Exhibit 99.1

2 Batterymarch Park, Suite 301, Quincy, MA 02169

News Release

For Immediate Release January 25, 2022 For More Information, Contact: William M. Parent, President and Chief Executive Officer (617-925-1955)  

RANDOLPH BANCORP, INC. ANNOUNCES FOURTH QUARTER 2021 FINANCIAL RESULTS AND DECLARES QUARTERLY AND SPECIAL CASH DIVIDENDS

QUINCY, Massachusetts, January 25, 2022 – Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $786,000, or $0.17 per basic share and $0.16 per diluted share, for the three months ended December 31, 2021 compared to net income of $3.1 million, or $0.64 per basic and $0.62 per diluted share, for the three months ended September 30, 2021 and net income of $5.3 million, or $1.03 per basic share and $1.01 per diluted share, for the three months ended December 31, 2020. Excluding one-time events of $26,000 in severance expenses and $55,000 in loss of disposal of fixed assets, net income on a non-GAAP basis was $844,000, or $0.17 per diluted share, for the three months ended December 31, 2021. 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 charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, net income on a non-GAAP basis for the three months ended December 31, 2020 was $5.6 million, or $1.06 per diluted share.

For the year ended December 31, 2021, net income was $9.6 million, or $1.96 per basic share and $1.88 per diluted share, compared to net income of $19.9 million, or $3.89 per basic and $3.86 per diluted share, for the year ended December 31, 2020. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $10.1 million, or $1.99 per diluted share, for the year ended December 31, 2021, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $21.5 million, or $4.15 per diluted share, for the year ended December 31, 2020.

The Company announced that its Board of Directors declared a regular quarterly dividend of $0.15 per common share and a one-time special dividend of $2.00 per share. Both dividends will be payable on or about February 22, 2022, to shareholders of record as of February 8, 2022.

The Company also announced a modification to its stock repurchase program (the “Program”), previously announced on October 26, 2021. The modification changes the Program so that the Company may purchase up to 62,000 shares, or approximately 1% of the Company’s outstanding common stock. The Company repurchased 4,337 shares through the Program as of December 31, 2021.

At December 31, 2021, total assets amounted to $803.3 million, compared to $751.1 million at September 30, 2021, an increase of $52.2 million, or 6.9%. Total loans decreased by $20.2 million, or 3.5%, to $549.8 million at December 31, 2021 from $570.0 million at September 30, 2021, and loans held for sale decreased by $30.6 million to $44.8 million at December 31, 2021 from $75.4 million at September 30, 2021. Cash and cash equivalents increased to $115.4 million at December 31, 2021, an increase of $102.6 million, or 796.6% from $12.9 million as of September 30, 2021, as a result of deposit growth of $64.7 million in the quarter, a 1-4 family residential portfolio loan sale of $35.6 million during the quarter, and the decrease in loans held for sale of $30.6 million. Compared to December 31, 2020, total assets grew $82.2 million,

or 11.4%, from $721.1 million. The growth from the prior year period was driven by an increase in total loans of $60.5 million, or 12.4%, and cash and cash equivalents of $101.7 million, or 738.2%,partially offset by a decrease in loans held for sale of $74.3 million, or 62.4%.

William M. Parent, President and Chief Executive Officer, stated, “The fourth quarter was a transitional quarter as our mortgage banking business continued to be negatively impacted by declining origination volumes. During the quarter, we were able to grow our commercial lending business and increase and extend our low-cost funding, while also repositioning our fixed-rate residential mortgage loan portfolio. This significantly increased our liquidity and prospects for improving net interest margin in anticipation of loan growth into a higher interest rate environment in 2022. We are continuing to transition our mortgage banking operations and in the first quarter of 2022 initiated a reduction in force, reflecting lower mortgage loan production levels. Our decision to declare a special dividend that returns approximately $10 million in capital to our shareholders, reflects the impact of low stock trading volume on the pace of our stock buybacks and our commitment to actively manage our strong capital position. We look forward to 2022 with strong prospects for growth in our community bank that should generate continued operating leverage and stronger recurring earnings.”

Fourth Quarter Operating Results

Net interest income decreased by $282,000, or 4.7%, to $5.7 million for the three months ended December 31, 2021 from $6.0 million for the three months ended September 30, 2021. This decrease was primarily due to a 7.4% decrease in average balances of 1-4 family residential loans, as a result of the $35.6 million sale from portfolio, a $160,000 decline in fee accretion earned from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) to $158,000 in the fourth quarter of 2021 and a $99,000 decrease in interest income from the downgrade of three loans that were previously granted COVID-19 related forbearances to nonaccrual status. The yield earned on interest-earning assets decreased by 23 basis points from the prior quarter, and the rate paid on interest-bearing liabilities decreased by 3 basis points from the prior quarter. Accordingly, the net interest margin decreased by 22 basis points, to 3.14% in the fourth quarter from 3.36% in the third quarter.

