0001564590-21-038284.txt : 20210727 0001564590-21-038284.hdr.sgml : 20210727 20210727163757 ACCESSION NUMBER: 0001564590-21-038284 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210727 DATE AS OF CHANGE: 20210727 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: 211118014 BUSINESS ADDRESS: STREET 1: 2 BATTERYMARCH PARK STREET 2: SUITE 301 CITY: QUINCY STATE: MA ZIP: 02169 BUSINESS PHONE: 877-963-2100 MAIL ADDRESS: STREET 1: 2 BATTERYMARCH PARK STREET 2: SUITE 301 CITY: QUINCY STATE: MA ZIP: 02169 8-K 1 rndb-8k_20210727.htm 8-K rndb-8k_20210727.htm
false 0001667161 0001667161 2021-07-27 2021-07-27

 

 

 

 

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): July 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.)

2 Batterymarch Park, Suite 301, Quincy, Massachusetts 02169

(Address of principal executive offices)

(877) 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 July 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 and six months ended June 30, 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 July 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: July 27, 2021

 

 

 

 

 

 

 

EX-99.1 2 rndb-ex991_9.htm EX-99.1 rndb-ex991_9.htm

 

Exhibit 99.1

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169

News Release

For Immediate Release

July 27, 2021

For More Information, Contact:

William M. Parent, President and Chief

Executive Officer (617-925-1955)

 

 

RANDOLPH BANCORP, INC. ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS

 

QUINCY, Massachusetts, July 27, 2021 – Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $1.6 million, or $0.32 per basic share and $0.31 per diluted share, for the three months ended June 30, 2021 compared to net income of $4.1 million, or $0.81 per basic and $0.78 per diluted share, for the three months ended March 31, 2021 and net income of $5.2 million, or $1.02 per basic and diluted share, for the three months ended June 30, 2020. Excluding one-time events of $145,000 in severance expenses, $71,000 in other outsourcing expenses, and $29,000 in losses on disposals of fixed assets, earnings were $1.8 million, or $0.34 per diluted share, for the three months ended June 30, 2021. 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 $189,000 of operating expenses related to addressing the COVID-19 pandemic, net income for the three months ended June 30, 2020 was $5.4 million, or $1.06 per diluted share.

 

For the six months ended June 30, 2021, net income was $5.7 million, or $1.10 per diluted share, compared to net income of $4.4 million, or $0.86 per diluted share, for the six months ended June 30, 2020. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $5.9 million, or $1.15 per diluted share, for the six months ended June 30, 2021, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $6.0 million, or $1.17 per diluted share, for the six months ended June 30, 2020.

 

At June 30, 2021, total assets amounted to $744.1 million, compared to $738.2 million at March 31, 2021, an increase of $6.0 million, or 0.8%. Total loans increased by $48.6 million, or 9.8%, to $546.4 million at June 30, 2021 from $497.8 million at March 31, 2021, whereas loans held for sale decreased by $18.9 million to $74.3 million at June 30, 2021 from $93.2 million at March 31, 2021. Compared to June 30, 2020, total assets grew $20.1 million, or 2.8% from $724.0 million. The growth from the prior year period was driven by an increase in total loans of $50.4 million, or 10.2%, and an increase in loans held for sale of $12.6 million, partially offset by a decrease in cash and cash equivalents of $41.1 million.

 

William M. Parent, President and Chief Executive Officer, stated, “The second quarter was a positive quarter for our Company as we continued to see progress along our operating path. Strong loan growth, higher net interest margin, net interest income growth and improved credit metrics all reflect building momentum. The earnings decline from prior quarters reflects the normalization of the mortgage market as declining refinancing volume and compressed margins resulted in significantly lower overall originations and related income. We continue to work diligently to right size our operations to reflect market conditions but there will be a lagging period before our overall operating leverage initiatives are realized. We are pleased with the developments post re-opening of our local market and remain optimistic that we can continue to grow our business and generate recurring operating leverage.”



 

 

Second Quarter Operating Results

Net interest income increased by $108,000, or 2.1%, to $5.2 million for the three months ended June 30, 2021 from $5.1 million for the three months ended March 31, 2021. This increase was primarily due to a decrease in the cost of term certificates and a decrease in the volume of Federal Home Loan Bank of Boston (“FHLBB”) advances from the prior quarter. The average cost of certificates of deposit decreased by 31 basis points from the prior quarter, and the average balance of FHLBB advances decreased $19.4 million, or 27.3%, from the prior quarter. This contributed to a decrease of 9 basis points in the cost of interest-bearing liabilities in the second quarter of 2021. The improvement in the cost of funding was partially offset by a decrease in the average yield earned on interest-earning assets of 3 basis points, driven by declines in the volume of and yield on investment securities. Accordingly, the net interest margin increased by 4 basis points, to 3.00% in the second quarter from 2.96% in the first quarter.

 

Net interest income increased by $466,000, or 9.8%, to $5.2 million for the three months ended June 30, 2021 from $4.7 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin increased by 12 basis points to 3.00%, from 2.88%. The improvement reflects the shortening and downward pricing of deposit liabilities, which exceeded the decrease in rates earned on interest-earning assets in the lower interest rate environment. The cost of interest-bearing liabilities decreased by 59 basis points, whereas the yield on interest-earning assets declined by 36 basis points between periods.

 

The Company recognized a credit for loan losses of $27,000 for the quarter ended June 30, 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, along with improvements in credit quality trends, which were partially offset by total loan growth of $48.6 million from the prior quarter. The allowance for loan losses was 1.19%, 1.32% and 1.22% of total loans at June 30, 2021, March 31, 2021 and June 30, 2020, respectively, and was 101.9%, 79.0% and 179.3% of non-performing assets at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

 

Non-interest income decreased $5.6 million, or 45.1%, to $6.8 million for the quarter ended June 30, 2021 from $12.4 million in the quarter ended March 31, 2021, due to a decrease of $5.3 million in the net gain on loan origination and sale activities, in addition to a decrease in net mortgage servicing fees of $398,000. Sold mortgages totaled $342.8 million in the second quarter of 2021, compared to $503.3 million in the first quarter of 2021. The second quarter of 2021 ended with a mortgage pipeline of $139.7 million, compared to a pipeline of $239.5 million at the end of the first quarter of 2021, contributing to the decrease in the net gain on loan origination and sales activities. Mortgage servicing fees decreased $398,000, or 51.1%, to $381,000 for the second quarter of 2021 from $779,000 in the first quarter of 2021 due to a positive fair value adjustment of $421,000 in the first quarter of 2021, based on an increase in mortgage interest rates from the end of 2020, and an impairment charge of $65,000 taken in the second quarter of 2021, as mortgage interest rates declined slightly from the prior quarter.

 

Non-interest income decreased $6.7 million, or 49.5%, to $6.8 million for the quarter ended June 30, 2021 from $13.5 million for the quarter ended June 30, 2020, principally due to a decrease of $8.6 million in the net gain on loan origination and sale activities, partially offset by an increase of $1.7 million in net mortgage servicing fees. Sold mortgage loans totaled $342.8 million in the second quarter of 2021, compared to sold mortgage loans of $442.9 million during the second quarter of 2020. The second quarter of 2021 ended with a mortgage pipeline of $139.7 million, compared to a pipeline of $329.3 million at the end of the second quarter of 2020. Mortgage servicing fees increased $1.7 million in the quarter ended June 30, 2021, principally due to an impairment of mortgage servicing rights of $1.5 million in the quarter ended June 30, 2020.

 

Non-interest expenses decreased $1.3 million, or 11.1%, to $10.6 million in the quarter ended June 30, 2021 from $12.0 million in the quarter ended March 31, 2021. The decrease was due to a decrease in salaries and employee benefits expense of $1.1 million, or 13.4%, primarily driven by lower commissions paid on mortgage originations and a decrease in

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

2


 

professional fees of $238,000 or 42.4% from the prior quarter. Occupancy and equipment expenses decreased $123,000 in the quarter ended June 30, 2021 from the prior quarter due to the closing of residential lending offices.

 

Non-interest expenses decreased $752,000 to $10.6 million in the quarter ended June 30, 2021 from $11.4 million in the quarter ended June 30, 2020. The decrease is principally due to a decrease in salaries and employee benefits of $1.1 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production, partially offset by a $401,000 increase in other non-interest expenses, which included an increase in the provision for unfunded commitments, driven by growth in unfunded commercial real estate and commercial construction commitments as of June 30, 2021.

 

The income tax benefit was $162,000 for the three months ended June 30, 2021 compared to income tax expense of $1.7 million and $594,000 for the three months ended March 31, 2021 and June 30, 2020, respectively. During the three months ended June 30, 2021, the Company reversed a valuation allowance on its charitable contribution carryforwards totaling $531,000. The remaining income tax expense for 2021 is expected to reflect an effective tax rate of 28.5%.

