Exhibit 99.1

2 Batterymarch Park, Suite 301, Quincy, MA 02169

News Release

For Immediate Release October 26, 2021 For More Information, Contact: William M. Parent, President and Chief Executive Officer (617-925-1955)  

RANDOLPH BANCORP, INC. ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS, INITIATES QUARTERLY CASH DIVIDEND, AND ANNOUNCES SHARE BUYBACK PROGRAM

QUINCY, Massachusetts, October 26, 2021 – Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $3.1 million, or $0.64 per basic share and $0.62 per diluted share, for the three months ended September 30, 2021 compared to net income of $1.6 million, or $0.32 per basic and $0.31 per diluted share, for the three months ended June 30, 2021 and net income of $10.3 million, or $2.01 per basic and diluted share, for the three months ended September 30, 2020. Excluding one-time events of $139,000 in severance expenses and $190,000 in other outsourcing expenses, net income on a non-GAAP basis was $3.4 million, or $0.67 per diluted share, for the three months ended September 30, 2021. 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, net income on a non-GAAP basis was $1.8 million, or $0.34 per diluted share, for the three months ended June 30, 2021. Excluding $22,000 of operating expenses related to addressing the COVID-19 pandemic, net income on a non-GAAP basis for the three months ended September 30, 2020 was $10.3 million, or $2.01 per diluted share.

For the nine months ended September 30, 2021, net income was $8.8 million, or $1.78 per basic share and $1.71 per diluted share, compared to net income of $14.7 million, or $2.86 per basic and diluted share, for the nine months ended September 30, 2020. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $9.3 million, or $1.80 per diluted share, for the nine months ended September 30, 2021, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $16.0 million, or $3.12 per diluted share, for the nine months ended September 30, 2020.

The Company announced that its Board of Directors declared a regular quarterly dividend of $0.15 per common share. The dividend will be payable on or about November 23, 2021, to shareholders of record as of November 9, 2021.

Additionally, the Company announced today a new share repurchase program to purchase up to 510,000 shares of its common stock, representing approximately 10.0% of the Company’s outstanding common stock. Repurchases under this program may be made in open market transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company  to purchase any particular number of shares. The repurchase program will expire on October 29, 2022, and may be suspended or terminated at any time.

At September 30, 2021, total assets amounted to $751.1 million, compared to $744.1 million at June 30, 2021, an increase of $7.0 million, or 0.9%. Total loans increased by $23.6 million, or 4.3%, to $570.0 million at September 30, 2021 from $546.4 million at June 30, 2021, and loans held for sale increased by $1.1 million to $75.4 million at September 30, 2021 from $74.3 million at June 30, 2021. Compared to September 30, 2020, total assets grew $28.1 million, or 3.9% from $723.0 million. The growth from the prior year period was driven by an increase in total loans of $80.0 million, or 16.3%, partially offset by a decrease in loans held for sale of $12.4 million and a decrease in cash and cash equivalents of $36.3 million.

William M. Parent, President and Chief Executive Officer, stated, “The third quarter was a strong quarter for our Company, as our local economy continued to progress to more normal post pandemic operations. Strong loan growth, net interest margin expansion, net interest income growth, improved credit metrics and mortgage banking income drove strong earnings contributions across our organization. Our decision to initiate a regular quarterly dividend reflects the continued improvement in our operating performance and our optimism for what lies ahead for our Company. This dividend also complements our share buyback program, which, along with continued organic growth, gives us versatility to deploy our excess capital in a balanced and effective manner.”

Third Quarter Operating Results

Net interest income increased by $777,000, or 14.9%, to $6.0 million for the three months ended September 30, 2021 from $5.2 million for the three months ended June 30, 2021. This increase was primarily due to $318,000 of fee accretion earned from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”), commercial real estate loan growth, and a decrease in the rates paid on term certificates of deposit. The yield earned on interest-earning assets increased by 33 basis points from the prior quarter, and the rate paid on interest-bearing liabilities improved by 6 basis points from the prior quarter. Accordingly, the net interest margin increased by 38 basis points, to 3.38% in the third quarter from 3.00% in the second quarter.

Net interest income increased by $1.3 million, or 28.0%, to $6.0 million for the three months ended September 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 57 basis points to 3.38%, from 2.81%. The improvement reflects average loan growth of $82.1 million from the prior year quarter, while the cost of interest-bearing liabilities decreased by 38 basis points, and the yield on interest-earning assets increased by 25 basis points between periods.

The Company recognized a credit for loan losses of $90,000 for the quarter ended September 30, 2021, driven by changes in the qualitative factors related to the impact of the COVID-19 pandemic used in the Company’s calculation, along with improvements in overall credit quality trends, which were partially offset by total loan growth of $23.6 million from the prior quarter. The allowance for loan losses was 1.13%, 1.19% and 1.34% of total loans at September 30, 2021, June 30, 2021 and September 30, 2020, respectively, and was 427.7%, 101.9% and 67.2% of non-performing assets at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.

Non-interest income increased $1.3 million, or 19.6%, to $8.1 million for the quarter ended September 30, 2021 from $6.8 million in the quarter ended June 30, 2021, due to an increase of $1.5 million in the net gain on loan origination and sale activities, partially offset by a decrease in net mortgage servicing fees of $107,000. Sold mortgages totaled $260.5 million in the third quarter of 2021, compared to $342.8 million in the second quarter of 2021. The third quarter of 2021 ended with a mortgage pipeline of $158.1 million, compared to a pipeline of $139.7 million at the end of the second quarter of 2021. The stabilization of the mortgage banking pipeline was a key contributor to the improvement in the gain on loan origination and sale activities from the prior quarter. Mortgage servicing fees decreased $107,000, or 28.1%, to $274,000 for the third quarter of 2021 from $381,000 in the second quarter of 2021 as a result of expenses paid to the bank’s new mortgage sub-servicer of $252,000 for the last two months of the quarter, partially offset by a positive fair value adjustment of $38,000 in the third quarter of 2021, compared to a provision of $65,000 for the second quarter of 2021, based on an increase in mortgage interest rates, and a decrease in the monthly amortization of mortgage servicing rights from the prior quarter, which reflects slower prepayment speeds.