Net interest income increased by $654,000, or 13.0%, to $5.7 million for the three months ended December 31, 2021, from $5.0 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin increased by 14 basis points to 3.14%, from 3.00%. The improvement reflects average loan growth of $44.8 million from the prior year quarter, while the cost of interest-bearing liabilities decreased by 27 basis points.

The Company recognized a credit for loan losses of $108,000 for the quarter ended December 31, 2021, driven by changes in the qualitative factors related to improving commercial lending trends, in addition to a decline in total loan balances of $20.2 million from the prior quarter. The allowance for loan losses was 1.14%, 1.13% and 1.39% of total loans at December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and was 239.7%, 427.7% and 94.6% of non-performing assets at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

Non-interest income decreased $3.6 million, or 44.3%, to $4.5 million for the quarter ended December 31, 2021 from $8.1 million in the quarter ended September 30, 2021, due to a decrease of $3.5 million in the net gain on loan origination and sale activities. Sold mortgages totaled $297.3 million in the fourth quarter of 2021, compared to $260.5 million in the third quarter of 2021. The fourth quarter of 2021 ended with a mortgage pipeline of $85.9 million, compared to a pipeline of $158.1 million at the end of the third quarter of 2021, and loans held for sale were $44.8 million as of December 31, 2021, compared to $75.4 million as of September 30, 2021. The decrease in the mortgage banking pipeline and loans held for sale, reflecting rising interest rates and seasonality, were key contributors to the erosion in the gain on loan origination and sale activities from the prior quarter. Mortgage servicing fees decreased $17,000, or 6.2%, to $257,000 for the fourth quarter of 2021 from $274,000 in the third quarter of 2021 as a result of a full quarter of expenses paid to the bank’s new mortgage sub-servicer of $310,000 for the quarter, partially offset by a positive fair value adjustment of $43,000 in the fourth quarter of 2021, compared to a positive fair value adjustment of $39,000 for the third quarter of 2021, based on an increase in mortgage interest rates.

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

2

Non-interest income decreased $11.1 million, or 70.9%, to $4.5 million for the quarter ended December 31, 2021 from $15.6 million for the quarter ended December 31, 2020, principally due to a decrease of $10.9 million in the net gain on loan origination and sale activities. Sold mortgage loans totaled $297.3 million in the fourth quarter of 2021, compared to sold mortgage loans of $426.5 million during the fourth quarter of 2020. The fourth quarter of 2021 ended with a mortgage pipeline of $85.9 million, compared to a pipeline of $396.6 million at the end of the fourth quarter of 2020. Mortgage servicing fees decreased $18,000 in the quarter ended December 31, 2021, principally due to $310,000 in sub-servicer expenses incurred during the fourth quarter of 2021, partially offset by a positive valuation adjustment to mortgage servicing rights of $43,000 in the quarter ended December 31, 2021 compared to an impairment charge of $87,000 in the quarter ended December 31, 2020 and increases in residential mortgage loan servicing fees, net of amortization, of $162,000 from the prior year quarter.

Non-interest expenses decreased $638,000, or 6.5%, to $9.2 million in the quarter ended December 31, 2021 from $9.9 million in the quarter ended September 30, 2021. The decrease was due to a decrease in salaries and employee benefits expense of $297,000, or 4.7%, 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, in addition to decreases in data processing, professional fees and other non-interest expenses from the prior quarter totaling $452,000.

Non-interest expenses decreased $3.7 million to $9.2 million in the quarter ended December 31, 2021 from $12.9 million in the quarter ended December 31, 2020. The decrease is principally due to a decrease in salaries and employee benefits of $2.6 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and reduced headcount, and decreases of $437,000 in occupancy and equipment expenses, as the Company has significantly decreased its operating footprint over the past twelve months.

The income tax expense was $330,000 for the three months ended December 31, 2021, compared to $1.2 million for the three months ended September 30, 2021 and $2.2 million for the three months ended December 31, 2020.

Year-to-Date Operating Results

Net interest income increased by $3.1 million, or 16.4%, to $22.0 million for the year ended December 31, 2021 from $18.9 million for the year ended December 31, 2020. The change reflects the downward pricing and improved composition of deposit liabilities, as well as loan growth. The composition of our funding base improved with an increase of $48.9 million, or 50.6%, of non-interest bearing deposits and a decrease of $23.3 million, or 31.8%, of borrowings. The composition change resulted in a 50 basis point decrease in the cost of interest-bearing liabilities. Average loan growth of $51.5 million, or 9.2%, from the prior year more than offset a 17 basis point decline in loan yields.

