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Annual Report 2018 Content Annual report 2018 Content 3 Managing director 5 Key financial figures 7 Governing bodies and officers 8 The board of directors 10 The management group 11 Sustainability and corporate responsibility at Sandnes Sparebank 2018 14 Corporate governance 20 Investor information 26 Directors report 37 Annual accounts - Statement of income and comprehensive income - Balance sheet - Statement of equity - Cash flow statement - Notes 118 Statement pursuant to § 5-5 of the Norwegian Securities Trading Act 119 Auditor’s report The year 2018 After two years in the CEO chair, I can testify Every day, we strive to provide the best possible that Sandnes Sparebank indeed has what it experiences for individual customers – whether takes to be a bank you can count on going they are engaging with us digitally or in person. forward! We are striving to be visible, to ensure that we will be “top of mind” also with potential With an improvement of earnings after tax of customers. NOK 47 million during the past year, we can rightly claim the best result in the Bank's history. During the second quarter of 2019, we will pay It is gratifying that we are able to show positive out more than double the customer dividend performance with respect to several measure- relative to last year. A total of NOK 53 million ment parameters, including profitable growth, of the Bank's 2018 profits will be repaid to cost reduction, risk reduction, increasing our customers! Hurrah! It is our experience customer satisfaction and increasing brand that customer dividends increase customer awareness. We are an attractive employer and satisfaction, and that we are attracting new are attracting the right people with the right customers with this attractive arrangement. competencies. All this means that we are well positioned and equipped for further profitable growth – and to deal with the changes that are bound to take place going forward. The cooperative alliance with Eika is also providing us with a number of advantages that we would not like to be without. In addition to the access to good products, we get economies of scale with e.g. common purchasing, IT operations and technology development – and not least; a good dividend payout last year. Although managing a bank today is quite different than it was just a few years ago, the customers Trine Karin Stangeland are clearly in focus. Managing Director Sandnes Sparebank annual report 2018 3 KEY FIGURES Key figures as of 31.12.2018 Group Parent bank 2018 2017 Profit summary (NOK ‘000) 2018 2017 461 980 474 236 Net interest income 388 574 394 980 122 550 122 857 Other operating income 120 180 161 851 261 137 268 638 Other operating cost 232 112 240 013 23 729 72 499 Net loss/writedowns 24 264 76 710 299 664 255 954 Operating profit before taxes 252 378 240 108 55 284 58 604 Tax cost 44 595 42 518 244 380 197 351 Operating profit after taxes 207 783 197 590 14 555 -24 781 Other income and cost (after taxes) 14 841 -24 781 258 935 172 569 Total profits 222 624 172 809 258 601 172 026 Majority share of profits 334 543 Minority share of profits 31.12.2018 31.12.2017 Balance sheet excerpts (NOK ‘000) 31.12.2018 31.12.2017 27 209 26 100 Total assets 20 170 19 911 26 655 26 260 Average total assets 20 040 20 151 22 214 21 473 Loans to customers 14 799 14 816 11 252 10 857 Deposits from customers 11 253 10 859 3 661 3 333 Notes and bonds 3 116 3 090 150 155 Financial derivatives 85 106 2 961 2 709 Equity capital 2 767 2 549 31.12.2018 31.12.2017 Key figures 31.12.2018 31.12.2017 Performance during quarter/last 12 months 4.3 % -1.2 % - Asset management 1.3 % -2.4 % 2.7 % -0.1 % - Lending -1.1 % -0.1 % 3.6 % -0.4 % - Deposits 3.6 % -0.5 % 50.7 % 50.6 % Deposit to loan ratio 76.0 % 73.3 % 171.0 % 238.0 % Liquidity indicator (LCR) 184.0 % 222.0 % Profitability 1.73 % 1.81 % Net interest income in % of avg. total assets 1.94 % 1.96 % 44.7 % 45.0 % Cost to income ratio 45.6 % 43.1 % 1.0 % 1.0 % Total cost in % of avg. total assets 1.2 % 1.2 % 10.8 % 9.7 % Return on equity before taxes 9.7 % 9.7 % 8.8 % 7.5 % Return on equity after taxes 8.0 % 8.0 % Solvency 18.6 % 20.0 % Capital ratio 20.6 % 22.3 % 17.3 % 18.1 % Tier-1 capital ratio 19.0 % 20.0 % 16.6 % 16.6 % Core Tier-1 capital ratio 18.3 % 18.3 % 15 540 15 440 Risk-weighted capital 13 005 13 180 Human Resources 136 135 Number of full-time equivalents as of date of balance sheet 114 113 Equity capital certificates 55.0 54.5 Quoted price 55.0 54.5 65.3 % 65.1 % Equity capital certificate return 65.3 % 65.1 % 6.9 5.6 Earnings