Non-interest income decreased $11.7 million, or 59.0%, to $8.1 million for the quarter ended September 30, 2021 from $19.9 million for the quarter ended September 30, 2020, principally due to a decrease of $10.9 million in the net gain on loan origination and sale activities, and a decrease of $906,000 in net mortgage servicing fees. Sold mortgage loans totaled $260.5 million in the third quarter of 2021, compared to sold mortgage loans of $410.4 million during the third quarter of 2020. The third quarter of 2021 ended with a mortgage pipeline of $158.1 million, compared to a pipeline of $418.9 million

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

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at the end of the third quarter of 2020.Mortgage servicing fees decreased $906,000 in the quarter ended September 30, 2021, principally due to a positive valuation adjustment of mortgage servicing rights of $1.1 million in the quarter ended September 30, 2020.

Non-interest expenses decreased $768,000, or 7.2%, to $9.9 million in the quarter ended September 30, 2021 from $10.6 million in the quarter ended June 30, 2021. The decrease was due to a decrease in salaries and employee benefits expense of $929,000, or 12.7%, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and by reductions in headcount related to the bank’s outsourcing of mortgage loan servicing, partially offset by $190,000 of one-time conversion expenses related to the new mortgage loan sub-servicer included in other non-interest expenses.

Non-interest expenses decreased $1.2 million to $9.9 million in the quarter ended September 30, 2021 from $11.1 million in the quarter ended September 30, 2020. The decrease is principally due to a decrease in salaries and employee benefits of $1.5 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and reduced headcount, partially offset by a $253,000 increase in other non-interest expenses, which included one-time conversion expenses for the bank’s new mortgage loan sub-servicer, as well as increases related to fees and stock-based compensation paid to new members of the Company’s Board of Directors.

The income tax expense was $1.2 million for the three months ended September 30, 2021 compared to income tax benefit of $162,000 for the three months ended June 30, 2021 and income tax expense of $2.7 million for the three months ended September 30, 2020. 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 $2.4 million, or 17.6%, to $16.3 million, for the nine months ended September 30, 2021 from $13.8 million for the nine months ended September 30, 2020. The change reflects the shortening and downward pricing of deposit liabilities, and to a lesser extent, loan growth. The composition of our deposit base improved as the average balance of savings and NOW accounts for the nine months ended September 30, 2021 increased $35.9 million, or 23.2%, and $12.9 million, or 23.7%, respectively, from the nine months ended September 30, 2020, while the average balance of our term certificates decreased $54.4 million, or 34.1%, from the prior year. The activity resulted in a 58 basis point decrease in the cost of interest-bearing liabilities. Average loan growth of $53.7 million, or 9.7% from the prior year more than offset a 23 basis point decline in loan yields.

The Company recognized a credit for loan losses of $330,000 for the nine months ended September 30, 2021 compared to a provision of $2.3 million in the prior year period. At September 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 $12.4 million, or 31.2%, to $27.4 million for the nine months ended September 30, 2021 from $39.8 million in the nine months ended September 30, 2020, principally due to a decrease of $15.7 million in the net gain on loan origination and sale activities. Mortgage loans sold were $1.1 billion in the first nine months of 2021, unchanged from the first nine months of 2020. Net gain on loan origination and sale activities decreased, as a result of both lower loan sale margins and the impact of a shrinking mortgage banking pipeline during the nine months ended September 30, 2021, compared to an increasing mortgage banking pipeline during the nine months ended September 30, 2020. Mortgage servicing fees increased $2.9 million in the first nine months of 2021 to $1.4 million from a loss of $1.4 million in the first nine months of 2020, primarily due to positive fair value adjustments of $395,000 in the first nine months of 2021 and impairment charges of $2.0 million in the first nine months of 2020.

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

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Non-interest expenses decreased $952,000, or 2.9%, to $32.4 million for the nine months ended September 30, 2021 from $33.4 million for the nine months ended September 30, 2020. Non-interest expenses in the first nine months of 2020 included one-time charges of $1,375,000 related to the retirement of senior executives as well as $229,000 of COVID-19 pandemic-related expenses. Occupancy and equipment expenses decreased $316,000 in the first nine months of 2021 over the prior year period, as the Company migrated to a hybrid work environment and reduced its overall real estate footprint by closing six loan production offices, a lending center office, and by reducing the office space for the bank’s main administrative office since the prior year, and a reduction in COVID-19 pandemic related spending. These decreases were partially offset by increases in other non-interest expenses of $1.1 million, related to one-time conversion expenses for the bank’s new mortgage sub-servicer, increases to board fees and stock-based compensation paid to new members of the bank’s Board of Directors, and the bank’s provision for unfunded commitments for commercial real estate and commercial construction originations.

Income tax expenses decreased to $2.7 million for the nine months ended September 30, 2021 from $3.3 million for the nine months ended September 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 September 30, 2021, total assets amounted to $751.1 million, compared to $744.1 million at June 30, 2021, an increase of $7.0 million, or 0.9%. A $24.0 million increase in net loans from the prior quarter was partially offset by a $22.0 million decrease in cash and cash equivalents. Net loan growth of 4.4% was driven by commercial real estate growth of $17.4 million, or 10.4%, and home equity and construction loan growth of $5.6 million and $5.4 million, respectively. Deposits increased by $1.4 million in the quarter, including an increase of $9.4 million in non-interest bearing deposits. In addition, the Company increased borrowings by $12.9 million in the quarter.