 

Year-to-Date Operating Results

Net interest income increased by $1.1 million, or 12.4%, for the six months ended June 30, 2021 compared to the same period in the prior year. 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. In addition, the composition of our deposit base improved as the average balance of savings and NOW accounts for the six months ended June 30, 2021 increased $44.7 million, or 30.5%, and $26.8 million, or 62.6%, respectively, from the six months ended June 30, 2020, while the average balance of our term certificates decreased $73.1 million, or 42.0%, from the prior year. The activity resulted in a 69 basis point decrease in the cost of interest-bearing liabilities.

 

The Company recognized a credit for loan losses of $240,000 for the six months ended June 30, 2021 compared to a provision of $1.8 million in the prior year period. At June 30, 2021, improvements to qualitative factors related to the impact of the COVID-19 pandemic, the economic outlook, and credit quality trends all helped to generate the credit for loan losses, partially offset by provisions for loan growth.

 

Non-interest income decreased $712,000, or 3.6%, to $19.2 million for the six months ended June 30, 2021 from $20.0 million in the six months ended June 30, 2020, principally due to a decrease of $4.8 million in the net gain on loan origination and sale activities. Mortgage loans sold were $846.0 million in the first half of 2021, compared to $657.9 million in the first half of 2020. Net gain on loan origination and sale activities decreased, while mortgage loans sold increased compared to the prior year quarter, as a result of both shrinking loan sale margins and the impact of a decreasing mortgage banking pipeline during the six months ended June 30, 2021 compared to an increasing mortgage banking pipeline during the six months ended June 30, 2020. Mortgage servicing fees increased $3.8 million in the first half of 2021 to $1.2 million from a loss of $2.6 million in the first half of 2020, due to positive fair value adjustments of $356,000 in the first half of 2021 and impairment charges of $3.1 million in the first half of 2020.

 

Non-interest expenses increased $240,000, or 1.1%, to $22.6 million for the six months ended June 30, 2021 from $22.3 million for the six months ended June 30, 2020. Non-interest expenses in the first half of 2020 included one-time charges of $1,375,000 related to the retirement of senior executives as well as $207,000 of COVID-19 pandemic-related expenses. Increases to non-interest expenses during the six months ended June 30, 2021 related to higher recurring salaries and benefits and other non-interest expenses related to increased mortgage loan production, professional fees associated with the outsourcing of the Company’s residential loan servicing functions, and an increase in the provision for unfunded commitments related to new commercial real estate and commercial construction commitments. Occupancy and equipment expenses decreased $172,000 in the first half of 2021 over the prior year period, partly as a result of decreased rental expenses due to the closures of residential lending offices, in addition to the absence of significant COVID-19 pandemic spending on cleaning and supplies.

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

3


 

 

Income tax expenses increased to $1.5 million for the six months ended June 30, 2021 from $605,000 for the six months ended June 30, 2020. The current period included a reversal of a charitable contribution carryforward valuation allowance, and the prior period included the utilization of net operating loss carryforwards.

 

Balance Sheet

At June 30, 2021, total assets amounted to $744.1 million, compared to $738.2 million at March 31, 2021, an increase of $6.0 million, or 0.8%. A $48.7 million increase in net loans from the prior quarter was partially offset by a $20.1 million decrease in cash and cash equivalents and an $18.9 million decrease in loans held for sale. Net loan growth of 9.9% was driven by 1-4 family residential real estate growth of $24.8 million and commercial real estate growth of $20.8 million. Deposits increased by $11.7 million in the quarter, including an increase of $6.1 million in non-interest bearing deposits. In addition, the Company reduced borrowings by $10 million in the quarter.

 

Total assets at June 30, 2021 increased $20.1 million, or 2.8% from $724.0 million at June 30, 2020. Contributing to asset growth was a $49.7 million increase in net loans to $540.7 million at June 30, 2021 from $490.9 million at June 30, 2020. Cash and cash equivalents decreased by $41.1 million, or 54.1%, to $34.9 million at June 30, 2021 from $76.0 million at June 30, 2020, mainly to fund growth in net loans as well as loans held for sale. Commercial real estate loans increased by $32.9 million, or 24.4%, as we focus on diversifying our loan mix. The increase in total assets from the prior year quarter was also funded by continued deposit growth. Retail deposits totaled $514.9 million at June 30, 2021, increasing by $31.9 million, or 6.6%, from $483.0 million at June 30, 2020. Driving the growth in retail deposits was customers’ receipt of government stimulus and our focus on deposit gathering. FHLBB advances decreased by $21.9 million to $50.0 million at June 30, 2021, from $71.9 million at June 30, 2020. Federal Reserve Bank advances decreased by $15.0 million between periods.

 

Total stockholders’ equity was $100.7 million at June 30, 2021 compared to $100.9 million at March 31, 2021. The decrease of $149,000 reflects share repurchases during the period of $2.2 million, partially offset by net income of $1.6 million and an increase in the fair value of available-for-sale securities, net of taxes, of $97,000.

 

Total stockholders’ equity was $100.7 million at June 30, 2021 compared to $84.5 million at June 30, 2020. The increase of $16.2 million relates mainly to net income from the previous twelve months of $21.2 million, partially offset by share repurchases of $5.4 million and a decrease in the fair value of available-for-sale securities, net of taxes, of $879,000.

 

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 Small Business Administration’s (“SBA’s”) Paycheck Protection Program (“PPP”), for which we funded $26.2 million of SBA PPP Loans through June 30, 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 Highly Impacted Sectors 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 Quincy, Massachusetts, three loan production offices located in Massachusetts and one loan production office in Southern New Hampshire.


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

4


 

 

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 the Company’s 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 PPP 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, non-interest income to total income 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.

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

5


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

Jun 2021 vs.

 

 

Jun 2021 vs.

 

 

 

 

2021

 

 

 

2021

 

 

 

2020

 

 

Mar 2021

 

 

Jun 2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,876

 

 

$

54,950

 

 

$

76,003

 

 

 

(36.5

)%

 

 

(54.1

)%

Certificates of deposit

 

 

-

 

 

 

-

 

 

 

490

 

 

-%

 

 

 

(100.0

)%

Securities available for sale, at fair value

 

 

50,212

 

 

 

54,148

 

 

 

54,462

 

 

 

(7.3

)%

 

 

(7.8

)%

Loans held for sale, at fair value

 

 

74,277

 

 

 

93,176

 

 

 

61,673

 

 

 

(20.3

)%

 

 

20.4

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

263,992

 

 

 

239,190

 

 

 

246,236

 

 

 

10.4

%

 

 

7.2

%

Home equity

 

 

50,555

 

 

 

49,073

 

 

 

43,493

 

 

 

3.0

%

 

 

16.2

%

Commercial real estate

 

 

167,691

 

 

 

146,930

 

 

 

134,750

 

 

 

14.1

%

 

 

24.4

%

Construction

 

 

29,140

 

 

 

29,975

 

 

 

35,181

 

 

 

(2.8

)%

 

 

(17.2

)%

Total real estate loans

 

 

511,378

 

 

 

465,168

 

 

 

459,660

 

 

 

9.9

%

 

 

11.3

%

Commercial and industrial

 

 

25,826

 

 

 

23,869

 

 

 

22,940

 

 

 

8.2

%

 

 

12.6

%

Consumer

 

 

9,194

 

 

 

8,724

 

 

 

13,435

 

 

 

5.4

%

 

 

(31.6

)%

Total loans

 

 

546,398

 

 

 

497,761

 

 

 

496,035

 

 

 

9.8

%

 

 

10.2

%

Allowance for loan losses

 

 

(6,523

)

 

 

(6,563

)

 

 

(6,059

)

 

 

(0.6

)%

 

 

7.7

%

Net deferred loan costs and fees, and purchase premiums

 

 

785

 

 

 

785

 

 

 

962

 

 

 

0.0

%

 

 

(18.4

)%

Loans, net

 

 

540,660

 

 

 

491,983

 

 

 

490,938

 

 

 

9.9

%

 

 

10.1

%

Federal Home Loan Bank of Boston stock, at cost

 

 

2,855

 

 

 

3,576

 

 

 

4,072

 

 

 

(20.2

)%

 

 

(29.9

)%

Accrued interest receivable

 

 

1,523

 

 

 

1,501

 

 

 

1,760

 

 

 

1.5

%

 

 

(13.5

)%

Mortgage servicing rights, net

 

 

15,375

 

 

 

14,744

 

 

 

8,094

 

 

 

4.3

%

 

 

90.0

%

Premises and equipment, net

 

 

5,115

 

 

 

4,709

 

 

 

5,313

 

 

 

8.6

%

 

 

(3.7

)%

Bank-owned life insurance

 

 

8,703

 

 

 

8,662

 

 

 

8,532

 

 

 

0.5

%

 

 

2.0

%

Foreclosed real estate, net

 

 

-

 

 

 

132

 

 

 

132

 

 

 

(100.0

)%

 

 