The Company recognized a credit for loan losses of $438,000 for the year ended December 31, 2021 compared to a provision of $2.6 million in the prior year. At December 31, 2021, improvements to qualitative factors related to the impact of the COVID-19 pandemic, the economic outlook, commercial lending and credit quality trends all helped to generate the credit for loan losses, partially offset by provisions for loan growth.

Non-interest income decreased $23.5 million, or 42.4%, to $31.9 million for the year ended December 31, 2021 from $55.4 million in the prior year, principally due to a decrease of $26.6 million in the net gain on loan origination and sale activities, partially offset by an increase in mortgage servicing fees, net, of $2.8 million. Mortgage loans sold were $1.4 billion in 2021, compared to $1.5 billion in the prior year. Net gain on loan origination and sale activities decreased, as a result of both lower loan sales and the impact of a shrinking mortgage banking pipeline during 2021, compared to an increasing mortgage banking pipeline during 2020. Mortgage servicing fees increased $2.8 million for the year ended December 31, 2021 to $1.7 million from a loss of $1.2 million in the year ended December 31, 2020, primarily due to

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

3

positive fair value adjustments of $438,000 for the year ended December 31, 2021 compared to impairment charges of $2.1 million in the year ended December 31, 2020.

Non-interest expenses decreased $4.7 million, or 10.1%, to $41.7 million for the year ended December 31, 2021 from $46.3 million for the year ended December 31, 2020. Non-interest expenses in the year ended December 31, 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 $753,000 as compared to 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, and reducing the office space for the bank’s headquarters and loan operations office since the prior year, and reduced COVID-19 pandemic related spending. These decreases were partially offset by increases in other non-interest expenses of $307,000, related to one-time conversion expenses for the bank’s new mortgage sub-servicer, and increases to board fees and stock-based compensation paid to new members of the bank’s Board of Directors.

Income tax expenses decreased to $3.1 million for the year ended December 31, 2021 from $5.5 million for the year ended December 31, 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 December 31, 2021, total assets amounted to $803.3 million, compared to $755.1 million at September 30, 2021, an increase of $52.2 million, or 6.9%. A $102.6 million increase in cash and cash equivalents from the prior quarter was partially offset by a $30.6 million decrease in loans held for sale and a $20.2 million decrease in total loans. The decrease in total loans was primarily the result of a $35.6 million sale of 1-4 family residential loans from portfolio during the quarter, partially offset by an increase of $12.3 million, or 6.7%, in commercial real estate loans. Deposits increased by $64.7 million, or 11.3%, in the quarter, including an increase of $11.6 million in non-interest bearing deposits and $32.6 million in term certificates, as the Company looked to lengthen the duration of its funding base in anticipation of rising interest rates.

Total assets at December 31, 2021 increased $82.2 million, or 11.4%, from $721.1 million at December 31, 2020. Contributing to asset growth was a $61.0 million increase in net loans to $544.6 million at December 31, 2021 from $483.6 million at December 31, 2020. Cash and cash equivalents increased by $101.7 million, or 738.2%, to $115.4 million at December 31, 2021 from $13.8 million at December 31, 2020, principally due an increase of $109.8 million, or 20.8%, of deposits. Commercial real estate loans increased by $53.5 million, or 37.2%, as we focus on diversifying our loan mix. Federal Home Loan Bank of Boston (“FHLBB”) advances decreased by $11.9 million to $50.0 million at December 31, 2021, from $61.9 million at December 31, 2020, and Federal Reserve Bank of Boston (“Federal Reserve Bank”) advances decreased by $11.4 million.

Total stockholders’ equity was $100.9 million at December 31, 2021 compared to $100.6 million at September 30, 2021. The increase of $306,000 reflects net income of $786,000, proceeds from the exercise of options of $255,000 and stock-based compensation of $359,000, partially offset by repurchases during the period of $144,000 and dividend payments of $765,000.

Total stockholders’ equity was $100.9 million at December 31, 2021 compared to $99.8 million at December 31, 2020. The increase of $1.1 million relates mainly to net income from the previous twelve months of $9.6 million, partially offset by share repurchases of $8.5 million.

Subsequent Events

Subsequent to December 31, 2021, the Company announced a reduction in force to its residential lending back-office operations of approximately 30%. The Company estimates that this reduction in force will reduce salaries and benefits expense by approximately $1.4 million on an annualized basis. Through this reduction in force, the elimination of overtime and temporary staffing costs associated with the mortgage origination process and the outsourcing residential loan servicing

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

4

operations, which occurred in 2021, the Company will have reduced related costs by $3.3 million, or 15% of Envision Mortgage’s 2021 salaries and benefits expense.

