0001564590-21-020885.txt : 20210427 0001564590-21-020885.hdr.sgml : 20210427 20210427160533 ACCESSION NUMBER: 0001564590-21-020885 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210427 DATE AS OF CHANGE: 20210427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Randolph Bancorp, Inc. CENTRAL INDEX KEY: 0001667161 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37780 FILM NUMBER: 21858904 BUSINESS ADDRESS: STREET 1: 10 CABOT PL CITY: STOUGHTON STATE: MA ZIP: 02072 BUSINESS PHONE: 877-963-2100 MAIL ADDRESS: STREET 1: 10 CABOT PL CITY: STOUGHTON STATE: MA ZIP: 02072 8-K 1 rndb-8k_20210427.htm 8K rndb-8k_20210427.htm
false 0001667161 0001667161 2021-04-27 2021-04-27

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2021

 

Randolph Bancorp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Massachusetts

001-37780

81-1844402

(State or Other Jurisdiction

of Incorporation)

(Commission
File Number)

(IRS Employer

Identification No.)

10 Cabot Place, Stoughton, Massachusetts 02072

(Address of principal executive offices)

(781) 963-2100

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

RNDB

The NASDAQ Stock Market LLC

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 


 

Item 2.02

Results of Operations and Financial Condition.

On April 27, 2021, Randolph Bancorp, Inc. (the “Company”), the holding company for Envision Bank, issued a press release announcing its financial results for the three months ended March 31, 2021. The Company’s press release is included as Exhibit 99.1 to this report.

The information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

  

Description

99.1

  

Press release dated April 27, 2021

104  

 

Cover Page Interactive Data File (embedded within the XBRL document)

 



 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

Randolph Bancorp, Inc.

 

 

 

 

 

 

 

 

By:

 

/s/ William M. Parent

 

 

 

 

Name:

Title:

 

William M. Parent

President and Chief Executive Officer

Date: April 27, 2021

 

 

 

 

 

 

 

EX-99.1 2 rndb-ex991_6.htm EX-99.1 rndb-ex991_6.htm

Exhibit 99.1

 

 

10 Cabot Place, Stoughton, MA 02072

News Release

For Immediate Release

April 27, 2021

For More Information, Contact:

William M. Parent, President and Chief

Executive Officer (617-925-1955)

 

 

RANDOLPH BANCORP, INC. ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS

 

STOUGHTON, Massachusetts, April 27, 2021 – Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $4.1 million, or $0.81 per basic share and $0.78 per diluted share, for the three months ended March 31, 2021 compared to net income of $5.3 million, or $1.03 per basic and $1.01 per diluted share for the three months ended December 31, 2020 and a net loss of $0.8 million, or $0.16 per basic and diluted share, for the three months ended March 31, 2020. Excluding one-time charges of $109,000 in severance expenses, earnings were $4.2 million, or $0.79 per diluted share for the three months ended March 31, 2021. Excluding one-time charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, earnings were $5.6 million, or $1.06 per diluted share, for the three months ended December 31, 2020.

 

At March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. An increase in cash and cash equivalents of $41.2 million was partially offset by a decrease in loans held for sale of $25.9 million relative to the prior quarter. Compared to March 31, 2020, total assets grew $85.3 million, or 13.1% from $652.9 million. The growth from the prior year period was caused by an increase in loans held for sale of $34.4 million, or 58.5%, an increase in commercial real estate loans of $20.3 million, or 16.1%, and an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by lending associated with the Small Business Administration’s (the “SBA’s”) Paycheck Protection Program (“PPP”).

 

William M. Parent, President and Chief Executive Officer, stated, “The first quarter was another strong quarter for our Company, as mortgage refinancing volume, combined with improving banking results, drove performance metrics to elevated levels. We are very pleased with our performance as we migrate our mortgage banking operations from a higher volume refinance environment to more normalized levels while continuing to expand our consumer and commercial banking business. We remain optimistic regarding local economic activity, our ability to continue to grow our business and generate recurring operating leverage.”

 

First Quarter Operating Results

Net interest income increased by $51,000, or 1.0%, to $5.1 million for the three months ended March 31, 2021 from $5.0 million for the three months ended December 31, 2020. This increase was primarily due to an increase in average loans and a decrease in the cost of funds driven by a shortening of deposit liabilities and a decline in the cost of non-maturity deposits from the prior quarter. The average balance of term certificates decreased $15.3 million, or 13.6%, from the prior quarter and the average balance of savings and NOW accounts increased $19.2 million, or 8.0%, from the prior quarter. This contributed to a decrease of 9 basis points in the cost of interest-bearing liabilities. The net interest margin decreased in the first quarter by 6 basis points to 2.96% from 3.02% in the prior quarter. The change reflects a decrease of 11 basis points in loan yields, due to a decline in the forgiveness of SBA PPP loans, which resulted in a decline in loan yields of 2 basis points, and payoffs of higher yielding loans.


 

 

The net interest margin increased in the first quarter of 2021 to 2.96%, from 2.91% in the first quarter of 2020. The change reflects the shortening and downward pricing of deposit liabilities, exceeding the decreases in the rates earned on interest-earning assets because of the lower interest-rate environment. Net interest income increased by $666,000, or 15.1%, to $5.1 million for the three months ended March 31, 2021 from $4.4 million the same period in the prior year. This increase was primarily due to a decrease in deposit costs, complemented by change in the mix of deposits. The average balance of savings and NOW accounts in the first quarter of 2021 increased $55.5 million, or 41.1% and $30.5 million, or 78.0%, respectively, from the prior year quarter and the average balance of term certificates decreased $91.7 million, or 48.6%, from the prior year quarter, contributing to an 80 basis point decrease in the cost of interest-bearing liabilities. This decrease was primarily driven by an 89 basis point decline in the cost of interest-bearing deposits, as market interest rates declined sharply from the prior year.

 

The Company recognized a credit for loan losses of $213,000 for the quarter ended March 31, 2021, driven by changes in the qualitative factors related to the impact of the COVID-19 pandemic and the economic outlook used in the Company’s calculation. The allowance for loan losses was 1.32%, 1.38% and 1.04% of total loans at March 31, 2021, December 31, 2020 and March 31, 2020, respectively, and was 79.0%, 94.6% and 146.6% of non-performing assets at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

 

Non-interest income decreased $3.2 million, or 20.3%, to $12.4 million for the quarter ended March 31, 2021 from $15.6 million in the quarter ended December 31, 2020, due to a decrease of $3.6 million in the net gain on loan origination and sale activities, partially offset by an increase of $504,000 related to net mortgage servicing fees. Sold mortgages totaled $503.3 million in the first quarter of 2021, compared to $426.5 million in the fourth quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $396.6 million at the end of the fourth quarter of 2020, contributing to the decrease in the net gain on loan origination and sales activities. Mortgage servicing fees increased $504,000, or 183.3% for the first quarter of 2021 to $779,000 from $275,000 in the fourth quarter of 2020 due to a fair value adjustment of $421,000 in the first quarter of 2021, based on an increase in mortgage interest rates from the prior quarter.

 

Non-interest income increased $6.0 million, or 92.6%, to $12.4 million for the quarter ended March 31, 2021 from $6.5 million for the quarter ended March 31, 2020, principally due to an increase of $3.8 million in the net gain on loan origination and sale activities and an increase of $2.0 million in net mortgage servicing fees. Sold mortgage loans totaled $503.3 million in the first quarter of 2021, compared to sold mortgage loans of $217.9 million during the first quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $395.6 million at the end of the first quarter of 2020. Mortgage servicing fees increased $2.0 million in the quarter ended March 31, 2021, principally due to an impairment of mortgage servicing rights of $1.6 in the quarter ended March 31, 2020.