Total assets at September 30, 2021 increased $28.1 million, or 3.9% from $723.0 million at September 30, 2020. Contributing to asset growth was a $80.1 million increase in net loans to $564.6 million at September 30, 2021 from $484.5 million at September 30, 2020. Cash and cash equivalents decreased by $36.2 million, or 73.8%, to $12.9 million at September 30, 2021 from $49.1 million at September 30, 2020, mainly to fund growth in net loans. Commercial real estate loans increased by $43.2 million, or 30.5%, 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 $523.3 million at September 30, 2021, increasing by $38.3 million, or 7.9%, from $485.0 million at September 30, 2020. Driving the growth in retail deposits was customers’ receipt of government stimulus and our focus on deposit gathering. Federal Home Loan Bank of Boston (“FHLBB”) advances decreased by $4.0 million to $62.9 million at September 30, 2021, from $66.9 million at September 30, 2020, and Federal Reserve Bank advances decreased by $15.3 million.

Total stockholders’ equity was $100.6 million at September 30, 2021 compared to $100.7 million at June 30, 2021. The decrease of $113,000 reflects share repurchases during the period of $3.4 million, partially offset by net income of $3.1 million.

Total stockholders’ equity was $100.6 million at September 30, 2021 compared to $94.9 million at September 30, 2020. The increase of $5.7 million relates mainly to net income from the previous twelve months of $14.1 million, partially offset by share repurchases of $8.8 million.

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 SBA PPP, for which we funded $26.2 million of SBA PPP Loans through September 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

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

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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 continue to 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.

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. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “assume”, “outlook”, “will”, “should”, and other expressions that predict or indicate future events and trends and which do not relate to historical matters. 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 SBA 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 SEC. 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

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Randolph Bancorp, Inc.

Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)

										% Change
	September 30,			June 30,			September 30,			Sep 2021 vs.			Sep 2021 vs.
		2021			2021			2020		Jun 2021			Sep 2020
Assets
Cash and cash equivalents	$	12,876		$	34,876		$	49,091			(63.1	)%		(73.8	)%
Securities available for sale, at fair value		51,725			50,212			55,551			3.0	%		(6.9	)%
Loans held for sale, at fair value		75,400			74,277			87,805			1.5	%		(14.1	)%
Loans:
1-4 family residential		265,561			263,992			235,955			0.6	%		12.5	%
Home equity		56,124			50,555			48,097			11.0	%		16.7	%
Commercial real estate		185,100			167,691			141,862			10.4	%		30.5	%
Construction		34,479			29,140			32,064			18.3	%		7.5	%
Total real estate loans		541,264			511,378			457,978			5.8	%		18.2	%
Commercial and industrial		19,896			25,826			20,388			(23.0	)%		(2.4	)%
Consumer		8,860			9,194			11,696			(3.6	)%		(24.2	)%
Total loans		570,020			546,398			490,062			4.3	%		16.3	%
Allowance for loan losses		(6,432	)		(6,523	)		(6,597	)		(1.4	)%		(2.5	)%
Net deferred loan costs and fees, and purchase premiums		1,031			785			1,083			31.3	%		(4.8	)%
Loans, net		564,619			540,660			484,548			4.4	%		16.5	%
Federal Home Loan Bank of Boston stock, at cost		3,239			2,855			3,797			13.5	%		(14.7	)%
Accrued interest receivable		1,763			1,523			1,654			15.8	%		6.6	%
Mortgage servicing rights, net		15,402			15,375			10,944			0.2	%		40.7	%
Premises and equipment, net		6,462			5,115			5,133			26.3	%		25.9	%
Bank-owned life insurance		8,744			8,703			8,577			0.5	%		1.9	%
Foreclosed real estate, net		-			-			132		-%				(100.0	)%
Other assets		10,867			10,546			15,736			3.0	%		(30.9	)%
Total assets	$	751,097		$	744,142		$	722,968			0.9	%		3.9	%
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	134,058		$	124,683		$	93,352			7.5	%		43.6	%
Savings accounts		188,346			190,584			175,316			(1.2	)%		7.4	%
NOW accounts		53,804			51,059			47,032			5.4	%		14.4	%
Money market accounts		73,562			73,967			74,874			(0.5	)%		(1.8	)%
Term certificates		73,519			74,631			94,438			(1.5	)%		(22.2	)%
Interest bearing brokered		50,116			57,059			37,273			(12.2	)%		34.5	%
Total deposits		573,405			571,983			522,285			0.2	%		9.8	%
Federal Reserve Bank advances		-			-			15,318		-%				(100.0	)%
Federal Home Loan Bank of Boston advances		62,900			50,016			66,903			25.8	%		(6.0	)%
Mortgagors' escrow accounts		1,905			1,783			1,959			6.8	%		(2.8	)%
Post-employment benefit obligations		2,182			2,226			2,289			(2.0	)%		(4.7	)%
Other liabilities		10,108			17,424			19,276			(42.0	)%		(47.6	)%
Total liabilities		650,500			643,432			628,030			1.1	%		3.6	%
Stockholders' Equity:
Common stock		50			52			55			(3.8	)%		(9.1	)%
Additional paid-in capital		43,574			46,740			51,201			(6.8	)%		(14.9	)%
Retained earnings		60,504			57,378			46,415			5.4	%		30.4	%
ESOP-Unearned compensation		(3,615	)		(3,662	)		(3,803	)		(1.3	)%		(4.9	)%
Accumulated other comprehensive income, net of tax		84			202			1,070			(58.4	)%		(92.1	)%
Total stockholders' equity		100,597			100,710			94,938			(0.1	)%		6.0	%
Total liabilities and stockholders' equity	$	751,097		$	744,142		$	722,968			0.9	%		3.9	%

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

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Randolph Bancorp, Inc.