(100.0

)%

Other assets

 

 

10,546

 

 

 

10,607

 

 

 

12,572

 

 

 

(0.6

)%

 

 

(16.1

)%

Total assets

 

$

744,142

 

 

$

738,188

 

 

$

724,041

 

 

 

0.8

%

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

124,683

 

 

$

118,623

 

 

$

89,014

 

 

 

5.1

%

 

 

40.1

%

Savings accounts

 

 

190,584

 

 

 

192,712

 

 

 

165,234

 

 

 

(1.1

)%

 

 

15.3

%

NOW accounts

 

 

51,059

 

 

 

62,772

 

 

 

48,014

 

 

 

(18.7

)%

 

 

6.3

%

Money market accounts

 

 

73,967

 

 

 

78,236

 

 

 

75,827

 

 

 

(5.5

)%

 

 

(2.5

)%

Term certificates

 

 

74,631

 

 

 

75,690

 

 

 

104,905

 

 

 

(1.4

)%

 

 

(28.9

)%

Interest bearing brokered

 

 

57,059

 

 

 

32,225

 

 

 

55,972

 

 

 

77.1

%

 

 

1.9

%

Total deposits

 

 

571,983

 

 

 

560,258

 

 

 

538,966

 

 

 

2.1

%

 

 

6.1

%

Federal Reserve Bank advances

 

 

-

 

 

 

-

 

 

 

15,010

 

 

-%

 

 

 

(100.0

)%

Federal Home Loan Bank of Boston advances

 

 

50,016

 

 

 

60,024

 

 

 

71,944

 

 

 

(16.7

)%

 

 

(30.5

)%

Mortgagors' escrow accounts

 

 

1,783

 

 

 

1,924

 

 

 

1,824

 

 

 

(7.3

)%

 

 

(2.2

)%

Post-employment benefit obligations

 

 

2,226

 

 

 

2,235

 

 

 

2,319

 

 

 

(0.4

)%

 

 

(4.0

)%

Other liabilities

 

 

17,424

 

 

 

12,888

 

 

 

9,449

 

 

 

35.2

%

 

 

84.4

%

Total liabilities

 

 

643,432

 

 

 

637,329

 

 

 

639,512

 

 

 

1.0

%

 

 

0.6

%

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

53

 

 

 

55

 

 

 

(1.9

)%

 

 

(5.5

)%

Additional paid-in capital

 

 

46,740

 

 

 

48,613

 

 

 

51,013

 

 

 

(3.9

)%

 

 

(8.4

)%

Retained earnings

 

 

57,378

 

 

 

55,801

 

 

 

36,130

 

 

 

2.8

%

 

 

58.8

%

ESOP-Unearned compensation

 

 

(3,662

)

 

 

(3,709

)

 

 

(3,850

)

 

 

(1.3

)%

 

 

(4.9

)%

Accumulated other comprehensive income, net of tax

 

 

202

 

 

 

101

 

 

 

1,181

 

 

 

100.0

%

 

 

(82.9

)%

Total stockholders' equity

 

 

100,710

 

 

 

100,859

 

 

 

84,529

 

 

 

(0.1

)%

 

 

19.1

%

Total liabilities and stockholders' equity

 

$

744,142

 

 

$

738,188

 

 

$

724,041

 

 

 

0.8

%

 

 

2.8

%

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

6


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet Trend

(Dollars in thousands)

(Unaudited)

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

 

2021

 

 

 

2021

 

 

 

2020

 

 

 

2020

 

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,876

 

 

$

54,950

 

 

$

13,774

 

 

$

49,091

 

 

$

76,003

 

Certificates of deposit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

490

 

Securities available for sale, at fair value

 

 

50,212

 

 

 

54,148

 

 

 

55,366

 

 

 

55,551

 

 

 

54,462

 

Loans held for sale, at fair value

 

 

74,277

 

 

 

93,176

 

 

 

119,112

 

 

 

87,805

 

 

 

61,673

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

263,992

 

 

 

239,190

 

 

 

235,648

 

 

 

235,955

 

 

 

246,236

 

Home equity

 

 

50,555

 

 

 

49,073

 

 

 

48,166

 

 

 

48,097

 

 

 

43,493

 

Commercial real estate

 

 

167,691

 

 

 

146,930

 

 

 

143,893

 

 

 

141,862

 

 

 

134,750

 

Construction

 

 

29,140

 

 

 

29,975

 

 

 

31,050

 

 

 

32,064

 

 

 

35,181

 

Total real estate loans

 

 

511,378

 

 

 

465,168

 

 

 

458,757

 

 

 

457,978

 

 

 

459,660

 

Commercial and industrial

 

 

25,826

 

 

 

23,869

 

 

 

20,259

 

 

 

20,388

 

 

 

22,940

 

Consumer

 

 

9,194

 

 

 

8,724

 

 

 

10,289

 

 

 

11,696

 

 

 

13,435

 

Total loans

 

 

546,398

 

 

 

497,761

 

 

 

489,305

 

 

 

490,062

 

 

 

496,035

 

Allowance for loan losses

 

 

(6,523

)

 

 

(6,563

)

 

 

(6,784

)

 

 

(6,597

)

 

 

(6,059

)

Net deferred loan costs and fees, and purchase premiums

 

 

785

 

 

 

785

 

 

 

1,123

 

 

 

1,083

 

 

 

962

 

Loans, net

 

 

540,660

 

 

 

491,983

 

 

 

483,644

 

 

 

484,548

 

 

 

490,938

 

Federal Home Loan Bank of Boston stock, at cost

 

 

2,855

 

 

 

3,576

 

 

 

3,576

 

 

 

3,797

 

 

 

4,072

 

Accrued interest receivable

 

 

1,523

 

 

 

1,501

 

 

 

1,562

 

 

 

1,654

 

 

 

1,760

 

Mortgage servicing rights, net

 

 

15,375

 

 

 

14,744

 

 

 

12,377

 

 

 

10,944

 

 

 

8,094

 

Premises and equipment, net

 

 

5,115

 

 

 

4,709

 

 

 

4,781

 

 

 

5,133

 

 

 

5,313

 

Bank-owned life insurance

 

 

8,703

 

 

 

8,662

 

 

 

8,622

 

 

 

8,577

 

 

 

8,532

 

Foreclosed real estate, net

 

 

-

 

 

 

132

 

 

 

132

 

 

 

132

 

 

 

132

 

Other assets

 

 

10,546

 

 

 

10,607

 

 

 

18,126

 

 

 

15,736

 

 

 

12,572

 

Total assets

 

$

744,142

 

 

$

738,188

 

 

$

721,072

 

 

$

722,968

 

 

$

724,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

124,683

 

 

$

118,623

 

 

$

96,731

 

 

$

93,352

 

 

$

89,014

 

Savings accounts

 

 

190,584

 

 

 

192,712

 

 

 

185,481

 

 

 

175,316

 

 

 

165,234

 

NOW accounts

 

 

51,059

 

 

 

62,772

 

 

 

53,530

 

 

 

47,032

 

 

 

48,014

 

Money market accounts

 

 

73,967

 

 

 

78,236

 

 

 

77,393

 

 

 

74,874

 

 

 

75,827

 

Term certificates

 

 

74,631

 

 

 

75,690

 

 

 

83,444

 

 

 

94,438

 

 

 

104,905

 

Interest bearing brokered

 

 

57,059

 

 

 

32,225

 

 

 

31,728

 

 

 

37,273

 

 

 

55,972

 

Total deposits

 

 

571,983

 

 

 

560,258

 

 

 

528,307

 

 

 

522,285

 

 

 

538,966

 

Federal Reserve Bank advances

 

 

-

 

 

 

-

 

 

 

11,431

 

 

 

15,318

 

 

 

15,010

 

Federal Home Loan Bank of Boston advances

 

 

50,016

 

 

 

60,024

 

 

 

61,895

 

 

 

66,903

 

 

 

71,944

 

Mortgagors' escrow accounts

 

 

1,783

 

 

 

1,924

 

 

 

2,338

 

 

 

1,959

 

 

 

1,824

 

Post-employment benefit obligations

 

 

2,226

 

 

 

2,235

 

 

 

2,382

 

 

 

2,289

 

 

 

2,319

 

Other liabilities

 

 

17,424

 

 

 

12,888

 

 

 

14,900

 

 

 

19,276

 

 

 

9,449

 

Total liabilities

 

 

643,432

 

 

 

637,329

 

 

 

621,253

 

 

 

628,030

 

 

 

639,512

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

53

 

 

 

54

 

 

 

55

 

 

 

55

 

Additional paid-in capital

 

 

46,740

 

 

 

48,613

 

 

 

50,937

 

 

 

51,201

 

 

 

51,013

 

Retained earnings

 

 

57,378

 

 

 

55,801

 

 

 

51,689

 

 

 

46,415

 

 

 

36,130

 

ESOP-Unearned compensation

 

 

(3,662

)

 

 

(3,709

)

 

 

(3,756

)

 

 

(3,803

)

 

 

(3,850

)

Accumulated other comprehensive income, net of tax

 

 

202

 

 

 

101

 

 

 

895

 

 

 

1,070

 

 

 

1,181

 

Total stockholders' equity

 

 

100,710

 

 

 

100,859

 

 

 

99,819

 

 

 

94,938

 

 

 

84,529

 

Total liabilities and stockholders' equity

 

$

744,142

 

 

$

738,188

 

 

$

721,072

 

 

$

722,968

 

 

$

724,041

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

7


 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

% Change

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

Jun 2021 vs.