 

Non-interest expenses decreased $976,000, or 7.6%, to $12.0 million in the quarter ended March 31, 2021 from $12.9 million in the quarter ended December 30, 2020. The decrease was due to a decrease in occupancy and equipment costs of $406,000, or 35.3%, and a provision for unfunded commitments of $584,000 taken in the fourth quarter of 2020. Occupancy and equipment expenses decreased $406,000 in the quarter ended March 31, 2021 from the prior quarter due to the closing of residential lending offices in the fourth quarter of 2020, which resulted in a one-time charge of $294,000. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses decreased by $285,000, or 9.3% in the quarter ended March 31, 2021 versus the prior quarter, as the fourth quarter of 2020 included a $584,000 provision for unfunded loan commitments.

 

Non-interest expenses increased $992,000 to $12.0 million in the quarter ended March 31, 2021 from $11.0 million in the quarter ended March 31, 2020. The increase is principally due to an increase in salaries and employee benefits of $311,000,

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

2


 

primarily attributed to higher commissions and incentives associated with increased residential loan production, partially offset by a $1.4 million charge related to the retirement of senior executives in the first quarter of 2020. In addition, other non-interest expenses increased $463,000 from the prior year quarter due to elevated loan production costs. Occupancy and equipment expenses increased $46,000 in the quarter ended March 31, 2021 over the prior year period due to seasonal increases in snowplowing expenses. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses increased by $635,000, or 29.7% in the quarter ended March 31, 2021 versus the prior year period, due to elevated mortgage loan production costs.

 

Balance Sheet

At March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. A $41.2 million increase in cash and cash equivalents from the prior quarter was partially offset by a $25.9 million decrease in loans held for sale. Net loan growth of $8.4 million, or 1.7%, was driven by SBA PPP loan originations of $10.2 million. SBA PPP loans totaled $14.7 million at the end of the first quarter of 2021. Non-brokered deposits increased by $31.5 million, or 6.3%, to $528.0 million from $496.6 million in the prior quarter.

 

Total assets at March 31, 2021 increased $85.3 million, or 13.1% from $652.9 million at March 31, 2020. Contributing to asset growth was a $34.4 million increase in loans held for sale to $93.2 million at March 31, 2021 from $58.8 million at March 31, 2020. Cash and cash equivalents increased by $33.7 million, or 159.0%, to $55.0 million at March 31, 2021 from $21.2 million at March 31, 2020, mainly as a result of strong core growth in deposits and higher loan sales at quarter end. Net loans increased by $15.8 million, or 3.3%, to $492.0 million at March 31, 2021 from $476.2 million at March 31, 2020, mainly as a result commercial real estate growth of $20.3 million, or 16.1%, as we focus on diversifying our loan mix and reducing our exposure to long-term fixed rate 1-4 family residential loans. Another factor for net loan growth was an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by SBA PPP lending.

 

The increase in total assets at March 31, 2021 from the prior quarter was funded by deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $31.5 million, or 6.3%, during the quarter from $496.6 million at December 31, 2020. Driving the growth in non-brokered deposits were customers’ receipt of government stimulus and our focus on deposit gathering. Federal Home Loan Bank of Boston (“FHLBB”) and Federal Reserve Bank advances decreased by $13.3 million to $60.0 million at March 31, 2021, from $73.3 million at December 31, 2020, primarily as a result of the full repayment of Federal Reserve Bank advances.

 

The increase in total assets from the prior year quarter was also funded by continued deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $109.0 million, or 26.0%, during the quarter ended March 31, 2021 from $419.1 million at March 31, 2020. Driving the growth in non-brokered deposits was customers’ receipt of government stimulus and our focus on deposit gathering. Brokered deposits decreased by $53.7 million to $32.2 million at March 31, 2021, from $86.0 million at March 31, 2020. FHLBB advances increased by $8.0 million to $60.0 million at March 31, 2021, from $52.0 million at March 31, 2020.

 

Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $99.8 million at December 31, 2020. The increase of $1.0 million reflects net income during the first quarter of $4.1 million, partially offset by share repurchases of $2.7 million and a decrease in the fair value of available-for-sale equity securities, net of taxes, of $794,000.

 

Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $79.0 million at March 31, 2020. The increase of $21.9 million relates mainly to net income from the previous twelve months of $24.9 million, partially offset by share repurchases of $3.2 million and a decrease in the fair value of available-for-sale securities, net of taxes, of $927,000. In addition, equity adjustments related to equity-based compensation amounted to an increase of $1.1 million.

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

3


 

 

COVID-19 Impact

In response to the impact of the COVID-19 pandemic on our customers and our business, the Company implemented a series of measures through the date of this release, including participation in the PPP, for which we funded $25.6 million of SBA PPP Loans through March 31, 2021, and granting payment deferrals for residential mortgage, home equity and certain commercial borrowers who were current in their payments at the time the deferral was requested. Depending on the circumstances of the borrowers, the forbearance calls for a reduced or full deferral of payment. Please refer to the Loan Payment Deferrals and COVID-19 Most Impacted Sections for statistics on loan payment deferrals and the commercial loan sectors we believe could be exposed to the economic impact of the COVID-19 pandemic.

 

About Randolph Bancorp, Inc.

Randolph Bancorp, Inc. is the holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations, loan operations centers in North Attleboro and Stoughton, Massachusetts, three loan production offices located in Massachusetts and one loan production office in Southern New Hampshire.

Forward Looking Statements

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in the general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in consumer behavior due to changing political, business and economic conditions or legislative or regulatory initiatives; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures, such as return on average assets, return on average equity, the efficiency ratio, profit percentage, tangible book value per share and, where applicable, as adjusted for non-recurring items. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of on-going business activities, and to enhance comparability with peers across the financial services sector.

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

4


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

Mar 2021 vs.

 

 

Mar 2021 vs.

 

 

 

 

2021

 

 

 

2020

 

 

 

2020

 

 

Dec 2020

 

 

Mar 2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,950

 

 

$

13,774

 

 

$

21,245

 

 

 

298.9

%

 

 

158.6

%

Certificates of deposit

 

 

-

 

 

 

-

 

 

 

490

 

 

-%

 

 

 

(100.0

)%

Securities available for sale, at fair value

 

 

54,148

 

 

 

55,366

 

 

 

55,465

 

 

 

(2.2

)%

 

 

(2.4

)%

Loans held for sale, at fair value

 

 

93,176

 

 

 

119,112

 

 

 

58,781

 

 

 

(21.8

)%

 

 

58.5

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

239,190

 

 

 

235,648

 

 

 

250,006

 

 

 

1.5

%

 

 

(4.3

)%

Home equity

 

 

49,073

 

 

 

48,166

 

 

 

43,503

 

 

 

1.9

%

 

 

12.8

%

Commercial real estate

 

 

146,930

 

 

 

143,893

 

 

 

126,608

 

 

 

2.1

%

 

 

16.1

%

Construction

 

 

29,975

 

 

 

31,050

 

 

 

35,327

 

 

 

(3.5

)%

 

 

(15.1

)%

Total real estate loans

 

 

465,168

 

 

 

458,757

 

 

 

455,444

 

 

 

1.4

%

 

 

2.1

%

Commercial and industrial

 

 

23,869

 

 

 

20,259

 

 

 

9,030

 

 

 

17.8

%

 

 

164.3

%

Consumer

 

 

8,724

 

 

 

10,289

 

 

 

15,344

 

 

 

(15.2

)%

 

 

(43.1

)%

Total loans

 

 

497,761

 

 

 

489,305

 

 

 

479,818

 

 