Consolidated Balance Sheet Trend

(Dollars in thousands)

(Unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
		2021			2021			2021			2020			2020
Assets
Cash and cash equivalents	$	12,876		$	34,876		$	54,950		$	13,774		$	49,091
Securities available for sale, at fair value		51,725			50,212			54,148			55,366			55,551
Loans held for sale, at fair value		75,400			74,277			93,176			119,112			87,805
Loans:
1-4 family residential		265,561			263,992			239,190			235,648			235,955
Home equity		56,124			50,555			49,073			48,166			48,097
Commercial real estate		185,100			167,691			146,930			143,893			141,862
Construction		34,479			29,140			29,975			31,050			32,064
Total real estate loans		541,264			511,378			465,168			458,757			457,978
Commercial and industrial		19,896			25,826			23,869			20,259			20,388
Consumer		8,860			9,194			8,724			10,289			11,696
Total loans		570,020			546,398			497,761			489,305			490,062
Allowance for loan losses		(6,432	)		(6,523	)		(6,563	)		(6,784	)		(6,597	)
Net deferred loan costs and fees, and purchase premiums		1,031			785			785			1,123			1,083
Loans, net		564,619			540,660			491,983			483,644			484,548
Federal Home Loan Bank of Boston stock, at cost		3,239			2,855			3,576			3,576			3,797
Accrued interest receivable		1,763			1,523			1,501			1,562			1,654
Mortgage servicing rights, net		15,402			15,375			14,744			12,377			10,944
Premises and equipment, net		6,462			5,115			4,709			4,781			5,133
Bank-owned life insurance		8,744			8,703			8,662			8,622			8,577
Foreclosed real estate, net		-			-			132			132			132
Other assets		10,867			10,546			10,607			18,126			15,736
Total assets	$	751,097		$	744,142		$	738,188		$	721,072		$	722,968
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	134,058		$	124,683		$	118,623		$	96,731		$	93,352
Savings accounts		188,346			190,584			192,712			185,481			175,316
NOW accounts		53,804			51,059			62,772			53,530			47,032
Money market accounts		73,562			73,967			78,236			77,393			74,874
Term certificates		73,519			74,631			75,690			83,444			94,438
Interest bearing brokered		50,116			57,059			32,225			31,728			37,273
Total deposits		573,405			571,983			560,258			528,307			522,285
Federal Reserve Bank advances		-			-			-			11,431			15,318
Federal Home Loan Bank of Boston advances		62,900			50,016			60,024			61,895			66,903
Mortgagors' escrow accounts		1,905			1,783			1,924			2,338			1,959
Post-employment benefit obligations		2,182			2,226			2,235			2,382			2,289
Other liabilities		10,108			17,424			12,888			14,900			19,276
Total liabilities		650,500			643,432			637,329			621,253			628,030
Stockholders' Equity:
Common stock		50			52			53			54			55
Additional paid-in capital		43,574			46,740			48,613			50,937			51,201
Retained earnings		60,504			57,378			55,801			51,689			46,415
ESOP-Unearned compensation		(3,615	)		(3,662	)		(3,709	)		(3,756	)		(3,803	)
Accumulated other comprehensive income, net of tax		84			202			101			895			1,070
Total stockholders' equity		100,597			100,710			100,859			99,819			94,938
Total liabilities and stockholders' equity	$	751,097		$	744,142		$	738,188		$	721,072		$	722,968

Randolph Bancorp, Inc.

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

7

Consolidated Statements of Operations

(Dollars in thousands except per share amounts)

(Unaudited)

	Three Months Ended								% Change
	September 30,			June 30,			September 30,		Sep 2021 vs.			Sep 2021 vs.
	2021			2021			2020		Jun 2021			Sep 2020
Interest and dividend income:
Loans	$	6,226		$	5,505		$	5,337		13.1	%		16.7	%
Other interest and dividend income		227			237			311		(4.2	)%		(27.0	)%
Total interest and dividend income		6,453			5,742			5,648		12.4	%		14.3	%
Interest expense		477			543			979		(12.2	)%		(51.3	)%
Net interest income		5,976			5,199			4,669		14.9	%		28.0	%
Provision (credit) for loan losses		(90	)		(27	)		546		233.3	%		(116.5	)%
Net interest income after provision (credit) for loan losses		6,066			5,226			4,123		16.1	%		47.1	%
Non-interest income:
Customer service fees		410			419			330		(2.1	)%		24.2	%
Gain on loan origination and sale activities, net		7,229			5,740			18,102		25.9	%		(60.1	)%
Mortgage servicing fees, net		274			381			1,180		(28.1	)%		(76.8	)%
Other		236			276			262		(14.5	)%		(9.9	)%
Total non-interest income		8,149			6,816			19,874		19.6	%		(59.0	)%
Non-interest expenses:
Salaries and employee benefits		6,381			7,310			7,911		(12.7	)%		(19.3	)%
Occupancy and equipment		714			621			859		15.0	%		(16.9	)%
Professional fees		490			323			253		51.7	%		93.7	%
Marketing		134			200			154		(33.0	)%		(13.0	)%
FDIC insurance		54			54			41		0.0	%		31.7	%
Other non-interest expenses		2,086			2,119			1,833		(1.6	)%		13.8	%
Total non-interest expenses		9,859			10,627			11,051		(7.2	)%		(10.8	)%
Income before income taxes		4,356			1,415			12,946		207.8	%		(66.4	)%
Income tax expense (benefit)		1,230			(162	)		2,661		(859.3	)%		(53.8	)%
Net income	$	3,126		$	1,577		$	10,285		98.2	%		(69.6	)%
Net income per share:
Basic	$	0.64		$	0.32		$	2.01
Diluted	$	0.62		$	0.31		$	2.01
Weighted average shares outstanding:
Basic		4,869,155			4,921,182			5,120,367
Diluted		5,074,676			5,135,582			5,120,367

