Assets Liabilites Foreign exchange financial derivatives (forwards) Currency swaps Currency options Total non-standardised contracts Standardised foreign currency contracts (futures) Total foreign currency instruments Interest rate instruments Interest rate swaps (including cross currency) Short,-term interest rate swaps (FRA) Other interest rate contracts Total non-standardised contracts Standardised interest rate contracts (futures) Total interest rate instruments Hedging of funding loans Foreign currency instruments Foreign exchange financial derivatives (forwards) Currency swaps Total, non-standardised contracts Standardised foreign currency contracts (futures) Total foreign currency instruments Interest rate instruments Interest rate swaps (including cross currency) Short-term interest rate swaps (FRA) Other interest rate contracts Total, non-standardised contracts Standardised interest rate contracts (futures) Total interest rate instruments Total interest rate instruments Total foreign currency instruments Total /23

20 Note 15 - Business Areas Management has made an assessment of which business areas are deemed reportable with respect to form of distribution, products and customers. The primary format of reporting takes as a starting point risk and yield profiles of various assets and reporting is divided into private customers (Retail Banking Market), Corporate / Public Market and leasing. Apart from what is included in this list, the Group does not have any companies or segments which are of significant importance. The Bank operates in a limited geograpfical area and reporting along the lines of geograpfic segments provides little additional information. Group Retail Banking Corporate Banking Leasing Unallocate d Total Net interest income Net fee- and commission income Other operating income Operating costs Result before losses Losses Result before tax Loans and advances to customers Individual write-downs for impaired value on loans and advances to customers Collective write-downs for impaired value on loans and advances to customers Other assets Total assets per business area Deposits from customers Other liabilities and equity capital Total equity and liabilities per business area Net interest income Net fee- and commission income Other operating income Operating costs Result before losses Losses Result before tax Loans and advances to customers Individual write-downs for impaired value on loans and advances to customers Collective write-downs for impaired value on loans and advances to customers Other assets Total assets per business area Deposits from customers Other liabilities and equity capital Total equity and liabilities per business area /23

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