 

1.7

%

 

 

3.7

%

Allowance for loan losses

 

 

(6,563

)

 

 

(6,784

)

 

 

(4,996

)

 

 

(3.3

)%

 

 

31.4

%

Net deferred loan costs and fees, and purchase premiums

 

 

785

 

 

 

1,123

 

 

 

1,404

 

 

 

(30.1

)%

 

 

(44.1

)%

Loans, net

 

 

491,983

 

 

 

483,644

 

 

 

476,226

 

 

 

1.7

%

 

 

3.3

%

Federal Home Loan Bank of Boston stock, at cost

 

 

3,576

 

 

 

3,576

 

 

 

2,873

 

 

 

0.0

%

 

 

24.5

%

Accrued interest receivable

 

 

1,501

 

 

 

1,562

 

 

 

1,397

 

 

 

(3.9

)%

 

 

7.4

%

Mortgage servicing rights, net

 

 

14,744

 

 

 

12,377

 

 

 

7,488

 

 

 

19.1

%

 

 

96.9

%

Premises and equipment, net

 

 

4,709

 

 

 

4,781

 

 

 

5,667

 

 

 

(1.5

)%

 

 

(16.9

)%

Bank-owned life insurance

 

 

8,662

 

 

 

8,622

 

 

 

8,486

 

 

 

0.5

%

 

 

2.1

%

Foreclosed real estate, net

 

 

132

 

 

 

132

 

 

 

132

 

 

 

0.0

%

 

 

0.0

%

Other assets

 

 

10,607

 

 

 

18,126

 

 

 

14,636

 

 

 

(41.5

)%

 

 

(27.5

)%

Total assets

 

$

738,188

 

 

$

721,072

 

 

$

652,886

 

 

 

2.4

%

 

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

118,623

 

 

$

96,731

 

 

$

65,017

 

 

 

22.6

%

 

 

82.4

%

Savings accounts

 

 

192,712

 

 

 

185,481

 

 

 

144,980

 

 

 

3.9

%

 

 

32.9

%

NOW accounts

 

 

62,772

 

 

 

53,530

 

 

 

39,598

 

 

 

17.3

%

 

 

58.5

%

Money market accounts

 

 

78,236

 

 

 

77,393

 

 

 

67,220

 

 

 

1.1

%

 

 

16.4

%

Term certificates

 

 

75,690

 

 

 

83,444

 

 

 

102,253

 

 

 

(9.3

)%

 

 

(26.0

)%

Brokered

 

 

32,225

 

 

 

31,728

 

 

 

85,951

 

 

 

1.6

%

 

 

(62.5

)%

Total deposits

 

 

560,258

 

 

 

528,307

 

 

 

505,019

 

 

 

6.0

%

 

 

10.9

%

Federal Reserve Bank advances

 

 

-

 

 

 

11,431

 

 

 

-

 

 

 

(100.0

)%

 

-%

 

Federal Home Loan Bank of Boston advances

 

 

60,024

 

 

 

61,895

 

 

 

52,013

 

 

 

(3.0

)%

 

 

15.4

%

Mortgagors' escrow accounts

 

 

1,924

 

 

 

2,338

 

 

 

2,074

 

 

 

(17.7

)%

 

 

(7.2

)%

Post-employment benefit obligations

 

 

2,235

 

 

 

2,382

 

 

 

2,329

 

 

 

(6.2

)%

 

 

(4.0

)%

Other liabilities

 

 

12,888

 

 

 

14,900

 

 

 

12,495

 

 

 

(13.5

)%

 

 

3.1

%

Total liabilities

 

 

637,329

 

 

 

621,253

 

 

 

573,930

 

 

 

2.6

%

 

 

11.0

%

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

54

 

 

 

55

 

 

 

(1.9

)%

 

 

(3.6

)%

Additional paid-in capital

 

 

48,613

 

 

 

50,937

 

 

 

50,832

 

 

 

(4.6

)%

 

 

(4.4

)%

Retained earnings

 

 

55,801

 

 

 

51,689

 

 

 

30,939

 

 

 

8.0

%

 

 

80.4

%

ESOP-Unearned compensation

 

 

(3,709

)

 

 

(3,756

)

 

 

(3,897

)

 

 

(1.3

)%

 

 

(4.8

)%

Accumulated other comprehensive income, net of tax

 

 

101

 

 

 

895

 

 

 

1,027

 

 

 

(88.7

)%

 

 

(90.2

)%

Total stockholders' equity

 

 

100,859

 

 

 

99,819

 

 

 

78,956

 

 

 

1.0

%

 

 

27.7

%

Total liabilities and stockholders' equity

 

$

738,188

 

 

$

721,072

 

 

$

652,886

 

 

 

2.4

%

 

 

13.1

%

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

5


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet Trend

(Dollars in thousands)

(Unaudited)

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

 

2021

 

 

 

2020

 

 

 

2020

 

 

 

2020

 

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,950

 

 

$

13,774

 

 

$

49,091

 

 

$

76,003

 

 

$

21,245

 

Certificates of deposit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

490

 

 

 

490

 

Securities available for sale, at fair value

 

 

54,148

 

 

 

55,366

 

 

 

55,551

 

 

 

54,462

 

 

 

55,465

 

Loans held for sale, at fair value

 

 

93,176

 

 

 

119,112

 

 

 

87,805

 

 

 

61,673

 

 

 

58,781

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

239,190

 

 

 

235,648

 

 

 

235,955

 

 

 

246,236

 

 

 

250,006

 

Home equity

 

 

49,073

 

 

 

48,166

 

 

 

48,097

 

 

 

43,493

 

 

 

43,503

 

Commercial real estate

 

 

146,930

 

 

 

143,893

 

 

 

141,862

 

 

 

134,750

 

 

 

126,608

 

Construction

 

 

29,975

 

 

 

31,050

 

 

 

32,064

 

 

 

35,181

 

 

 

35,327

 

Total real estate loans

 

 

465,168

 

 

 

458,757

 

 

 

457,978

 

 

 

459,660

 

 

 

455,444

 

Commercial and industrial

 

 

23,869

 

 

 

20,259

 

 

 

20,388

 

 

 

22,940

 

 

 

9,030

 

Consumer

 

 

8,724

 

 

 

10,289

 

 

 

11,696

 

 

 

13,435

 

 

 

15,344

 

Total loans

 

 

497,761

 

 

 

489,305

 

 

 

490,062

 

 

 

496,035

 

 

 

479,818

 

Allowance for loan losses

 

 

(6,563

)

 

 

(6,784

)

 

 

(6,597

)

 

 

(6,059

)

 

 

(4,996

)

Net deferred loan costs and fees, and purchase premiums

 

 

785

 

 

 

1,123

 

 

 

1,083

 

 

 

962

 

 

 

1,404

 

Loans, net

 

 

491,983

 

 

 

483,644

 

 

 

484,548

 

 

 

490,938

 

 

 

476,226

 

Federal Home Loan Bank of Boston stock, at cost

 

 

3,576

 

 

 

3,576

 

 

 

3,797

 

 

 

4,072

 

 

 

2,873

 

Accrued interest receivable

 

 

1,501

 

 

 

1,562

 

 

 

1,654

 

 

 

1,760

 

 

 

1,397

 

Mortgage servicing rights, net

 

 

14,744

 

 

 

12,377

 

 

 

10,944

 

 

 

8,094

 

 

 

7,488

 

Premises and equipment, net

 

 

4,709

 

 

 

4,781

 

 

 

5,133

 

 

 

5,313

 

 

 

5,667

 

Bank-owned life insurance

 

 

8,662

 

 

 

8,622

 

 

 

8,577

 