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
	September 30,			September 30,			Sep 2021 vs.
	2021			2020			Sep 2020
Interest and dividend income:
Loans	$	17,239		$	16,680			3.4	%
Other interest and dividend income		717			1,080			(33.6	)%
Total interest and dividend income		17,956			17,760			1.1	%
Interest expense		1,690			3,933			(57.0	)%
Net interest income		16,266			13,827			17.6	%
Provision (credit) for loan losses		(330	)		2,338			(114.1	)%
Net interest income after provision (credit) for loan losses		16,596			11,489			44.5	%
Non-interest income:
Customer service fees		1,196			902			32.6	%
Gain on loan origination and sale activities, net		23,962			39,616			(39.5	)%
Mortgage servicing fees, net		1,434			(1,428	)		(200.4	)%
Other		796			734			8.4	%
Total non-interest income		27,388			39,824			(31.2	)%
Non-interest expenses:
Salaries and employee benefits		22,128			24,439			(9.5	)%
Occupancy and equipment		2,079			2,395			(13.2	)%
Professional fees		1,374			888			54.7	%
Marketing		504			458			10.0	%
FDIC insurance		162			136			19.1	%
Other non-interest expenses		6,190			5,073			22.0	%
Total non-interest expenses		32,437			33,389			(2.9	)%
Income before income taxes		11,547			17,924			(35.6	)%
Income tax expense		2,732			3,266			(16.4	)%
Net income	$	8,815		$	14,658			(39.9	)%
Net income per share:
Basic	$	1.78		$	2.86
Diluted	$	1.71		$	2.86
Weighted average shares outstanding:
Basic		4,948,137			5,123,705
Diluted		5,153,548			5,126,077

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
	September 30,			June 30,			March 31,			December 31,		September 30,
	2021			2021			2021			2020		2020
Interest and dividend income:
Loans	$	6,226		$	5,505		$	5,508		$	5,532	$	5,337
Other interest and dividend income		227			237			253			296		311
Total interest and dividend income		6,453			5,742			5,761			5,828		5,648
Interest expense		477			543			670			788		979
Net interest income		5,976			5,199			5,091			5,040		4,669
Provision (credit) for loan losses		(90	)		(27	)		(213	)		215		546
Net interest income after provision (credit) for loan losses		6,066			5,226			5,304			4,825		4,123
Non-interest income:
Customer service fees		410			419			367			381		330
Gain on loan origination and sale activities, net		7,229			5,740			10,993			14,620		18,102
Mortgage servicing fees, net		274			381			779			275		1,180
Other		236			276			284			311		262
Total non-interest income		8,149			6,816			12,423			15,587		19,874
Non-interest expenses:
Salaries and employee benefits		6,381			7,310			8,437			8,722		7,911
Occupancy and equipment		714			621			744			1,150		859
Professional fees		490			323			561			389		253
Marketing		134			200			170			231		154
FDIC insurance		54			54			54			51		41
Other non-interest expenses		2,086			2,119			1,985			2,384		1,833
Total non-interest expenses		9,859			10,627			11,951			12,927		11,051
Income before income taxes		4,356			1,415			5,776			7,485		12,946
Income tax expense (benefit)		1,230			(162	)		1,664			2,211		2,661
Net income	$	3,126		$	1,577		$	4,112		$	5,274	$	10,285
Net income per share:
Basic	$	0.64		$	0.32		$	0.81		$	1.03	$	2.01
Diluted	$	0.62		$	0.31		$	0.78		$	1.01	$	2.01
Weighted average shares outstanding:
Basic		4,869,155			4,921,182			5,056,165			5,135,069		5,120,367
Diluted		5,074,676			5,135,582			5,254,907			5,244,414		5,120,367

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
	September 30, 2021								June 30, 2021								September 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)	$	641,443		$	6,226		3.88	%	$	592,750		$	5,505		3.71	%	$	559,370		$	5,337		3.82	%
Investment securities(2) (3)		54,229			224		1.65	%		55,376			229		1.65	%		57,211			305		2.13	%
Interest-earning deposits		11,002			4		0.15	%		43,888			8		0.07	%		48,949			7		0.06	%
Total interest-earning assets		706,674			6,454		3.65	%		692,014			5,742		3.32	%		665,530			5,649		3.40	%
Noninterest-earning assets		44,614								40,257								41,037
Total assets	$	751,288							$	732,271							$	706,567
Interest-bearing liabilities:
Savings accounts		189,254			76		0.16	%		192,434			89		0.18	%		170,762			172		0.40	%
NOW accounts		61,951			23		0.15	%		69,730			38		0.22	%		57,646			41		0.28	%
Money market accounts		73,662			41		0.22	%		72,469			43		0.24	%		72,369			75		0.41	%
Term certificates		113,787			160		0.56	%		104,604			176		0.67	%		131,053			442		1.35	%
Total interest-bearing deposits		438,654			300		0.27	%		439,237			346		0.32	%		431,830			730		0.68	%
FHLBB and FRB advances		64,047			178		1.11	%		51,502			198		1.54	%		82,639			249		1.21	%
Total interest-bearing liabilities		502,701			478		0.38	%		490,739			544		0.44	%		514,469			979		0.76	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		126,165								124,656								88,394
Other noninterest-bearing liabilities		19,021								13,606								12,724
Total liabilities		647,887								629,001								615,587
Total stockholders' equity		103,401								103,270								90,980
Total liabilities and stockholders' equity	$	751,288							$	732,271							$	706,567
Net interest income				$	5,976							$	5,198							$	4,670
Interest rate spread(4)							3.27	%							2.88	%							2.64	%
Net interest-earning assets(5)	$	203,973							$	201,275							$	151,061
Net interest margin(6)							3.38	%							3.00	%							2.81	%
Ratio of interest-earning assets to interest-bearing liabilities		140.58	%							141.01	%							129.36	%

(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 September 30, 2021, June 30, 2021 and September 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)