 

 

Jun 2021 vs.

 

 

 

2021

 

 

2021

 

 

2020

 

 

Mar 2021

 

 

Jun 2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

5,505

 

 

$

5,508

 

 

$

5,723

 

 

 

(0.1

)%

 

 

(3.8

)%

Other interest and dividend income

 

 

237

 

 

 

253

 

 

 

336

 

 

 

(6.3

)%

 

 

(29.5

)%

Total interest and dividend income

 

 

5,742

 

 

 

5,761

 

 

 

6,059

 

 

 

(0.3

)%

 

 

(5.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

543

 

 

 

670

 

 

 

1,326

 

 

 

(19.0

)%

 

 

(59.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

5,199

 

 

 

5,091

 

 

 

4,733

 

 

 

2.1

%

 

 

9.8

%

Provision (credit) for loan losses

 

 

(27

)

 

 

(213

)

 

 

1,068

 

 

 

(87.3

)%

 

 

(102.5

)%

Net interest income after provision (credit) for loan losses

 

 

5,226

 

 

 

5,304

 

 

 

3,665

 

 

 

(1.5

)%

 

 

42.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

419

 

 

 

367

 

 

 

266

 

 

 

14.2

%

 

 

57.5

%

Gain on loan origination and sale activities, net

 

 

5,740

 

 

 

10,993

 

 

 

14,370

 

 

 

(47.8

)%

 

 

(60.1

)%

Mortgage servicing fees, net

 

 

381

 

 

 

779

 

 

 

(1,354

)

 

 

(51.1

)%

 

 

(128.1

)%

Other

 

 

276

 

 

 

284

 

 

 

217

 

 

 

(2.8

)%

 

 

27.2

%

Total non-interest income

 

 

6,816

 

 

 

12,423

 

 

 

13,499

 

 

 

(45.1

)%

 

 

(49.5

)%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,310

 

 

 

8,437

 

 

 

8,402

 

 

 

(13.4

)%

 

 

(13.0

)%

Occupancy and equipment

 

 

621

 

 

 

744

 

 

 

838

 

 

 

(16.5

)%

 

 

(25.9

)%

Professional fees

 

 

323

 

 

 

561

 

 

 

230

 

 

 

(42.4

)%

 

 

40.4

%

Marketing

 

 

200

 

 

 

170

 

 

 

152

 

 

 

17.6

%

 

 

31.6

%

FDIC insurance

 

 

54

 

 

 

54

 

 

 

39

 

 

 

0.0

%

 

 

38.5

%

Other non-interest expenses

 

 

2,119

 

 

 

1,985

 

 

 

1,718

 

 

 

6.8

%

 

 

23.3

%

Total non-interest expenses

 

 

10,627

 

 

 

11,951

 

 

 

11,379

 

 

 

(11.1

)%

 

 

(6.6

)%

Income before income taxes

 

 

1,415

 

 

 

5,776

 

 

 

5,785

 

 

 

(75.5

)%

 

 

(75.5

)%

Income tax expense (benefit)

 

 

(162

)

 

 

1,664

 

 

 

594

 

 

 

(109.7

)%

 

 

(127.3

)%

Net income

 

$

1,577

 

 

$

4,112

 

 

$

5,191

 

 

 

(61.6

)%

 

 

(69.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.81

 

 

$

1.02

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.31

 

 

$

0.78

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,921,182

 

 

 

5,056,165

 

 

 

5,092,490

 

 

 

 

 

 

 

 

 

Diluted

 

 

5,135,582

 

 

 

5,254,907

 

 

 

5,092,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

8


 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Year to Date

 

 

% Change

 

 

 

June 30,

 

 

June 30,

 

 

Jun 2021 vs.

 

 

 

2021

 

 

2020

 

 

Jun 2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

11,013

 

 

$

11,343

 

 

 

(2.9

)%

Other interest and dividend income

 

 

490

 

 

 

769

 

 

 

(36.3

)%

Total interest and dividend income

 

 

11,503

 

 

 

12,112

 

 

 

(5.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,213

 

 

 

2,955

 

 

 

(59.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

10,290

 

 

 

9,157

 

 

 

12.4

%

Provision (credit) for loan losses

 

 

(240

)

 

 

1,792

 

 

 

(113.4

)%

Net interest income after provision (credit) for loan losses

 

 

10,530

 

 

 

7,365

 

 

 

43.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

786

 

 

 

573

 

 

 

37.2

%

Gain on loan origination and sale activities, net

 

 

16,733

 

 

 

21,514

 

 

 

(22.2

)%

Mortgage servicing fees, net

 

 

1,160

 

 

 

(2,608

)

 

 

(144.5

)%

Other

 

 

560

 

 

 

472

 

 

 

18.6

%

Total non-interest income

 

 

19,239

 

 

 

19,951

 

 

 

(3.6

)%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,747

 

 

 

16,527

 

 

 

(4.7

)%

Occupancy and equipment

 

 

1,365

 

 

 

1,537

 

 

 

(11.2

)%

Professional fees

 

 

884

 

 

 

635

 

 

 

39.2

%

Marketing

 

 

370

 

 

 

304

 

 

 

21.7

%

FDIC insurance

 

 

108

 

 

 

96

 

 

 

12.5

%

Other non-interest expenses

 

 

4,104

 

 

 

3,239

 

 

 

26.7

%

Total non-interest expenses

 

 

22,578

 

 

 

22,338

 

 

 

1.1

%

Income before income taxes

 

 

7,191

 

 

 

4,978

 

 

 

44.5

%

Income tax expense

 

 

1,502

 

 

 

605

 

 

 

148.3

%

Net income

 

$

5,689

 

 

$

4,373

 

 

 

30.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.14

 

 

$

0.86

 

 

 

 

 

Diluted

 

$

1.10

 

 

$

0.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,988,283

 

 

 

5,107,700

 

 

 

 

 

Diluted

 

 

5,193,643

 

 

 

5,107,700

 

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

9


 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations Trend

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

5,505

 

 

$

5,508

 

 

$

5,532

 

 

$

5,337

 

 

$

5,723

 

Other interest and dividend income

 

 

237

 

 

 

253

 

 

 

296

 

 

 

311

 

 

 

336

 

Total interest and dividend income

 

 

5,742

 

 

 

5,761

 

 

 

5,828

 

 

 

5,648

 

 

 

6,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

543

 

 

 

670

 

 

 

788

 

 

 

979

 

 

 

1,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

5,199

 

 

 

5,091

 

 

 

5,040

 

 

 

4,669

 

 

 

4,733

 

Provision (credit) for loan losses

 

 

(27

)

 

 

(213

)

 

 

215

 

 

 

546

 

 

 

1,068

 

Net interest income after provision (credit) for loan losses

 

 

5,226

 

 

 

5,304

 

 

 

4,825

 

 

 

4,123

 

 

 

3,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

419

 

 

 

367

 

 

 

381

 

 

 

330

 

 

 

266

 

Gain on loan origination and sale activities, net

 

 

5,740

 

 

 

10,993

 

 

 

14,620

 

 

 

18,102

 

 

 

14,370

 

Mortgage servicing fees, net

 

 

381

 

 

 

779

 

 

 

275

 

 

 

1,180

 

 

 

(1,354

)

Other

 

 

276

 

 

 

284

 

 

 

311

 

 

 

262

 

 

 

217

 

Total non-interest income

 

 

6,816

 

 

 

12,423

 

 

 

15,587

 

 

 

19,874

 

 

 

13,499

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,310

 

 

 

8,437

 

 

 

8,722

 

 

 

7,911

 

 

 

8,402

 

Occupancy and equipment

 

 

621

 

 

 

744

 

 

 

1,150

 

 

 

859

 

 

 

838

 

Professional fees

 

 

323

 

 

 

561

 

 

 

389

 

 

 

253

 

 

 

230

 

Marketing

 

 

200

 

 

 

170

 

 

 

231

 

 

 

154

 

 

 

152

 

FDIC insurance

 

 

54

 

 

 

54

 

 

 

51

 

 

 

41

 

 

 

39

 

Other non-interest expenses

 

 

2,119

 

 

 

1,985

 

 

 

2,384

 

 

 

1,833

 

 

 

1,718

 

Total non-interest expenses

 

 

10,627

 

 

 

11,951

 

 

 

12,927

 

 

 

11,051

 

 

 

11,379

 

Income before income taxes

 

 

1,415

 

 

 

5,776

 

 

 

7,485

 

 

 

12,946

 

 

 

5,785

 

Income tax expense (benefit)

 

 

(162

)

 

 

1,664

 

 

 

2,211

 

 

 

2,661

 

 

 

594

 

Net income

 

$

1,577

 

 

$

4,112

 

 

$

5,274

 

 

$

10,285

 

 

$

5,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.81

 

 

$

1.03

 

 

$

2.01

 

 

$

1.02

 

Diluted

 

$

0.31

 

 

$

0.78

 

 

$

1.01

 

 

$

2.01

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,921,182

 

 

 

5,056,165

 

 

 

5,135,069

 

 

 

5,120,367

 

 

 

5,092,490

 

Diluted

 

 

5,135,582

 

 

 

5,254,907

 

 

 

5,244,414

 

 

 

5,120,367

 

 

 

5,092,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

10


 

 

Randolph Bancorp, Inc.