 

 

8,532

 

 

 

8,486

 

Foreclosed real estate, net

 

 

132

 

 

 

132

 

 

 

132

 

 

 

132

 

 

 

132

 

Other assets

 

 

10,607

 

 

 

18,126

 

 

 

15,736

 

 

 

12,572

 

 

 

14,636

 

Total assets

 

$

738,188

 

 

$

721,072

 

 

$

722,968

 

 

$

724,041

 

 

$

652,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

118,623

 

 

$

96,731

 

 

$

93,352

 

 

$

89,014

 

 

$

65,017

 

Savings accounts

 

 

192,712

 

 

 

185,481

 

 

 

175,316

 

 

 

165,234

 

 

 

144,980

 

NOW accounts

 

 

62,772

 

 

 

53,530

 

 

 

47,032

 

 

 

48,014

 

 

 

39,598

 

Money market accounts

 

 

78,236

 

 

 

77,393

 

 

 

74,874

 

 

 

75,827

 

 

 

67,220

 

Term certificates

 

 

75,690

 

 

 

83,444

 

 

 

94,438

 

 

 

104,905

 

 

 

102,253

 

Brokered

 

 

32,225

 

 

 

31,728

 

 

 

37,273

 

 

 

55,972

 

 

 

85,951

 

Total deposits

 

 

560,258

 

 

 

528,307

 

 

 

522,285

 

 

 

538,966

 

 

 

505,019

 

Federal Reserve Bank advances

 

 

-

 

 

 

11,431

 

 

 

15,318

 

 

 

15,010

 

 

 

-

 

Federal Home Loan Bank of Boston advances

 

 

60,024

 

 

 

61,895

 

 

 

66,903

 

 

 

71,944

 

 

 

52,013

 

Mortgagors' escrow accounts

 

 

1,924

 

 

 

2,338

 

 

 

1,959

 

 

 

1,824

 

 

 

2,074

 

Post-employment benefit obligations

 

 

2,235

 

 

 

2,382

 

 

 

2,289

 

 

 

2,319

 

 

 

2,329

 

Other liabilities

 

 

12,888

 

 

 

14,900

 

 

 

19,276

 

 

 

9,449

 

 

 

12,495

 

Total liabilities

 

 

637,329

 

 

 

621,253

 

 

 

628,030

 

 

 

639,512

 

 

 

573,930

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

53

 

 

 

54

 

 

 

55

 

 

 

55

 

 

 

55

 

Additional paid-in capital

 

 

48,613

 

 

 

50,937

 

 

 

51,201

 

 

 

51,013

 

 

 

50,832

 

Retained earnings

 

 

55,801

 

 

 

51,689

 

 

 

46,415

 

 

 

36,130

 

 

 

30,939

 

ESOP-Unearned compensation

 

 

(3,709

)

 

 

(3,756

)

 

 

(3,803

)

 

 

(3,850

)

 

 

(3,897

)

Accumulated other comprehensive income, net of tax

 

 

101

 

 

 

895

 

 

 

1,070

 

 

 

1,181

 

 

 

1,027

 

Total stockholders' equity

 

 

100,859

 

 

 

99,819

 

 

 

94,938

 

 

 

84,529

 

 

 

78,956

 

Total liabilities and stockholders' equity

 

$

738,188

 

 

$

721,072

 

 

$

722,968

 

 

$

724,041

 

 

$

652,886

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

6


 

 

 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

% Change

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

Mar 2021 vs.

 

 

Mar 2021 vs.

 

 

 

2021

 

 

2020

 

 

2020

 

 

Dec 2020

 

 

Mar 2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

5,508

 

 

$

5,532

 

 

$

5,620

 

 

 

(0.4

)%

 

 

(2.0

)%

Other interest and dividend income

 

 

253

 

 

 

296

 

 

 

433

 

 

 

(14.5

)%

 

 

(41.6

)%

Total interest and dividend income

 

 

5,761

 

 

 

5,828

 

 

 

6,053

 

 

 

(1.1

)%

 

 

(4.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

670

 

 

 

788

 

 

 

1,628

 

 

 

(15.0

)%

 

 

(58.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

5,091

 

 

 

5,040

 

 

 

4,425

 

 

 

1.0

%

 

 

15.1

%

Provision (credit) for loan losses

 

 

(213

)

 

 

215

 

 

 

724

 

 

 

(199.1

)%

 

 

(129.4

)%

Net interest income after provision (credit) for loan losses

 

 

5,304

 

 

 

4,825

 

 

 

3,701

 

 

 

9.9

%

 

 

43.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

367

 

 

 

381

 

 

 

306

 

 

 

(3.7

)%

 

 

19.9

%

Gain on loan origination and sale activities, net

 

 

10,993

 

 

 

14,620

 

 

 

7,144

 

 

 

(24.8

)%

 

 

53.9

%

Mortgage servicing fees, net

 

 

779

 

 

 

275

 

 

 

(1,254

)

 

 

183.3

%

 

 

(162.1

)%

Other

 

 

284

 

 

 

311

 

 

 

255

 

 

 

(8.7

)%

 

 

11.4

%

Total non-interest income

 

 

12,423

 

 

 

15,587

 

 

 

6,451

 

 

 

(20.3

)%

 

 

92.6

%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,437

 

 

 

8,722

 

 

 

8,126

 

 

 

(3.3

)%

 

 

3.8

%

Occupancy and equipment

 

 

744

 

 

 

1,150

 

 

 

698

 

 

 

(35.3

)%

 

 

6.6

%

Professional fees

 

 

561

 

 

 

389

 

 

 

405

 

 

 

44.2

%

 

 

38.5

%

Marketing

 

 

170

 

 

 

231

 

 

 

152

 

 

 

(26.4

)%

 

 

11.8

%

FDIC insurance

 

 

54

 

 

 

51

 

 

 

56

 

 

 

5.9

%

 

 

(3.6

)%

Other non-interest expenses

 

 

1,985

 

 

 

2,384

 

 

 

1,522

 

 

 

(16.7

)%

 

 

30.4

%

Total non-interest expenses

 

 

11,951

 

 

 

12,927

 

 

 

10,959

 

 

 

(7.6

)%

 

 

9.1

%

Income (loss) before income taxes

 

 

5,776

 

 

 

7,485

 

 

 

(807

)

 

 

(22.8

)%

 

 

(815.7

)%

Income tax expense

 

 

1,664

 

 

 

2,211

 

 

 

11

 

 

 

(24.7

)%

 

 

15027.3

%

Net income (loss)

 

$

4,112

 

 

$

5,274

 

 

$

(818

)

 

 

(22.0

)%

 

 

(602.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.81

 

 

$

1.03

 

 

$

(0.16

)

 

 

 

 

 

 

 

 

Diluted

 

$

0.78

 

 

$

1.01

 

 

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

5,056,165

 

 

 

5,135,069

 

 

 

5,158,294

 

 

 

 

 

 

 

 

 

Diluted

 

 

5,254,907

 

 

 

5,244,414

 

 

 

5,158,294

 

 

 

 

 

 

 

 

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

7


 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations Trend

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

5,508

 

 

$

5,532

 

 

$

5,337

 

 

$

5,723

 

 

$

5,620

 

Other interest and dividend income

 

 

253

 

 

 

296

 

 

 

311

 

 

 

336

 

 

 

433

 

Total interest and dividend income

 

 

5,761

 

 

 

5,828

 

 

 

5,648

 

 

 

6,059

 

 

 

6,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

670

 

 

 

788

 

 

 

979

 

 

 

1,326

 

 

 

1,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

5,091

 

 

 

5,040

 

 

 

4,669

 

 

 

4,733

 