	Year to Date
	September 30, 2021								September 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)	$	609,579		$	17,239		3.77	%	$	555,838		$	16,680		4.00	%
Investment securities(2) (3)		55,795			701		1.68	%		58,201			1,016		2.33	%
Interest-earning deposits		30,037			19		0.08	%		30,177			68		0.30	%
Total interest-earning assets		695,411			17,959		3.44	%		644,216			17,764		3.68	%
Noninterest-earning assets		42,312								37,509
Total assets	$	737,723							$	681,725
Interest-bearing liabilities:
Savings accounts		190,663			261		0.18	%		154,736			689		0.59	%
NOW accounts		67,036			109		0.22	%		54,185			142		0.35	%
Money market accounts		74,033			138		0.25	%		70,712			394		0.74	%
Term certificates		105,184			574		0.73	%		159,540			2,012		1.68	%
Total interest-bearing deposits		436,916			1,082		0.33	%		439,173			3,237		0.98	%
FHLBB and FRB advances		62,110			608		1.31	%		69,672			696		1.33	%
Total interest-bearing liabilities		499,026			1,690		0.45	%		508,845			3,933		1.03	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		119,320								76,397
Other noninterest-bearing liabilities		16,014								11,996
Total liabilities		634,360								597,238
Total stockholders' equity		103,363								84,487
Total liabilities and stockholders' equity	$	737,723							$	681,725
Net interest income				$	16,269							$	13,831
Interest rate spread(4)							2.99	%							2.65	%
Net interest-earning assets(5)	$	196,385							$	135,371
Net interest margin(6)							3.12	%							2.86	%
Ratio of interest-earning assets to interest-bearing liabilities		139.35	%							126.60	%

(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 $3,000 and $4,000 for the nine months ended September 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
	September 30,		June 30,		March 31,		December 31,		September 30,
	2021		2021		2021		2020		2020
Interest-earning assets:
Total loans	$	641,443	$	592,750	$	594,021	$	580,002	$	559,370
Investment securities		54,229		55,376		57,818		58,329		57,211
Interest-earning deposits		11,002		43,888		35,492		30,573		48,949
Total interest-earning assets		706,674		692,014		687,331		668,904		665,530
Non-interest earning assets		44,614		40,257		42,045		45,015		41,037
Total assets	$	751,288	$	732,271	$	729,376	$	713,919	$	706,567
Interest-bearing liabilities:
Savings accounts	$	189,254	$	192,434	$	190,313	$	181,653	$	170,762
NOW accounts		61,951		69,730		69,511		59,005		57,646
Money market accounts		73,662		72,469		75,994		75,106		72,369
Term certificates		113,787		104,604		96,978		112,260		131,053
Total interest-bearing deposits		438,654		439,237		432,796		428,024		431,830
FHLBB and FRB advances		64,047		51,502		70,857		77,584		82,639
Total interest-bearing liabilities		502,701		490,739		503,653		505,608		514,469
Noninterest-bearing liabilities:
Noninterest-bearing deposits		126,165		124,656		106,929		94,540		88,394
Other noninterest-bearing liabilities		19,021		13,606		15,375		13,539		12,724
Total liabilities		647,887		629,001		625,957		613,687		615,587
Total stockholders' equity		103,401		103,270		103,419		100,232		90,980
Total liabilities and stockholders' equity	$	751,288	$	732,271	$	729,376	$	713,919	$	706,567

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

13

Randolph Bancorp, Inc.

Average Yield Trend

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Interest-earning assets:
Total loans		3.88	%		3.71	%		3.71	%		3.82	%		3.82	%
Investment securities		1.65	%		1.65	%		1.71	%		1.99	%		2.13	%
Interest-earning deposits		0.15	%		0.07	%		0.08	%		0.10	%		0.06	%
Total interest-earning assets		3.65	%		3.32	%		3.35	%		3.49	%		3.40	%
Interest-bearing liabilities:
Savings accounts		0.16	%		0.18	%		0.21	%		0.31	%		0.40	%
NOW accounts		0.15	%		0.22	%		0.28	%		0.29	%		0.28	%
Money market accounts		0.22	%		0.24	%		0.28	%		0.33	%		0.41	%
Term certificates		0.56	%		0.67	%		0.98	%		1.04	%		1.35	%
Total interest-bearing deposits		0.27	%		0.32	%		0.40	%		0.50	%		0.68	%
FHLBB and FRB advances		1.11	%		1.54	%		1.31	%		1.27	%		1.21	%
Total interest-bearing liabilities		0.38	%		0.44	%		0.53	%		0.62	%		0.76	%
Interest rate spread		3.27	%		2.88	%		2.82	%		2.87	%		2.64	%
Net interest rate margin		3.38	%		3.00	%		2.96	%		3.02	%		2.81	%
Ratio of interest-earning assets to interest-bearing liabilities		140.58	%		141.01	%		136.47	%		132.30	%		129.36	%

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
	September 30, 2021 vs. June 30, 2021
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans	$	463		$	258		$	721
Investment securities		(5	)		-			(5	)
Interest-earning deposits		(9	)		4			(5	)
Total interest-earning assets		449			262			711
Interest-bearing liabilities:
Savings accounts		(2	)		(11	)		(13	)
NOW accounts		(4	)		(11	)		(15	)
Money market accounts		1			(3	)		(2	)
Term certificates		14			(30	)		(16	)
Total interest-bearing deposits		9			(55	)		(46	)
FHLBB and FRB advances		42			(62	)		(20	)
Total interest-bearing liabilities		51			(117	)		(66	)
Change in net interest income	$	398		$	379		$	777

	Three Months Ended
	September 30, 2021 vs. 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans	$	803		$	86		$	889
Investment securities		(15	)		(66	)		(81	)
Interest-earning deposits		(9	)		6			(3	)
Total interest-earning assets		779			26			805
Interest-bearing liabilities:
Savings accounts		17			(113	)		(96	)
NOW accounts		3			(21	)		(18	)
Money market accounts		1			(35	)		(34	)
Term certificates		(52	)		(230	)		(282	)
Total interest-bearing deposits		(31	)		(399	)		(430	)
FHLBB and FRB advances		(52	)		(20	)		(72	)
Total interest-bearing liabilities		(83	)		(419	)		(502	)
Change in net interest income	$	862		$	445		$	1,307