per equity capital certificate 5.9 5.6 6.9 5.6 Diluted earnings per equity capital certificate 5.9 5.6 81.1 76.6 Book equity per equity capital certificate 75.6 72.1 0.68 0.71 Price/book equity (P/B) 0.73 0.76 Sandnes Sparebank annual report 2018 5 GOVERNING BODIES AND OFFICERS Governing bodies and officers The Committe of Representatives External auditor The Nomination Committe Internal auditor Board of Directors Trine Karin Stangeland CEO Erik Kvia Hansen Magnar Oanes Director Retail Market Director Corporate Market Lene Nordal Thomas Nordbø Middelthon Director of Customer Experiences CFO Ingrid Fure Schøpp Director of Communications Sandnes Sparebank annual report 2018 7 The board of directors 1. 2. 3. 4. 5. 6. 7. 8. 1. Harald Espedal 3. Arne Lee Norheim 6. Birte Norheim Chairman Director Director Chairman of the Board of Directors since 2015. Member of the Board of Directors since 2015. Member of the Board of Directors since 2008. Mr. Espedal holds an MBA and has postgraduate Mr. Norheim has a Bachelor of Science from Ms. Norheim has a Master of Finance from studies in Advanced Auditing from NHH – Purdue University, Indiana, US and Advanced Queensland University of Technology, Australia Norwegian School of Economics. He is currently Strategic Management from IDM, Switzerland and is currently working as CFO for Nordic chairman of the investment company Espedal and Yale, US. He has been CEO of IBM, Norway Mining ASA. She has more than 15 years of & Co AS. Mr. Espedal was previously managing since 2013. Mr. Norheim also has 21 years work experience from oil and gas industry in addition director and investment director at Skagen. He experience for IBM from the US, France, and to experience from finance and investor relations. has also experience as Investment Director at the Scandinavian Countries. Ms. Norheim worked in the period 2012-2017 Vesta, European equity manager at Skandia, Mr. Norheim owns 10.960 equity capital at Njord Gas Infrastructure, the last four years as finance and chief analyst at Sparebank 1 SR-Bank certificates. CEO. Member of the Board of Directors since and head of consulting and auditing firm Arthur 2017. Norheim owns 960 equity capital Andersen in Stavanger. certificates. Mr. Espedal owns 886.861 equity capital 4. Marion Svihus certificates through his investment company Director Espedal & Co AS. Espedal also manages 7. Jan Inge Aarreberg Member of the Board of Directors since 2008. 515.000 equity capital certificates through Employee representative Salt Value AS. Ms. Svihus has a Bachelor of Commerce degree from NHH - Norwegian School of Economics. Deputy member in 2010 and member of the She is currently acting director of organization Board of Directors since 2015. Mr. Aarreberg 2. Frode Svaboe and business support at Petoro AS, after ten years holds a bachelor from BI – Norwegian Business of experience as CFO. Ms. Svihus has previously School, and works as a financial adviser at Nestleder been Director of Finance at the Technology Sandnes Sparebank. Employed by the bank Member of the Board of Directors since 2010. and Project division with Statoil ASA. since 2007. Mr. Aarreberg owns 2.706 equity Mr. Svaboe has a Bachelor of Commerce degree capital certificates. from BI – Norwegian Business School, and a graduate of the top level audit course at the 5. Heidi Nag Flikka Norwegian School of Economics. He is currently Director 8. Solveig Vatne Partner/General Manager at SVAL Revisjon Employee representative og Rådgivning AS. Mr. Svaboe has previous Member of the Board of Directors since 2016. experience as auditor with KPMG and as Ms. Nag Flikka has postgraduate studies in Ms. Vatne is trained in economics at the BI Partner/General Manager of KPMG SørVest. Advanced Auditing from NHH - Norwegian Norwegian School of Management and the Svaboe owns 5.700 equity capital School of Economics. She is currently Managing Bank Academy. Employed by the Bank since certificates through his investment Director at AF Offshore Aeron-Mollier AS. She 1982. She is now working as a financial advisor company FS Invest AS. was previously Financial Director at AF Gruppen in the credit department. Member of the Board ASA, Energy division. She has experience as of Directors since 2017. assisting regional manager for the corporate Ms. Vatne owns 16.393 equity capital certificates. division at SpareBank1 SR-Bank in Agder, and has worked several years as an auditor. Flikka owns 960 equity capital certificates. Sandnes Sparebank annual report 2018 8 THE MANAGEMENT GROUP The Management Group 1.
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