 

 

4,425

 

Provision (credit) for loan losses

 

 

(213

)

 

 

215

 

 

 

546

 

 

 

1,068

 

 

 

724

 

Net interest income after provision (credit) for loan losses

 

 

5,304

 

 

 

4,825

 

 

 

4,123

 

 

 

3,665

 

 

 

3,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

367

 

 

 

381

 

 

 

330

 

 

 

266

 

 

 

306

 

Gain on loan origination and sale activities, net

 

 

10,993

 

 

 

14,620

 

 

 

18,102

 

 

 

14,370

 

 

 

7,144

 

Mortgage servicing fees, net

 

 

779

 

 

 

275

 

 

 

1,180

 

 

 

(1,354

)

 

 

(1,254

)

Other

 

 

284

 

 

 

311

 

 

 

262

 

 

 

217

 

 

 

255

 

Total non-interest income

 

 

12,423

 

 

 

15,587

 

 

 

19,874

 

 

 

13,499

 

 

 

6,451

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,437

 

 

 

8,722

 

 

 

7,911

 

 

 

8,402

 

 

 

8,126

 

Occupancy and equipment

 

 

744

 

 

 

1,150

 

 

 

859

 

 

 

838

 

 

 

698

 

Professional fees

 

 

561

 

 

 

389

 

 

 

253

 

 

 

230

 

 

 

405

 

Marketing

 

 

170

 

 

 

231

 

 

 

154

 

 

 

152

 

 

 

152

 

FDIC insurance

 

 

54

 

 

 

51

 

 

 

41

 

 

 

39

 

 

 

56

 

Other non-interest expenses

 

 

1,985

 

 

 

2,384

 

 

 

1,833

 

 

 

1,718

 

 

 

1,522

 

Total non-interest expenses

 

 

11,951

 

 

 

12,927

 

 

 

11,051

 

 

 

11,379

 

 

 

10,959

 

Income (loss) before income taxes

 

 

5,776

 

 

 

7,485

 

 

 

12,946

 

 

 

5,785

 

 

 

(807

)

Income tax expense

 

 

1,664

 

 

 

2,211

 

 

 

2,661

 

 

 

594

 

 

 

11

 

Net income (loss)

 

$

4,112

 

 

$

5,274

 

 

$

10,285

 

 

$

5,191

 

 

$

(818

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.81

 

 

$

1.03

 

 

$

2.01

 

 

$

1.02

 

 

$

(0.16

)

Diluted

 

$

0.78

 

 

$

1.01

 

 

$

2.01

 

 

$

1.02

 

 

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

5,056,165

 

 

 

5,135,069

 

 

 

5,120,367

 

 

 

5,092,490

 

 

 

5,158,294

 

Diluted

 

 

5,254,907

 

 

 

5,244,414

 

 

 

5,120,367

 

 

 

5,092,490

 

 

 

5,158,294

 

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

8


 

 

Randolph Bancorp, Inc.

Average Balances/Yields

(Dollars in thousands)

(Unaudited)

 

Three Months Ended

 

 

March 31, 2021

 

 

December 31, 2020

 

 

March 31, 2020

 

 

Average

 

 

Interest

 

 

Average

 

 

Average

 

 

Interest

 

 

Average

 

 

Average

 

 

Interest

 

 

Average

 

 

Outstanding

 

 

Earned/

 

 

Yield/

 

 

Outstanding

 

 

Earned/

 

 

Yield/

 

 

Outstanding

 

 

Earned/

 

 

Yield/

 

(Dollars in thousands)

Balance

 

 

Paid

 

 

Rate

 

 

Balance

 

 

Paid

 

 

Rate

 

 

Balance

 

 

Paid

 

 

Rate

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Loans (1)

$

594,021

 

 

$

5,508

 

 

 

3.71

%

 

$

580,002

 

 

$

5,532

 

 

 

3.82

%

 

$

531,141

 

 

$

5,620

 

 

 

4.23

%

  Investment securities(2) (3)

 

57,818

 

 

 

247

 

 

 

1.71

%

 

 

58,329

 

 

 

290

 

 

 

1.99

%

 

 

58,799

 

 

 

379

 

 

 

2.58

%

  Interest-earning deposits

 

35,492

 

 

 

7

 

 

 

0.08

%

 

 

30,573

 

 

 

8

 

 

 

0.10

%

 

 

18,458

 

 

 

56

 

 

 

1.21

%

Total interest-earning assets

 

687,331

 

 

 

5,762

 

 

 

3.35

%

 

 

668,904

 

 

 

5,830

 

 

 

3.49

%

 

 

608,398

 

 

 

6,055

 

 

 

3.98

%

Noninterest-earning assets

 

42,045

 

 

 

 

 

 

 

 

 

 

 

45,015

 

 

 

 

 

 

 

 

 

 

 

31,774

 

 

 

 

 

 

 

 

 

Total assets

$

729,376

 

 

 

 

 

 

 

 

 

 

$

713,919

 

 

 

 

 

 

 

 

 

 

$

640,172

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Savings accounts

 

190,313

 

 

 

98

 

 

 

0.21

%

 

 

181,653

 

 

 

142

 

 

 

0.31

%

 

 

134,843

 

 

 

284

 

 

 

0.84

%

  NOW accounts

 

69,511

 

 

 

48

 

 

 

0.28

%

 

 

59,005

 

 

 

43

 

 

 

0.29

%

 

 

39,049

 

 

 

51

 

 

 

0.52

%

  Money market accounts

 

75,994

 

 

 

54

 

 

 

0.28

%

 

 

75,106

 

 

 

62

 

 

 

0.33

%

 

 

78,394

 

 

 

197

 

 

 

1.01

%

  Term certificates

 

96,978

 

 

 

238

 

 

 

0.98

%

 

 

112,260

 

 

 

293

 

 

 

1.04

%

 

 

188,654

 

 

 

893

 

 

 

1.89

%

Total interest-bearing deposits

 

432,796

 

 

 

438

 

 

 

0.40

%

 

 

428,024

 

 

 

540

 

 

 

0.50

%

 

 

440,940

 

 

 

1,425

 

 

 

1.29

%

  FHLBB and FRB advances

 

70,857

 

 

 

232

 

 

 

1.31

%

 

 

77,584

 

 

 

247

 

 

 

1.27

%

 

 

47,102

 

 

 

203

 

 

 

1.72

%

Total interest-bearing liabilities

 

503,653

 

 

 

670

 

 

 

0.53

%

 

 

505,608

 

 

 

787

 

 

 

0.62

%

 

 

488,042

 

 

 

1,628

 

 

 

1.33

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Noninterest-bearing deposits

 

106,929

 

 

 

 

 

 

 

 

 

 

 

94,540

 

 

 

 

 

 

 

 

 

 

 

62,718

 

 

 

 

 

 

 

 

 

  Other noninterest-bearing liabilities

 

15,375

 

 

 

 

 

 

 

 

 

 

 

13,539

 

 

 

 

 

 

 

 

 

 

 

9,549

 

 

 

 

 

 

 

 

 

Total liabilities

 

625,957

 

 

 

 

 

 

 

 

 

 

 

613,687

 

 

 

 

 

 

 

 

 

 

 

560,309

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

103,419

 

 

 

 

 

 

 

 

 

 

 

100,232

 

 

 

 

 

 

 

 

 

 

 

79,863

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

729,376

 

 

 

 

 

 

 

 

 

 

$

713,919

 

 

 

 

 

 

 

 

 

 

$

640,172

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

5,092

 

 

 

 

 

 

 

 

 

 

$

5,043

 

 

 

 

 

 

 

 

 

 

$

4,427

 

 

 

 

 

Interest rate spread(4)

 

 

 

 

 

 

 

 

 

2.82

%

 

 

 

 

 

 

 

 

 

 

2.87

%

 

 

 

 

 

 

 

 

 

 

2.65

%

Net interest-earning assets(5)

$

183,678

 

 

 

 

 

 

 

 

 

 

$

163,296

 

 

 

 

 

 

 

 

 

 

$

120,356

 

 

 

 

 

 

 

 

 

Net interest margin(6)

 

 

 

 

 

 

 

 

 

2.96

%

 

 

 

 

 

 

 

 

 

 

3.02

%

 

 

 

 

 

 

 

 

 

 

2.91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of interest-earning assets to interest-bearing liabilities

 

136.47

%

 

 

 

 

 

 

 

 

 

 

132.30

%

 

 

 

 

 

 

 

 

 

 

124.66

%

 

 

 

 

 

 

 

 

(1) Includes nonaccruing loan balances and interest received on such loans.