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
	September 30, 2021 vs. 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans	$	751		$	(192	)	$	559
Investment securities		(40	)		(276	)		(316	)
Interest-earning deposits		-			(48	)		(48	)
Total interest-earning assets		711			(516	)		195
Interest-bearing liabilities:
Savings accounts		(27	)		(399	)		(426	)
NOW accounts		1			(34	)		(33	)
Money market accounts		(5	)		(251	)		(256	)
Term certificates		(541	)		(897	)		(1,438	)
Total interest-bearing deposits		(572	)		(1,581	)		(2,153	)
FHLBB and FRB advances		(77	)		(13	)		(90	)
Total interest-bearing liabilities		(649	)		(1,594	)		(2,243	)
Change in net interest income	$	1,360		$	1,078		$	2,438

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 September 30, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	5,243		$	733	$	5,976
Provision (credit) for loan losses		(90	)		-		(90	)
Net interest income after provision (credit) for loan losses		5,333			733		6,066
Non-interest income:
Customer service fees		394			16		410
Gain on loan origination and sale activities, net (1)		-			7,925		7,925
Mortgage servicing fees, net		(222	)		496		274
Other		105			131		236
Total non-interest income		277			8,568		8,845
Non-interest expenses:
Salaries and employee benefits		1,742			4,639		6,381
Occupancy and equipment		473			241		714
Other non-interest expenses		1,046			1,718		2,764
Total non-interest expenses		3,261			6,598		9,859
Income before income taxes and elimination of inter-segment profit	$	2,349		$	2,703		5,052
Elimination of inter-segment profit							(696	)
Income before income taxes							4,356
Income tax expense							1,230
Net income						$	3,126

(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 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

18

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

	For the Three Months Ended September 30, 2020
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	4,032		$	637	$	4,669
Provision for loan losses		546			-		546
Net interest income after provision for loan losses		3,486			637		4,123
Non-interest income:
Customer service fees		309			21		330
Gain on loan origination and sale activities, net (1)		-			18,459		18,459
Mortgage servicing fees, net		(98	)		1,278		1,180
Other		93			169		262
Total non-interest income		304			19,927		20,231
Non-interest expenses:
Salaries and employee benefits		1,959			5,952		7,911
Occupancy and equipment		437			422		859
Other non-interest expenses		1,084			1,197		2,281
Total non-interest expenses		3,480			7,571		11,051
Income before income taxes and elimination of inter-segment profit	$	310		$	12,993		13,303
Elimination of inter-segment profit							(357	)
Income before income taxes							12,946
Income tax expense							2,661
Net income						$	10,285

(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 Nine Months Ended September 30, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	13,978		$	2,288	$	16,266
Provision (credit) for loan losses		(330	)		-		(330	)
Net interest income after provision (credit) for loan losses		14,308			2,288		16,596
Non-interest income:
Customer service fees		1,125			71		1,196
Gain on loan origination and sale activities, net (1)		-			26,157		26,157
Mortgage servicing fees, net		(409	)		1,843		1,434
Other		412			384		796
Total non-interest income		1,128			28,455		29,583
Non-interest expenses:
Salaries and employee benefits		5,290			16,838		22,128
Occupancy and equipment		1,325			754		2,079
Other non-interest expenses		3,395			4,835		8,230
Total non-interest expenses		10,010			22,427		32,437
Income before income taxes and elimination of inter-segment profit	$	5,426		$	8,316		13,742
Elimination of inter-segment profit							(2,195	)
Income before income taxes							11,547
Income tax expense							2,732
Net income						$	8,815

(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

20

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

	For the Nine Months Ended September 30, 2020
	Envision Bank			Envision Mortgage			Consolidated Total
Net interest income	$	11,970		$	1,857		$	13,827
Provision for loan losses		2,338			-			2,338
Net interest income after provision for loan losses		9,632			1,857			11,489
Non-interest income:
Customer service fees		827			75			902
Gain on loan origination and sale activities, net (1)		-			40,667			40,667
Mortgage servicing fees, net		(281	)		(1,147	)		(1,428	)
Other		318			416			734
Total non-interest income		864			40,011			40,875
Non-interest expenses:
Salaries and employee benefits (2)		6,983			17,456			24,439
Occupancy and equipment		1,305			1,090			2,395
Other non-interest expenses		3,286			3,269			6,555
Total non-interest expenses		11,574			21,815			33,389
Income (loss) before income taxes and elimination of inter-segment profit	$	(1,078	)	$	20,053			18,975
Elimination of inter-segment profit								(1,051	)
Income before income taxes								17,924
Income tax expense								3,266
Net income							$	14,658

(1) Before elimination of inter-segment profit.

(2) Salaries and benefits include the severance and vested stock acceleration costs related to the retirement of the CEO and CFO of the Bank. The total cost of this event was $1.38 million, of which $1.03 million was allocated to the Bank segment and the remainder, $344,000, was allocated to the mortgage segment.

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

21

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

Unaudited

		Quarter Ended
		September 30, 2021
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes			Net Income		Earnings per Share (diluted)
GAAP basis		$	4,356	$	1,230		$	3,126	$	0.62
Accrued severance expenses	Non-interest expense		139		40			99		0.02
Other outsourcing expenses	Non-interest expense		190		54			136		0.03
Non-GAAP basis		$	4,685	$	1,324		$	3,361	$	0.67
		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 (Loss) 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

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
		September 30, 2021
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes		Net Income		Earnings per Share (diluted)
GAAP basis		$	11,547	$	2,732	$	8,815	$	1.71
Loss on disposal of fixed assets	Non-interest income		29		8		21		-
Accrued severance expenses	Non-interest expense		393		113		280		0.05
Other outsourcing expenses	Non-interest expense		261		75		186		0.04
Non-GAAP basis		$	12,230	$	2,928	$	9,302	$	1.80
		Year to Date
		September 30, 2020
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes		Net Income (Loss)		Earnings per Share (diluted)
GAAP basis		$	17,924	$	3,266	$	14,658	$	2.86
Retirement salary and benefits compensation	Non-interest expense		692		126		566		0.11
Accelerated vesting of stock-based compensation	Non-interest expense		683		124		559		0.11
COVID-19 related expenses	Non-interest expense		229		42		187		0.04
Non-GAAP basis		$	19,528	$	3,558	$	15,970	$	3.12