Average Balances/Yields

(Dollars in thousands)

(Unaudited)

 

Three Months Ended

 

 

June 30, 2021

 

 

March 31, 2021

 

 

June 30, 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)

$

592,750

 

 

$

5,505

 

 

 

3.71

%

 

$

594,021

 

 

$

5,508

 

 

 

3.71

%

 

$

576,964

 

 

$

5,723

 

 

 

3.97

%

  Investment securities(2) (3)

 

55,376

 

 

 

229

 

 

 

1.65

%

 

 

57,818

 

 

 

247

 

 

 

1.71

%

 

 

58,119

 

 

 

332

 

 

 

2.28

%

  Interest-earning deposits

 

43,888

 

 

 

8

 

 

 

0.07

%

 

 

35,492

 

 

 

7

 

 

 

0.08

%

 

 

22,918

 

 

 

5

 

 

 

0.09

%

Total interest-earning assets

 

692,014

 

 

 

5,742

 

 

 

3.32

%

 

 

687,331

 

 

 

5,762

 

 

 

3.35

%

 

 

658,001

 

 

 

6,060

 

 

 

3.68

%

Noninterest-earning assets

 

40,257

 

 

 

 

 

 

 

 

 

 

 

42,045

 

 

 

 

 

 

 

 

 

 

 

40,156

 

 

 

 

 

 

 

 

 

Total assets

$

732,271

 

 

 

 

 

 

 

 

 

 

$

729,376

 

 

 

 

 

 

 

 

 

 

$

698,157

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Savings accounts

 

192,434

 

 

 

89

 

 

 

0.18

%

 

 

190,313

 

 

 

98

 

 

 

0.21

%

 

 

158,427

 

 

 

233

 

 

 

0.59

%

  NOW accounts

 

69,730

 

 

 

38

 

 

 

0.22

%

 

 

69,511

 

 

 

48

 

 

 

0.28

%

 

 

46,593

 

 

 

50

 

 

 

0.43

%

  Money market accounts

 

72,469

 

 

 

43

 

 

 

0.24

%

 

 

75,994

 

 

 

54

 

 

 

0.28

%

 

 

71,396

 

 

 

122

 

 

 

0.68

%

  Term certificates

 

104,604

 

 

 

176

 

 

 

0.67

%

 

 

96,978

 

 

 

238

 

 

 

0.98

%

 

 

159,224

 

 

 

677

 

 

 

1.70

%

Total interest-bearing deposits

 

439,237

 

 

 

346

 

 

 

0.32

%

 

 

432,796

 

 

 

438

 

 

 

0.40

%

 

 

435,640

 

 

 

1,082

 

 

 

0.99

%

  FHLBB and FRB advances

 

51,502

 

 

 

198

 

 

 

1.54

%

 

 

70,857

 

 

 

232

 

 

 

1.31

%

 

 

79,133

 

 

 

244

 

 

 

1.23

%

Total interest-bearing liabilities

 

490,739

 

 

 

544

 

 

 

0.44

%

 

 

503,653

 

 

 

670

 

 

 

0.53

%

 

 

514,773

 

 

 

1,326

 

 

 

1.03

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Noninterest-bearing deposits

 

124,656

 

 

 

 

 

 

 

 

 

 

 

106,929

 

 

 

 

 

 

 

 

 

 

 

77,947

 

 

 

 

 

 

 

 

 

  Other noninterest-bearing liabilities

 

13,606

 

 

 

 

 

 

 

 

 

 

 

15,375

 

 

 

 

 

 

 

 

 

 

 

22,893

 

 

 

 

 

 

 

 

 

Total liabilities

 

629,001

 

 

 

 

 

 

 

 

 

 

 

625,957

 

 

 

 

 

 

 

 

 

 

 

615,613

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

103,270

 

 

 

 

 

 

 

 

 

 

 

103,419

 

 

 

 

 

 

 

 

 

 

 

82,544

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

732,271

 

 

 

 

 

 

 

 

 

 

$

729,376

 

 

 

 

 

 

 

 

 

 

$

698,157

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

5,198

 

 

 

 

 

 

 

 

 

 

$

5,092

 

 

 

 

 

 

 

 

 

 

$

4,734

 

 

 

 

 

Interest rate spread(4)

 

 

 

 

 

 

 

 

 

2.88

%

 

 

 

 

 

 

 

 

 

 

2.82

%

 

 

 

 

 

 

 

 

 

 

2.65

%

Net interest-earning assets(5)

$

201,275

 

 

 

 

 

 

 

 

 

 

$

183,678

 

 

 

 

 

 

 

 

 

 

$

143,228

 

 

 

 

 

 

 

 

 

Net interest margin(6)

 

 

 

 

 

 

 

 

 

3.00

%

 

 

 

 

 

 

 

 

 

 

2.96

%

 

 

 

 

 

 

 

 

 

 

2.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of interest-earning assets to interest-bearing liabilities

 

141.01

%

 

 

 

 

 

 

 

 

 

 

136.47

%

 

 

 

 

 

 

 

 

 

 

127.82

%

 

 

 

 

 

 

 

 

(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 $1,000 for the three months ended June, 2021, March 31, 2021 and June 30, 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.


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

11


 

 

Randolph Bancorp, Inc.

Average Balances/Yields

(Dollars in thousands)

(Unaudited)

 

Average Balance and Yields

 

 

Year to Date

 

 

June 30, 2021

 

 

June 30, 2020

 

 

Average

 

 

Interest

 

 

Average

 

 

Average

 

 

Interest

 

 

Average

 

 

Outstanding

 

 

Earned/

 

 

Yield/

 

 

Outstanding

 

 

Earned/

 

 

Yield/

 

(Dollars in thousands)

Balance

 

 

Paid

 

 

Rate

 

 

Balance

 

 

Paid

 

 

Rate

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Loans (1)

$

593,382

 

 

$

11,013

 

 

 

3.71

%

 

$

554,053

 

 

$

11,343

 

 

 

4.09

%

  Investment securities(2) (3)

 

56,590

 

 

 

476

 

 

 

1.68

%

 

 

58,459

 

 

 

711

 

 

 

2.43

%

  Interest-earning deposits

 

39,713

 

 

 

15

 

 

 

0.08

%

 

 

20,688

 

 

 

61

 

 

 

0.59

%

Total interest-earning assets

 

689,685

 

 

 

11,504

 

 

 

3.34

%

 

 

633,200

 

 

 

12,115

 

 

 

3.83

%

Noninterest-earning assets

 

41,146

 

 

 

 

 

 

 

 

 

 

 

35,965

 

 

 

 

 

 

 

 

 

Total assets

$

730,831

 

 

 

 

 

 

 

 

 

 

$

669,165

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Savings accounts

 

191,379

 

 

 

187

 

 

 

0.20

%

 

 

146,635

 

 

 

516

 

 

 

0.70

%

  NOW accounts

 

69,621

 

 

 

86

 

 

 

0.25

%

 

 

42,821

 

 

 

101

 

 

 

0.47

%

  Money market accounts

 

74,222

 

 

 

97

 

 

 

0.26

%

 

 

74,895

 

 

 

321

 

 

 

0.86

%

  Term certificates

 

100,812

 

 

 

414

 

 

 

0.82

%

 

 

173,939

 

 

 

1,570

 

 

 

1.81

%

Total interest-bearing deposits

 

436,034

 

 

 

784

 

 

 

0.36

%

 

 

438,290

 

 

 

2,508

 

 

 

1.14

%

  FHLBB and FRB advances

 

61,126

 

 

 

430

 

 

 

1.41

%

 

 

63,118

 

 

 

447

 

 

 

1.42

%

Total interest-bearing liabilities

 

497,160

 

 

 

1,214

 

 

 

0.49

%

 

 

501,408

 

 

 

2,955

 

 

 

1.18

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Noninterest-bearing deposits

 

115,841

 

 

 

 

 

 

 

 

 

 

 

70,333

 

 

 

 

 

 

 

 

 

  Other noninterest-bearing liabilities

 

14,486

 

 

 

 

 

 

 

 

 

 

 

16,221

 

 

 

 

 

 

 

 

 

Total liabilities

 

627,487

 

 

 

 

 

 

 

 

 

 

 

587,962

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

103,344

 

 

 

 

 

 

 

 

 

 

 

81,204

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

730,831

 

 

 

 

 

 

 

 

 

 

$

669,166

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

10,290

 

 

 

 

 

 

 

 

 

 

$

9,160

 

 

 

 

 

Interest rate spread(4)

 

 

 

 

 

 

 

 

 

2.85

%

 

 

 

 

 

 

 

 

 

 

2.65

%

Net interest-earning assets(5)

$

192,525

 

 

 

 

 

 

 

 

 

 

$

131,792

 

 

 

 

 

 

 

 

 

Net interest margin(6)

 

 

 

 

 

 

 

 

 

2.98

%

 

 

 

 

 

 

 

 

 

 

2.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of interest-earning assets to interest-bearing liabilities

 

138.72

%

 

 

 

 

 

 

 

 

 

 

126.28

%

 

 

 

 

 

 

 

 

(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 $2,000 and $3,000 for the six months ended June 30, 2021 and 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.