(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.

(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $1,000, $1,000 and $2,000 for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(6) Net interest margin represents net interest income divided by average total interest-earning assets.

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

9


 

Randolph Bancorp, Inc.

Average Balances Trend

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

$

594,021

 

 

$

580,002

 

 

$

559,370

 

 

$

576,964

 

 

$

531,141

 

Investment securities

 

 

57,818

 

 

 

58,329

 

 

 

57,211

 

 

 

58,119

 

 

 

58,799

 

Interest-earning deposits

 

 

35,492

 

 

 

30,573

 

 

 

48,949

 

 

 

22,918

 

 

 

18,458

 

Total interest-earning assets

 

 

687,331

 

 

 

668,904

 

 

 

665,530

 

 

 

658,001

 

 

 

608,398

 

Non-interest earning assets

 

 

42,045

 

 

 

45,015

 

 

 

41,037

 

 

 

40,156

 

 

 

31,774

 

Total assets

 

$

729,376

 

 

$

713,919

 

 

$

706,567

 

 

$

698,157

 

 

$

640,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

190,313

 

 

$

181,653

 

 

$

170,762

 

 

$

158,427

 

 

$

134,843

 

NOW accounts

 

 

69,511

 

 

 

59,005

 

 

 

57,646

 

 

 

46,593

 

 

 

39,049

 

Money market accounts

 

 

75,994

 

 

 

75,106

 

 

 

72,369

 

 

 

71,396

 

 

 

78,394

 

Term certificates

 

 

96,978

 

 

 

112,260

 

 

 

131,053

 

 

 

159,224

 

 

 

188,654

 

Total interest-bearing deposits

 

 

432,796

 

 

 

428,024

 

 

 

431,830

 

 

 

435,640

 

 

 

440,940

 

FHLBB and FRB advances

 

 

70,857

 

 

 

77,584

 

 

 

82,639

 

 

 

79,133

 

 

 

47,102

 

Total interest-bearing liabilities

 

 

503,653

 

 

 

505,608

 

 

 

514,469

 

 

 

514,773

 

 

 

488,042

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

106,929

 

 

 

94,540

 

 

 

88,394

 

 

 

77,947

 

 

 

62,718

 

Other noninterest-bearing liabilities

 

 

15,375

 

 

 

13,539

 

 

 

12,724

 

 

 

22,893

 

 

 

9,549

 

Total liabilities

 

 

625,957

 

 

 

613,687

 

 

 

615,587

 

 

 

615,613

 

 

 

560,309

 

Total stockholders' equity

 

 

103,419

 

 

 

100,232

 

 

 

90,980

 

 

 

82,544

 

 

 

79,863

 

Total liabilities and stockholders' equity

 

$

729,376

 

 

$

713,919

 

 

$

706,567

 

 

$

698,157

 

 

$

640,172

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

10


 

 

Randolph Bancorp, Inc.

Average Balances Trend

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

 

3.71

%

 

 

3.82

%

 

 

3.82

%

 

 

3.97

%

 

 

4.23

%

Investment securities

 

 

1.71

%

 

 

1.99

%

 

 

2.13

%

 

 

2.28

%

 

 

2.58

%

Interest-earning deposits

 

 

0.08

%

 

 

0.10

%

 

 

0.06

%

 

 

0.09

%

 

 

1.21

%

Total interest-earning assets

 

 

3.35

%

 

 

3.49

%

 

 

3.40

%

 

 

3.68

%

 

 

3.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

0.21

%

 

 

0.31

%

 

 

0.40

%

 

 

0.59

%

 

 

0.84

%

NOW accounts

 

 

0.28

%

 

 

0.29

%

 

 

0.28

%

 

 

0.43

%

 

 

0.52

%

Money market accounts

 

 

0.28

%

 

 

0.33

%

 

 

0.41

%

 

 

0.68

%

 

 

1.01

%

Term certificates

 

 

0.98

%

 

 

1.04

%

 

 

1.35

%

 

 

1.70

%

 

 

1.89

%

Total interest-bearing deposits

 

 

0.40

%

 

 

0.50

%

 

 

0.68

%

 

 

0.99

%

 

 

1.29

%

FHLBB and FRB advances

 

 

1.31

%

 

 

1.27

%

 

 

1.21

%

 

 

1.23

%

 

 

1.72

%

Total interest-bearing liabilities

 

 

0.53

%

 

 

0.62

%

 

 

0.76

%

 

 

1.03

%

 

 

1.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

2.82

%

 

 

2.87

%

 

 

2.64

%

 

 

2.65

%

 

 

2.65

%

Net interest rate margin

 

 

2.96

%

 

 

3.02

%

 

 

2.81

%

 

 

2.88

%

 

 

2.91

%

Ratio of interest-earning assets to interest-bearing liabilities

 

 

136.47

%

 

 

132.30

%

 

 

129.36

%

 

 

127.82

%

 

 

124.66

%

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

11


 

 

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31, 2021 vs. December 31, 2020

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

  Loans

 

$

135

 

 

$

(159

)

 

$

(24

)

  Investment securities

 

 

(3

)

 

 

(40

)

 

 

(43

)

  Interest-earning deposits

 

 

1

 

 

 

(1

)

 

 

-

 

           Total interest-earning assets

 

 

133

 

 

 

(200

)

 

 

(67

)

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

6

 

 

 

(50

)

 

 

(44

)

NOW accounts

 

 

7

 

 

 

(2

)

 

 

5

 

Money market accounts

 

 

1

 

 

 

(9

)

 

 

(8

)

Term certificates

 

 

(39

)

 

 

(16

)

 

 

(55

)

           Total interest-bearing deposits

 

 

(25

)

 

 

(77

)

 

 

(102

)

FHLBB and FRB advances

 

 

(22

)

 

 

6

 

 

 

(16

)

           Total interest-bearing liabilities

 

 

(47

)

 

 

(71

)

 

 

(118

)

Change in net interest income

 

$

180

 

 

$

(129

)

 

$

51

 

 

 

 

Three Months Ended

 

 

 

March 31, 2021 vs. 2020

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

  Loans

 

$

623

 

 

$

(735

)

 

$

(112

)

  Investment securities

 

 

(6

)

 

 

(126

)

 

 

(132

)

  Interest-earning deposits

 

 

27

 

 

 

(75

)

 

 

(48

)

           Total interest-earning assets

 

 

644

 

 

 

(936

)

 

 

(292

)

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

85

 

 

 

(271

)

 

 

(186

)

NOW accounts

 

 

28

 

 

 

(31

)

 

 

(3

)

Money market accounts

 

 

(6

)

 

 

(137

)

 

 

(143

)

Term certificates

 

 

(329

)

 

 

(326

)

 