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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Return on average assets: (1, 5)
GAAP		1.66	%		0.86	%		2.26	%		2.95	%		5.82	%
Non-GAAP (2)		1.79	%		0.96	%		2.30	%		3.11	%		5.83	%
Return on average equity: (1, 6)
GAAP		12.09	%		6.11	%		15.90	%		21.05	%		45.22	%
Non-GAAP (2)		13.00	%		6.79	%		16.21	%		22.18	%		45.30	%
Net interest margin		3.38	%		3.00	%		2.96	%		3.02	%		2.81	%
Non-interest income to total income:
GAAP		57.69	%		56.73	%		70.93	%		75.57	%		80.98	%
Non-GAAP (2)		57.69	%		56.83	%		70.93	%		75.57	%		80.98	%
Profit percentage (9)
GAAP		30.20	%		11.55	%		31.76	%		37.33	%		54.97	%
Non-GAAP (2)		32.53	%		13.56	%		32.39	%		39.09	%		55.06	%
Efficiency ratio: (7)
GAAP		69.80	%		88.45	%		68.24	%		62.67	%		45.03	%
Non-GAAP (2)		67.47	%		86.44	%		67.61	%		60.91	%		44.94	%
Tier 1 capital to average assets (3)		13.38	%		13.72	%		13.81	%		13.85	%		13.28	%
Non-performing assets as a percentage of total assets (4)		0.20	%		0.86	%		1.14	%		1.01	%		1.38	%
Allowance for loan losses as a percentage of total loans (4)		1.13	%		1.19	%		1.32	%		1.39	%		1.34	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)		1.14	%		1.22	%		1.36	%		1.41	%		1.39	%
Allowance for loan losses as a percentage of non-performing assets		427.66	%		101.89	%		78.99	%		94.58	%		67.21	%
Allowance for loan losses as a percentage of non-performing loans		427.66	%		101.89	%		77.75	%		92.87	%		66.31	%
Tangible book value per share (8)	$	19.71		$	19.16		$	18.80		$	18.16		$	17.18
Outstanding shares		5,103,619			5,254,522			5,364,240			5,495,514			5,524,390

(1) Annualized for quarterly periods presented.

(2) See page 22 – 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 $26,000, $28,000, $31,000, $33,000, and $36,000 at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 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 Nine Months Ended
	September 30,			September 30,
	2021			2020
Return on average assets: (1, 5)
GAAP		1.59	%		2.87	%
Non-GAAP (2)		1.68	%		3.12	%
Return on average equity: (1, 6)
GAAP		11.37	%		23.13	%
Non-GAAP (2)		12.00	%		25.20	%
Net interest margin		3.12	%		2.86	%
Non-interest income to total income:
GAAP		62.74	%		74.23	%
Non-GAAP (2)		62.76	%		74.23	%
Profit percentage (9)
GAAP		25.70	%		37.77	%
Non-GAAP (2)		27.24	%		40.76	%
Efficiency ratio: (7)
GAAP		74.30	%		62.23	%
Non-GAAP (2)		72.76	%		59.24	%
Tier 1 capital to average assets (3)		13.38	%		13.28	%
Non-performing assets as a percentage of total assets (4)		0.20	%		1.38	%
Allowance for loan losses as a percentage of total loans (4)		1.13	%		1.34	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)		1.14	%		1.39	%
Allowance for loan losses as a percentage of non-performing assets		427.66	%		67.21	%
Allowance for loan losses as a percentage of non-performing loans		427.66	%		66.31	%
Tangible book value per share (8)	$	19.71		$	17.18
Outstanding shares		5,103,619			5,524,390

(1) Annualized for quarterly periods presented.

(2) See page 23 – 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 $26,000 and $36,000 at September 30, 2021 and September 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 September 30, 2021
	Commercial loans			Residential and consumer loans			Residential loans serviced for others
	(Dollars in thousands)
Balance outstanding	$	215,235		$	354,786		$	1,961,939
COVID-19 related loan payment deferrals:
Loans in COVID-19-related loan payment deferral	$	-		$	1,770		$	5,220
Loans in deferral as a percentage of category loans		0.0	%		0.5	%		0.3	%
Loans with suspended payment	$	-		$	1,770		$	1,927
Loans with reduced payment		-			-			3,293
Loans which obtained a COVID-19-related payment deferral but
have since resumed payment	$	37,742		$	17,185		$	62,416
Loans reinstated (borrower paid any unpaid principal and interest)		26,769			2,453			4,825
Loans on a repayment plan		-			-			1,328
Loans which resumed payment but deferred principal and/or
interest payments to maturity		3,543			8,843			33,992
Loans which were paid off completely		7,430			5,889			22,271

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 September 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	$	1,054	$	1,054	$	-	$	-	$	1,054	$	-	$	-
Hotels/hospitality		9,549		9,491		58		-		58		9,491		-
Restaurants/food service		2,564		1,497		1,067		-		2,564		-		-
Retail/shopping center		21,887		14,407		-		3,662		16,458		1,612		-
Other sectors (2)		11,385		8,703		77		300		9,081		-		-
Total loans in COVID-19 impacted sectors	$	40,316	$	35,152	$	1,202	$	3,962	$	29,215	$	11,103	$	-
Percentage of commercial loans outstanding	18.7%		19.0%		6.0%		38.7%
Commercial loans outstanding	$	215,236	$	185,100	$	19,896	$	10,240
Loan to value secured by real estate (3)			53.8%				63.6%

(1) This disclosure focuses on industries with balances that are significant to the portfolio at September 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