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

12


 

 

Randolph Bancorp, Inc.

Average Balances Trend

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

$

592,750

 

 

$

594,021

 

 

$

580,002

 

 

$

559,370

 

 

$

576,964

 

Investment securities

 

 

55,376

 

 

 

57,818

 

 

 

58,329

 

 

 

57,211

 

 

 

58,119

 

Interest-earning deposits

 

 

43,888

 

 

 

35,492

 

 

 

30,573

 

 

 

48,949

 

 

 

22,918

 

Total interest-earning assets

 

 

692,014

 

 

 

687,331

 

 

 

668,904

 

 

 

665,530

 

 

 

658,001

 

Non-interest earning assets

 

 

40,257

 

 

 

42,045

 

 

 

45,015

 

 

 

41,037

 

 

 

40,156

 

Total assets

 

$

732,271

 

 

$

729,376

 

 

$

713,919

 

 

$

706,567

 

 

$

698,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

192,434

 

 

$

190,313

 

 

$

181,653

 

 

$

170,762

 

 

$

158,427

 

NOW accounts

 

 

69,730

 

 

 

69,511

 

 

 

59,005

 

 

 

57,646

 

 

 

46,593

 

Money market accounts

 

 

72,469

 

 

 

75,994

 

 

 

75,106

 

 

 

72,369

 

 

 

71,396

 

Term certificates

 

 

104,604

 

 

 

96,978

 

 

 

112,260

 

 

 

131,053

 

 

 

159,224

 

Total interest-bearing deposits

 

 

439,237

 

 

 

432,796

 

 

 

428,024

 

 

 

431,830

 

 

 

435,640

 

FHLBB and FRB advances

 

 

51,502

 

 

 

70,857

 

 

 

77,584

 

 

 

82,639

 

 

 

79,133

 

Total interest-bearing liabilities

 

 

490,739

 

 

 

503,653

 

 

 

505,608

 

 

 

514,469

 

 

 

514,773

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

124,656

 

 

 

106,929

 

 

 

94,540

 

 

 

88,394

 

 

 

77,947

 

Other noninterest-bearing liabilities

 

 

13,606

 

 

 

15,375

 

 

 

13,539

 

 

 

12,724

 

 

 

22,893

 

Total liabilities

 

 

629,001

 

 

 

625,957

 

 

 

613,687

 

 

 

615,587

 

 

 

615,613

 

Total stockholders' equity

 

 

103,270

 

 

 

103,419

 

 

 

100,232

 

 

 

90,980

 

 

 

82,544

 

Total liabilities and stockholders' equity

 

$

732,271

 

 

$

729,376

 

 

$

713,919

 

 

$

706,567

 

 

$

698,157

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

13


 

 

Randolph Bancorp, Inc.

Average Balances Trend

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

 

3.71

%

 

 

3.71

%

 

 

3.82

%

 

 

3.82

%

 

 

3.97

%

Investment securities

 

 

1.65

%

 

 

1.71

%

 

 

1.99

%

 

 

2.13

%

 

 

2.28

%

Interest-earning deposits

 

 

0.07

%

 

 

0.08

%

 

 

0.10

%

 

 

0.06

%

 

 

0.09

%

Total interest-earning assets

 

 

3.32

%

 

 

3.35

%

 

 

3.49

%

 

 

3.40

%

 

 

3.68

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

0.18

%

 

 

0.21

%

 

 

0.31

%

 

 

0.40

%

 

 

0.59

%

NOW accounts

 

 

0.22

%

 

 

0.28

%

 

 

0.29

%

 

 

0.28

%

 

 

0.43

%

Money market accounts

 

 

0.24

%

 

 

0.28

%

 

 

0.33

%

 

 

0.41

%

 

 

0.68

%

Term certificates

 

 

0.67

%

 

 

0.98

%

 

 

1.04

%

 

 

1.35

%

 

 

1.70

%

Total interest-bearing deposits

 

 

0.32

%

 

 

0.40

%

 

 

0.50

%

 

 

0.68

%

 

 

0.99

%

FHLBB and FRB advances

 

 

1.54

%

 

 

1.31

%

 

 

1.27

%

 

 

1.21

%

 

 

1.23

%

Total interest-bearing liabilities

 

 

0.44

%

 

 

0.53

%

 

 

0.62

%

 

 

0.76

%

 

 

1.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

2.88

%

 

 

2.82

%

 

 

2.87

%

 

 

2.64

%

 

 

2.65

%

Net interest rate margin

 

 

3.00

%

 

 

2.96

%

 

 

3.02

%

 

 

2.81

%

 

 

2.88

%

Ratio of interest-earning assets to interest-bearing liabilities

 

 

141.01

%

 

 

136.47

%

 

 

132.30

%

 

 

129.36

%

 

 

127.82

%

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

14


 

 

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

 

 

 

 

Three Months Ended

 

 

 

June 30, 2021 vs. March 31, 2021

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

  Loans

 

$

(3

)

 

$

-

 

 

$

(3

)

  Investment securities

 

 

(10

)

 

 

(8

)

 

 

(18

)

  Interest-earning deposits

 

 

2

 

 

 

-

 

 

 

2

 

           Total interest-earning assets

 

 

(11

)

 

 

(8

)

 

 

(19

)

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

1

 

 

 

(10

)

 

 

(9

)

NOW accounts

 

 

-

 

 

 

(10

)

 

 

(10

)

Money market accounts

 

 

(3

)

 

 

(8

)

 

 

(11

)

Term certificates

 

 

18

 

 

 

(80

)

 

 

(62

)

           Total interest-bearing deposits

 

 

16

 

 

 

(108

)

 

 

(92

)

FHLBB and FRB advances

 

 

(70

)

 

 

35

 

 

 

(35

)

           Total interest-bearing liabilities

 

 

(54

)

 

 

(73

)

 

 

(127

)

Change in net interest income

 

$

43

 

 

$

65

 

 

$

108

 

 

 

 

Three Months Ended

 

 

 

June 30, 2021 vs. 2020

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

  Loans

 

$

157

 

 

$

(375

)

 

$

(218

)

  Investment securities

 

 

(15

)

 

 

(88

)

 

 

(103

)

  Interest-earning deposits

 

 

4

 

 

 

-

 

 

 

4

 

           Total interest-earning assets

 

 

146

 

 

 

(463

)

 

 

(317

)

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

43

 

 

 

(187

)

 

 

(144

)

NOW accounts

 

 

19

 

 

 

(31

)

 

 

(12

)

Money market accounts

 

 

2

 

 

 

(81

)

 

 

(79

)

Term certificates

 

 

(181

)

 

 

(320

)

 

 

(501

)

           Total interest-bearing deposits

 

 

(117

)

 

 

(619

)

 

 

(736

)

FHLBB and FRB advances

 

 

(98

)

 

 

51

 

 

 

(47

)

           Total interest-bearing liabilities

 

 

(215

)

 

 

(568

)

 

 

(783

)

Change in net interest income

 

$

361

 

 

$

105

 

 

$

466

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

15


 

 

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

 

 

Year to Date

 

 

 

June 30, 2021 vs. 2020

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

  Loans

 

$

313

 

 

$

(643

)

 

$

(330

)

  Investment securities

 

 

(22

)

 

 

(213

)

 

 

(235

)

  Interest-earning deposits

 

 

3

 

 

 

(47

)

 

 

(44

)

           Total interest-earning assets

 

 

294

 

 

 

(903

)

 

 

(609

)

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

11

 

 

 

(340

)

 

 

(329

)

NOW accounts

 

 

18

 

 

 

(33

)

 

 

(15

)