 

(655

)

           Total interest-bearing deposits

 

 

(222

)

 

 

(765

)

 

 

(987

)

FHLBB and FRB advances

 

 

85

 

 

 

(56

)

 

 

29

 

           Total interest-bearing liabilities

 

 

(137

)

 

 

(821

)

 

 

(958

)

Change in net interest income

 

$

781

 

 

$

(115

)

 

$

666

 

 

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

12


 

 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

 

For the Three Months Ended March 31, 2021

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

4,201

 

 

$

890

 

 

$

5,091

 

Provision (credit) for loan losses

 

 

(213

)

 

 

-

 

 

 

(213

)

Net interest income after provision for loan losses

 

 

4,414

 

 

 

890

 

 

 

5,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

340

 

 

 

27

 

 

 

367

 

Gain on loan origination and sale activities, net (1)

 

 

-

 

 

 

11,674

 

 

 

11,674

 

Mortgage servicing fees, net

 

 

(94

)

 

 

873

 

 

 

779

 

Other

 

 

151

 

 

 

133

 

 

 

284

 

Total non-interest income

 

 

397

 

 

 

12,707

 

 

 

13,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,802

 

 

 

6,635

 

 

 

8,437

 

Occupancy and equipment

 

 

443

 

 

 

301

 

 

 

744

 

Other non-interest expenses

 

 

1,087

 

 

 

1,683

 

 

 

2,770

 

Total non-interest expenses

 

 

3,332

 

 

 

8,619

 

 

 

11,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and elimination of inter-segment profit

 

$

1,479

 

 

$

4,978

 

 

 

6,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(681

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

5,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

1,664

 

Net income

 

 

 

 

 

 

 

 

 

$

4,112

 

 

 

(1)

Before elimination of inter-segment profit.

The information above was derived from the internal management reporting system used to measure performance of the segments.

 

877-963-2100 • www.envisionbank.com

Member FDIC • Member DIF

 

13


 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

 

For the Three Months Ended December 31, 2020

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

4,265

 

 

$

775

 

 

$

5,040

 

Provision for loan losses

 

 

215

 

 

 

-

 

 

 

215

 

Net interest income after provision for loan losses

 

 

4,050

 

 

 

775

 

 

 

4,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

353

 

 

 

28

 

 

 

381

 

Gain on loan origination and sale activities, net (1)

 

 

-

 

 

 

15,062

 

 

 

15,062

 

Mortgage servicing fees, net

 

 

(100

)

 

 

375

 

 

 

275

 

Other

 

 

147

 

 

 

164

 

 

 

311

 

Total non-interest income

 

 

400

 

 

 

15,629

 

 

 

16,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,178

 

 

 

6,544

 

 

 

8,722

 

Occupancy and equipment

 

 

465

 

 

 

685

 

 

 

1,150

 

Other non-interest expenses

 

 

1,942

 

 

 

1,113

 

 

 

3,055

 

Total non-interest expenses

 

 

4,585

 

 

 

8,342

 

 

 

12,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and elimination of inter-segment profit

 

$

(135

)

 

$

8,062

 

 

 

7,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(442

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

7,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

2,211

 

Net income

 

 

 

 

 

 

 

 

 

$

5,274

 

 

(1)

Before elimination of inter-segment profit.

 

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14


 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

 

For the Three Months Ended March 31, 2020

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

3,994

 

 

$

431

 

 

$

4,425

 

Provision for loan losses

 

 

724

 

 

 

-

 

 

 

724

 

Net interest income after credit for loan losses

 

 

3,270

 

 

 

431

 

 

 

3,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

273

 

 

 

33

 

 

 

306

 

Gain on loan origination and sale activities, net (1)

 

 

-

 

 

 

7,472

 

 

 

7,472

 

Mortgage servicing fees, net

 

 

(87

)

 

 

(1,167

)

 

 

(1,254

)

Other

 

 

140

 

 

 

115

 

 

 

255

 

Total non-interest income

 

 

326

 

 

 

6,453

 

 

 

6,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,098

 

 

 

5,028

 

 

 

8,126

 

Occupancy and equipment

 

 

404

 

 

 

294

 

 

 

698

 

Other non-interest expenses

 

 

1,145

 

 

 

990

 

 

 

2,135

 

Total non-interest expenses

 

 

4,647

 

 

 

6,312

 

 

 

10,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes and elimination of inter-segment profit

 

$

(1,051

)

 

$

572

 

 

 

(479

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(328

)

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

(807

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

11

 

Net loss

 

 

 

 

 

 

 

 

 

$

(818

)

 

(1)

Before elimination of inter-segment profit.

 

The information above was derived from the internal management reporting system used to measure performance of the segments.

 


 

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Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands)

(Unaudited)

 

 

Quarter Ended

 

 

 

March 31, 2021

 

 

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Common Share (diluted)

 

GAAP basis

 

$

5,776

 

 

$

1,664

 

 

$

4,112

 

 

$

0.78

 

Non-interest expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued severance expenses

 

 

109

 

 

 

31

 

 

 

78

 

 

 

0.01

 

Non-GAAP basis

 

$

5,885

 

 

$

1,695

 

 

$

4,190

 

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

December 31, 2020

 

 

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Common Share (diluted)

 

GAAP basis

 

$

7,485

 

 

$

2,211

 

 

$

5,274

 

 

$

1.01

 

Non-interest expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential lending office closure

 

 

294

 

 

 

63

 

 

 

231

 

 

 

0.04

 

COVID-19 related expenses

 

 

69

 

 

 

15

 

 

 

54

 

 

 

0.01

 

Non-GAAP basis

 

$

7,848

 

 

$

2,289

 

 

$

5,559

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

September 30, 2020

 

 

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Common Share (diluted)

 

GAAP basis

 

$

12,946

 

 

$

2,661

 

 

$

10,285

 

 

$

2.01

 

Non-interest expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COVID-19 related expenses

 

 

22

 

 

 

4

 

 

 

18

 

 

 

-

 

Non-GAAP basis

 

$

12,968

 

 

$

2,665

 

 

$

10,303

 

 

$

2.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

June 30, 2020

 

 

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Common Share (diluted)

 

GAAP basis

 

$

5,785

 

 

$

594

 

 

$

5,191

 

 

$

1.02

 

Non-interest expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COVID-19 related expenses

 

 

189

 

 

 

-

 

 

 

189

 

 

 

0.04

 

Non-GAAP basis

 

$

5,974

 

 

$

594

 

 

$

5,380

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31, 2020

 

 

 

Income (Loss) Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income (Loss)

 

 

Earnings (Loss) per Common Share (diluted)

 

GAAP basis

 

$

(807

)

 

$

11

 

 

$

(818

)

 

$

(0.16

)

Non-interest expense adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement salary and benefits compensation

 

 

692

 

 

$

-

 

 

 

692

 

 

 

0.13

 

Accelerated vesting of stock-based compensation

 

 

683

 

 

$

-

 

 

 

683

 

 

 

0.13

 

COVID-19 related expenses

 

 

18

 

 

$

-

 

 

 

18

 

 

 

-

 

Non-GAAP basis

 

$

586

 

 

$

11

 

 

$

575

 

 

$

0.10

 

 

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Randolph Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

At or for the Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

 

2020

 

Return on average assets: (1, 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

2.26

%

 

 

2.95

%

 

 

5.82

%

 

 

2.97

%

 

 

(0.51

%)

Non-GAAP (2)

 

 

2.30

%

 

 

3.11

%

 

 

5.83

%

 

 

3.08

%

 

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity: (1, 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

15.90

%

 

 

21.05

%

 

 

45.22

%

 

 

25.16

%

 

 

(4.10

%)

Non-GAAP (2)

 

 

16.21

%

 

 

22.18

%

 

 

45.30

%

 

 

26.07

%

 

 

2.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

2.96

%

 

 

3.02

%

 

 

2.81

%

 

 

2.88

%

 

 

2.91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income to total income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

70.93

%

 

 

75.57

%

 

 

80.98

%

 

 

74.04

%

 

 

59.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit percentage (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

31.76

%

 

 

37.33

%

 

 

54.97

%

 

 

37.59

%

 

 

(0.76

%)

Non-GAAP (2)

 

 

32.39

%

 

 

39.09

%

 

 

55.06

%

 

 

38.62

%

 

 

12.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio: (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

68.24

%

 

 

62.67

%

 

 

45.03

%

 

 

62.41

%

 

 

100.76

%

Non-GAAP (2)

 

 

67.61

%

 

 

60.91

%

 

 

44.94

%

 

 

61.38

%

 

 

87.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital to average assets (3)

 

 

13.81

%

 

 

13.85

%

 

 

13.28

%

 

 

11.93

%

 

 

12.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets as a percentage of total assets (4)

 

 

1.14

%

 

 

1.01

%

 

 

1.38

%

 

 

0.47

%

 

 

0.52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a percentage of total loans (4)

 

 

1.32

%

 

 

1.39

%

 

 

1.35

%

 

 

1.22

%

 

 

1.04

%

Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)

 

 

1.36

%

 

 

1.41

%

 

 

1.39

%

 

 

1.26

%

 

 

1.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses as a percentage of non-performing assets

 

 

78.99

%

 

 

94.58

%

 

 

67.21

%

 

 

179.31

%

 

 

146.64

%

Allowance for loan losses as a percentage of non-performing loans

 

 

77.75

%

 

 

92.87

%

 

 

66.31

%

 

 

186.60

%

 

 

152.55

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (8)

 

$

18.80

 

 

$

18.16

 

 

$

17.18

 

 

$

15.43

 

 

$

14.44

 

Outstanding shares

 

 

5,364,240

 

 

 

5,495,514

 

 

 

5,524,390

 

 

 

5,479,884

 

 

 

5,466,344

 

 

 

(1)

Annualized for quarterly periods presented.

 

(2)

See page 16 – Reconciliation of GAAP to Non-GAAP Net Income.

 

(3)

Average assets calculated on a quarterly basis for all periods presented.

 

(4)

Total loans exclude loans held for sale but includes net deferred loan costs and fees.

 

(5)

This non-GAAP measure represents net income divided by average total assets.

 

(6)

This non-GAAP measure represents net income divided by average stockholders’ equity.

 

(7)

This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.

 

(8)

This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $31,000, $33,000, $36,000, $38,000, and $41,000 at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively, divided by outstanding shares at period end.

 

(9)

This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.

 

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17


 

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

 

Loan Payment Deferrals

 

 

 

As of March 31, 2021

 

 

 

Commercial loans

 

 

Residential and consumer loans

 

 

Residential loans serviced for others

 

 

 

(Dollars in thousands)

 

Balance outstanding

 

$

182,277

 

 

$

315,485

 

 

$

1,940,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COVID-19 related loan payment deferrals: (1)

 

 

 

 

 

 

 

 

 

 

 

 

Loans in COVID-19-related loan payment deferral

 

$

6,241

 

 

$

4,777

 

 

$

11,544

 

Loans in deferral as a percentage of category loans

 

 

3.4

%

 

 

1.5

%

 

 

0.6

%

Loans with suspended payment

 

$

6,241

 

 

$

4,543

 

 

$

4,657

 

Loans with reduced payment

 

 

-

 

 

 

234

 

 

 

6,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans which obtained a COVID-19-related payment deferral but

 

 

 

 

 

 

 

 

 

 

 

 

have since resumed payment

 

$

31,954

 

 

$

15,602

 

 

$

54,450

 

Loans reinstated (borrower paid any unpaid principal and interest)

 

 

-

 

 

 

2,253

 

 

 

6,353

 

Loans on a repayment plan

 

 

-

 

 

 

-

 

 

 

1,354

 

Loans which resumed payment but deferred principal and/or

 

 

 

 

 

 

 

 

 

 

 

 

interest payments to maturity (2)

 

 

26,197

 

 

 

8,713

 

 

 

36,811

 

Loans which were paid off completely

 

 

5,757

 

 

 

4,636

 

 

 

9,932

 

 

 

(1)

Includes commercial loans that have been approved for loan payment deferral but for which documentation is closing or pending.

 

(2)

Includes commercial loan for which maturity was extended.

 

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18


 

 

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

 

COVID-19 Highly Impacted Sectors

 

 

As of March 31, 2021

 

 

 

Exposure Balance

 

 

Exposure by Risk Weighting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

 

 

 

 

 

Real

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with

 

 

 

 

 

 

 

Estate

 

 

&

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

Industry (1)

 

Total

 

 

Secured

 

 

Industrial

 

 

Construction

 

 

Pass

 

 

Criticized

 

 

Payments

 

 

 

(Dollars in thousands)

 

Group home/care facility

 

$

1,079

 

 

$

1,079

 

 

$

-

 

 

$

-

 

 

$

1,079

 

 

$

-

 

 

$

-

 

Hotels/hospitality

 

 

9,635

 

 

 

9,566

 

 

 

69

 

 

 

-

 

 

 

69

 

 

 

9,566

 

 

 

3,543

 

Restaurants/food service

 

 

2,713

 

 

 

1,554

 

 

 

1,159

 

 

 

-

 

 

 

2,713

 

 

 

-

 

 

 

-

 

Retail/shopping center

 

 

21,887

 

 

 

17,211

 

 

 

-

 

 

 

4,675

 

 

 

20,261

 

 

 

1,626

 

 

 

1,006

 

Other sectors (2)

 

 

11,385

 

 

 

10,972

 

 

 

113

 

 

 

300

 

 

 

9,383

 

 

 

2,002

 

 

 

1,692

 

Total loans in COVID-19 impacted sectors

 

$

46,698

 

 

$

40,382

 

 

$

1,341

 

 

$

4,975

 

 

$

33,505

 

 

$

13,194

 

 

$

6,241

 

Percentage of commercial loans outstanding

 

25.6%

 

 

27.5%

 

 

5.6%

 

 

43.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans outstanding

 

$

182,277

 

 

$

146,930

 

 

$

23,869

 

 

$

11,478

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan to value secured by real estate (3)

 

 

 

 

 

47.5%

 

 

 

 

 

 

66.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

This disclosure focuses on industries with balances that are significant to the portfolio at March 31, 2021 and omits industries affected by the COVID-19 pandemic (oil and gas, transportation, etc.) to which the Company has minimal or no exposure. This disclosure also excludes SBA PPP Loans, given their government guarantee.

 

(2)

Includes customers operating in various sectors which have been impacted by COVID-19.

 

(3)

Loan to value secured by real estate equals the exposure balance divided by the most recent appraised value.

 

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MA 001-37780 81-1844402 10 Cabot Place Stoughton MA 02072 781 963-2100 false false false false Common Stock, par value $.01 per share RNDB NASDAQ true false XML 9 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document and Entity Information
Apr. 27, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 27, 2021
Entity Registrant Name Randolph Bancorp, Inc.
Entity Central Index Key 0001667161
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity File Number 001-37780
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 81-1844402
Entity Address, Address Line One 10 Cabot Place
Entity Address, City or Town Stoughton
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02072
City Area Code 781
Local Phone Number 963-2100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol RNDB
Security Exchange Name NASDAQ
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