Money market accounts

 

 

(3

)

 

 

(221

)

 

 

(224

)

Term certificates

 

 

(502

)

 

 

(654

)

 

 

(1,156

)

           Total interest-bearing deposits

 

 

(476

)

 

 

(1,248

)

 

 

(1,724

)

FHLBB and FRB advances

 

 

(14

)

 

 

(4

)

 

 

(18

)

           Total interest-bearing liabilities

 

 

(490

)

 

 

(1,252

)

 

 

(1,742

)

Change in net interest income

 

$

784

 

 

$

349

 

 

$

1,133

 


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

16


 

 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

For the Three Months Ended June 30, 2021

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

4,535

 

 

$

664

 

 

$

5,199

 

Provision (credit) for loan losses

 

 

(27

)

 

 

-

 

 

 

(27

)

Net interest income after provision (credit) for loan losses

 

 

4,562

 

 

 

664

 

 

 

5,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

393

 

 

 

26

 

 

 

419

 

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

 

 

-

 

 

 

6,558

 

 

 

6,558

 

Mortgage servicing fees, net

 

 

(94

)

 

 

475

 

 

 

381

 

Other

 

 

158

 

 

 

118

 

 

 

276

 

Total non-interest income

 

 

457

 

 

 

7,177

 

 

 

7,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,746

 

 

 

5,564

 

 

 

7,310

 

Occupancy and equipment

 

 

407

 

 

 

214

 

 

 

621

 

Other non-interest expenses

 

 

1,265

 

 

 

1,431

 

 

 

2,696

 

Total non-interest expenses

 

 

3,418

 

 

 

7,209

 

 

 

10,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and elimination of inter-segment profit

 

$

1,601

 

 

$

632

 

 

 

2,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(818

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

1,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

(162

)

Net income

 

 

 

 

 

 

 

 

 

$

1,577

 

 

 

(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.

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

17


 

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 (credit) 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.

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

18


 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

 

For the Three Months Ended June 30, 2020

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

3,944

 

 

$

789

 

 

$

4,733

 

Provision for loan losses

 

 

1,068

 

 

 

-

 

 

 

1,068

 

Net interest income after provision for loan losses

 

 

2,876

 

 

 

789

 

 

 

3,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

245

 

 

 

21

 

 

 

266

 

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

 

 

-

 

 

 

14,736

 

 

 

14,736

 

Mortgage servicing fees, net

 

 

(95

)

 

 

(1,258

)

 

 

(1,353

)

Other

 

 

85

 

 

 

132

 

 

 

217

 

Total non-interest income

 

 

235

 

 

 

13,631

 

 

 

13,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,925

 

 

 

6,476

 

 

 

8,401

 

Occupancy and equipment

 

 

465

 

 

 

374

 

 

 

839

 

Other non-interest expenses

 

 

1,057

 

 

 

1,082

 

 

 

2,139

 

Total non-interest expenses

 

 

3,447

 

 

 

7,932

 

 

 

11,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(336

)

 

$

6,488

 

 

 

6,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(367

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

5,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

594

 

Net income

 

 

 

 

 

 

 

 

 

$

5,191

 

(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.

 


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

19


 

 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

For the Six Months Ended June 30, 2021

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

8,736

 

 

$

1,554

 

 

$

10,290

 

Provision (credit) for loan losses

 

 

(240

)

 

 

-

 

 

 

(240

)

Net interest income after provision (credit) for loan losses

 

 

8,976

 

 

 

1,554

 

 

 

10,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

733

 

 

 

53

 

 

 

786

 

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

 

 

-

 

 

 

18,232

 

 

 

18,232

 

Mortgage servicing fees, net

 

 

(189

)

 

 

1,349

 

 

 

1,160

 

Other

 

 

309

 

 

 

251

 

 

 

560

 

Total non-interest income

 

 

853

 

 

 

19,885

 

 

 

20,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,548

 

 

 

12,199

 

 

 

15,747

 

Occupancy and equipment

 

 

851

 

 

 

514

 

 

 

1,365

 

Other non-interest expenses

 

 

2,349

 

 

 

3,117

 

 

 

5,466

 

Total non-interest expenses

 

 

6,748

 

 

 

15,830

 

 

 

22,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and elimination of inter-segment profit

 

$

3,081

 

 

$

5,609

 

 

 

8,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(1,499

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

7,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

1,502

 

Net income

 

 

 

 

 

 

 

 

 

$

5,689

 


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

20


 

 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

For the Six Months Ended June 30, 2020

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

7,937

 

 

$

1,220

 

 

$

9,157

 

Provision for loan losses

 

 

1,792

 

 

 

-

 

 

 

1,792

 

Net interest income after provision for loan losses

 

 

6,145

 

 

 

1,220

 

 

 

7,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

518

 

 

 

55

 

 

 

573

 

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

 

 

-

 

 

 

22,209

 

 

 

22,209

 

Mortgage servicing fees, net

 

 

(182

)

 

 

(2,426

)

 

 

(2,608

)

Other

 

 

225

 

 

 

247

 

 

 

472

 

Total non-interest income

 

 

561

 

 

 

20,085

 

 

 

20,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,023

 

 

 

11,504

 

 

 

16,527

 

Occupancy and equipment

 

 

869

 

 

 

668

 

 

 

1,537

 

Other non-interest expenses

 

 

2,203

 

 

 

2,071

 

 

 

4,274

 

Total non-interest expenses

 

 

8,095

 

 

 

14,243

 

 

 

22,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(1,389

)

 

$

7,062

 

 

 

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(695

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

4,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

605

 

Net income

 

 

 

 

 

 

 

 

 

$

4,373

 


 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

21


 

 

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

Unaudited

 

 

 

 

Quarter Ended

 

 

 

 

 

June 30, 2021

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision (credit) for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

1,415

 

 

$

(162

)

 

$

1,577

 

 

$

0.31

 

Loss on disposal of fixed assets

 

Non-interest income

 

 

29

 

 

 

8

 

 

 

21

 

 

 

-

 

Accrued severance expenses

 

Non-interest expense

 

 

145

 

 

 

41

 

 

 

104

 

 

 

0.02

 

Other outsourcing expenses

 

Non-interest expense

 

 

71

 

 

 

20

 

 

 

51

 

 

 

0.01

 

Non-GAAP basis

 

 

 

$

1,660

 

 

$

(93

)

 

$

1,753

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

March 31, 2021

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

5,776

 

 

$

1,664

 

 

$

4,112

 

 

$

0.78

 

Accrued severance expenses

 

Non-interest expense

 

 

109

 

 

 

31

 

 

 

78

 

 

 

0.01

 

Non-GAAP basis

 

 

 

$

5,885

 

 

$

1,695

 

 

$

4,190

 

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

December 31, 2020

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

7,485

 

 

$

2,211

 

 

$

5,274

 

 

$

1.01

 

Residential lending office closure

 

Non-interest expense

 

 

294

 

 

 

63

 

 

 

231

 

 

 

0.04

 

COVID-19 related expenses

 

Non-interest expense

 

 

69

 

 

 

15

 

 

 

54

 

 

 

0.01

 

Non-GAAP basis

 

 

 

$

7,848

 

 

$

2,289

 

 

$

5,559

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

September 30, 2020

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

12,946

 

 

$

2,661

 

 

$

10,285

 

 

$

2.01

 

COVID-19 related expenses

 

Non-interest expense

 

 

22

 

 

 

4

 

 

 

18

 

 

 

-

 

Non-GAAP basis

 

 

 

$

12,968

 

 

$

2,665

 

 

$

10,303

 

 

$

2.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

June 30, 2020

 

Adjustments

 

Income Statement Section

 

Income (Loss) Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

5,785

 

 

$

594

 

 

$

5,191

 

 

$

1.02

 

COVID-19 related expenses

 

Non-interest expense

 

 

189

 

 

 

-

 

 

 

189

 

 

 

0.04

 

Non-GAAP basis

 

 

 

$

5,974

 

 

$

594

 

 

$

5,380

 

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

22


 

 

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

(Unaudited)

 

 

 

 

Year to Date

 

 

 

 

 

June 30, 2021

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

7,191

 

 

$

1,502

 

 

$

5,689

 

 

$

1.10

 

Loss on disposal of fixed assets

 

Non-interest income

 

 

29

 

 

 

8

 

 

 

21

 

 

 

-

 

Accrued severance expenses

 

Non-interest expense

 

 

254

 

 

 

72

 

 

 

182

 

 

 

0.04

 

Other outsourcing expenses

 

Non-interest expense

 

 

71

 

 

 

20

 

 

 

51

 

 

 

0.01

 

Non-GAAP basis

 

 

 

$

7,545

 

 

$

1,602

 

 

$

5,943

 

 

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

 

 

June 30, 2020

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income (Loss)

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

4,978

 

 

$

605

 

 

$

4,373

 

 

$

0.86

 

Retirement salary and benefits compensation

 

Non-interest expense

 

 

692

 

 

 

-

 

 

 

692

 

 

 

0.14

 

Accelerated vesting of stock-based compensation

 

Non-interest expense

 

 

683

 

 

 

-

 

 

 

683

 

 

 

0.13

 

COVID-19 related expenses

 

Non-interest expense

 

 

207

 

 

 

-

 

 

 

207

 

 

 

0.04

 

Non-GAAP basis

 

 

 

$

6,560

 

 

$

605

 

 

$

5,955

 

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

23


 

 

Randolph Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

At or for the Three Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2020

 

Return on average assets: (1, 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

0.86

%

 

 

2.26

%

 

 

2.95

%

 

 

5.82

%

 

 

2.97

%

Non-GAAP (2)

 

 

0.96

%

 

 

2.30

%

 

 

3.11

%

 

 

5.83

%

 

 

3.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity: (1, 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

6.11

%

 

 

15.90

%

 

 

21.05

%

 

 

45.22

%

 

 

25.16

%

Non-GAAP (2)

 

 

6.79

%

 

 

16.21

%

 

 

22.18

%

 

 

45.30

%

 

 

26.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

3.00

%

 

 

2.96

%

 

 

3.02

%

 

 

2.81

%

 

 

2.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income to total income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

56.73

%

 

 

70.93

%

 

 

75.57

%

 

 

80.98

%

 

 

74.04

%

Non-GAAP (2)

 

 

56.83

%

 

 

70.93

%

 

 

75.57

%

 

 

80.98

%

 

 

74.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit percentage (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

11.55

%

 

 

31.76

%

 

 

37.33

%

 

 

54.97

%

 

 

37.59

%

Non-GAAP (2)

 

 

13.56

%

 

 

32.39

%

 

 

39.09

%

 

 

55.06

%

 

 

38.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio: (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

88.45

%

 

 

68.24

%

 

 

62.67

%

 

 

45.03

%

 

 

62.41

%

Non-GAAP (2)

 

 

86.44

%

 

 

67.61

%

 

 

60.91

%

 

 

44.94

%

 

 

61.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital to average assets (3)

 

 

13.72

%

 

 

13.81

%

 

 

13.85

%

 

 

13.28

%

 

 

11.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.86

%

 

 

1.14

%

 

 

1.01

%

 

 

1.38

%

 

 

0.47

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1.19

%

 

 

1.32

%

 

 

1.39

%

 

 

1.35

%

 

 

1.22

%

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

 

 

1.22

%

 

 

1.36

%

 

 

1.41

%

 

 

1.39

%

 

 

1.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

101.89

%

 

 

78.99

%

 

 

94.58

%

 

 

67.21

%

 

 

179.31

%

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

 

 

101.89

%

 

 

77.75

%

 

 

92.87

%

 

 

66.31

%

 

 

186.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (8)

 

$

19.16

 

 

$

18.80

 

 

$

18.16

 

 

$

17.18

 

 

$

15.43

 

Outstanding shares

 

 

5,254,522

 

 

 

5,364,240

 

 

 

5,495,514

 

 

 

5,524,390

 

 

 

5,479,884

 

 

(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 $28,000, $31,000, $33,000, $36,000, and $38,000 at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, and June 30, 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.

 

 

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

24


 

 

Randolph Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

 

 

At or for the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Return on average assets: (1, 5)

 

 

 

 

 

 

 

 

GAAP

 

 

1.56

%

 

 

1.31

%

Non-GAAP (2)

 

 

1.63

%

 

 

1.78

%

 

 

 

 

 

 

 

 

 

Return on average equity: (1, 6)

 

 

 

 

 

 

 

 

GAAP

 

 

11.01

%

 

 

10.77

%

Non-GAAP (2)

 

 

11.50

%

 

 

14.67

%

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

2.98

%

 

 

2.89

%

 

 

 

 

 

 

 

 

 

Non-interest income to total income:

 

 

 

 

 

 

 

 

GAAP

 

 

65.15

%

 

 

68.54

%

Non-GAAP (2)

 

 

65.19

%

 

 

68.54

%

 

 

 

 

 

 

 

 

 

Profit percentage (9)

 

 

 

 

 

 

 

 

GAAP

 

 

23.54

%

 

 

23.26

%

Non-GAAP (2)

 

 

24.71

%

 

 

28.69

%

 

 

 

 

 

 

 

 

 

Efficiency ratio: (7)

 

 

 

 

 

 

 

 

GAAP

 

 

76.46

%

 

 

76.74

%

Non-GAAP (2)

 

 

75.29

%

 

 

71.31

%

 

 

 

 

 

 

 

 

 

Tier 1 capital to average assets (3)

 

 

13.72

%

 

 

11.93

%

 

 

 

 

 

 

 

 

 

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

 

 

0.86

%

 

 

0.47

%

 

 

 

 

 

 

 

 

 

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

 

 

1.19

%

 

 

1.22

%

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

 

 

1.22

%

 

 

1.26

%

 

 

 

 

 

 

 

 

 

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

 

 

101.89

%

 

 

179.31

%

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

 

 

101.89

%

 

 

186.60

%

 

 

 

 

 

 

 

 

 

Tangible book value per share (8)

 

$

19.16

 

 

$

15.43

 

Outstanding shares

 

 

5,254,522

 

 

 

5,479,884

 

 

(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 $28,000 and $38,000 at June 30, 2021 and June 30, 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.

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

25


 

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

 

Loan Payment Deferrals

 

 

 

As of June 30, 2021

 

 

 

Commercial loans

 

 

Residential and consumer loans

 

 

Residential loans serviced for others

 

 

 

(Dollars in thousands)

 

Balance outstanding

 

$

202,743

 

 

$

343,655

 

 

$

1,999,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COVID-19 related loan payment deferrals:

 

 

 

 

 

 

 

 

 

 

 

 

Loans in COVID-19-related loan payment deferral

 

$

1,006

 

 

$

2,209

 

 

$

5,488

 

Loans in deferral as a percentage of category loans

 

 

0.5

%

 

 

0.6

%

 

 

0.3

%

Loans with suspended payment

 

$

1,006

 

 

$

1,957

 

 

$

1,880

 

Loans with reduced payment

 

 

-

 

 

 

252

 

 

 

3,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

have since resumed payment

 

$

36,955

 

 

$

17,683

 

 

$

61,872

 

Loans reinstated (borrower paid any unpaid principal and interest)

 

 

1,551

 

 

 

2,235

 

 

 

5,767

 

Loans on a repayment plan

 

 

-

 

 

 

-

 

 

 

1,341

 

Loans which resumed payment but deferred principal and/or

 

 

 

 

 

 

 

 

 

 

 

 

interest payments to maturity

 

 

28,594

 

 

 

9,309

 

 

 

39,077

 

Loans which were paid off completely

 

 

6,810

 

 

 

5,342

 

 

 

15,687

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

26


 

 

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

 

COVID-19 Highly Impacted Sectors

 

 

As of June 30, 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

 

$

1,067

 

 

$

1,067

 

 

$

-

 

 

$

-

 

 

$

1,067

 

 

$

-

 

 

$

-

 

Hotels/hospitality

 

 

9,592

 

 

 

9,528

 

 

 

64

 

 

 

-

 

 

 

64

 

 

 

9,528

 

 

 

-

 

Restaurants/food service

 

 

2,639

 

 

 

1,526

 

 

 

1,113

 

 

 

-

 

 

 

2,639

 

 

 

-

 

 

 

-

 

Retail/shopping center

 

 

21,887

 

 

 

14,560

 

 

 

-

 

 

 

3,662

 

 

 

16,604

 

 

 

1,618

 

 

 

1,006

 

Other sectors (2)

 

 

11,385

 

 

 

9,433

 

 

 

95

 

 

 

300

 

 

 

9,208

 

 

 

620

 

 

 

-

 

Total loans in COVID-19 impacted sectors

 

$

41,348

 

 

$

36,114

 

 

$

1,272

 

 

$

3,962

 

 

$

29,582

 

 

$

11,766

 

 

$

1,006

 

Percentage of commercial loans outstanding

 

22.7%

 

 

24.6%

 

 

5.3%

 

 

34.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans outstanding

 

$

182,277

 

 

$

146,930

 

 

$

23,869

 

 

$

11,478

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan to value secured by real estate (3)

 

 

 

 

 

54.6%

 

 

 

 

 

 

63.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

This disclosure focuses on industries with balances that are significant to the portfolio at June 30, 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.

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  randolphbancorp.com

 

27

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MA 001-37780 81-1844402 2 Batterymarch Park Suite 301 Quincy MA 02169 877 963-2100 false false false false Common Stock, par value $.01 per share RNDB NASDAQ true false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information
Jul. 27, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 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 2 Batterymarch Park
Entity Address, Address Line Two Suite 301
Entity Address, City or Town Quincy
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02169
City Area Code 877
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
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