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, through which we funded $26.2 million of SBA PPP Loans through December 31, 2021, and granting payment deferrals for residential mortgage, home equity and certain commercial borrowers who were current in their payments at the time the deferral was requested. Depending on the circumstances of the borrowers, the forbearance calls for a reduced or full deferral of payment. Please refer to the Loan Payment Deferrals and COVID-19 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, ongoing disruptions due to 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

5

Randolph Bancorp, Inc.

Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)

										% Change
	December 31,			September 30,			December 31,			Dec 2021 vs.			Dec 2021 vs.
		2021			2021			2020		Sep 2021			Dec 2020
Assets
Cash and cash equivalents	$	115,449		$	12,876		$	13,774			796.6	%		738.2	%
Securities available for sale, at fair value		51,666			51,725			55,366			(0.1	)%		(6.7	)%
Loans held for sale, at fair value		44,766			75,400			119,112			(40.6	)%		(62.4	)%
Loans:
1-4 family residential		236,364			265,561			235,648			(11.0	)%		0.3	%
Home equity		57,295			56,124			48,166			2.1	%		19.0	%
Commercial real estate		197,423			185,100			143,893			6.7	%		37.2	%
Construction		33,961			34,479			31,050			(1.5	)%		9.4	%
Total real estate loans		525,043			541,264			458,757			(3.0	)%		14.4	%
Commercial and industrial		17,242			19,896			20,259			(13.3	)%		(14.9	)%
Consumer		7,552			8,860			10,289			(14.8	)%		(26.6	)%
Total loans		549,837			570,020			489,305			(3.5	)%		12.4	%
Allowance for loan losses		(6,289	)		(6,432	)		(6,784	)		(2.2	)%		(7.3	)%
Net deferred loan costs and fees, and purchase premiums		1,073			1,031			1,123			4.1	%		(4.5	)%
Loans, net		544,621			564,619			483,644			(3.5	)%		12.6	%
Federal Home Loan Bank of Boston stock, at cost		2,940			3,239			3,576			(9.2	)%		(17.8	)%
Accrued interest receivable		1,500			1,763			1,562			(14.9	)%		(4.0	)%
Mortgage servicing rights, net		15,616			15,402			12,377			1.4	%		26.2	%
Premises and equipment, net		7,684			6,462			4,781			18.9	%		60.7	%
Bank-owned life insurance		8,784			8,744			8,622			0.5	%		1.9	%
Foreclosed real estate, net		-			-			132		-%				(100.0	)%
Other assets		10,252			10,867			18,126			(5.7	)%		(43.4	)%
Total assets	$	803,278		$	751,097		$	721,072			6.9	%		11.4	%
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	145,666		$	134,058		$	96,731			8.7	%		50.6	%
Savings accounts		191,712			188,346			185,481			1.8	%		3.4	%
NOW accounts		53,996			53,804			53,530			0.4	%		0.9	%
Money market accounts		90,544			73,562			77,393			23.1	%		17.0	%
Term certificates		106,112			73,519			83,444			44.3	%		27.2	%
Interest bearing brokered		50,117			50,116			31,728			0.0	%		58.0	%
Total deposits		638,147			573,405			528,307			11.3	%		20.8	%
Federal Reserve Bank advances		-			-			11,431		-%				(100.0	)%
Federal Home Loan Bank of Boston advances		50,000			62,900			61,895			(20.5	)%		(19.2	)%
Mortgagors' escrow accounts		2,128			1,905			2,338			11.7	%		(9.0	)%
Post-employment benefit obligations		2,222			2,182			2,382			1.8	%		(6.7	)%
Other liabilities		9,878			10,108			14,900			(2.3	)%		(33.7	)%
Total liabilities		702,375			650,500			621,253			8.0	%		13.1	%
Stockholders' Equity:
Common stock		50			50			54			0.0	%		(7.4	)%
Additional paid-in capital		44,078			43,574			50,937			1.2	%		(13.5	)%
Retained earnings		60,524			60,504			51,689			0.0	%		17.1	%
ESOP-Unearned compensation		(3,568	)		(3,615	)		(3,756	)		(1.3	)%		(5.0	)%
Accumulated other comprehensive income (loss), net of tax		(181	)		84			895			(315.5	)%		(120.2	)%
Total stockholders' equity		100,903			100,597			99,819			0.3	%		1.1	%
Total liabilities and stockholders' equity	$	803,278		$	751,097		$	721,072			6.9	%		11.4	%

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)

	December 31,			September 30,			June 30,			March 31,			December 31,
		2021			2021			2021			2021			2020
Assets
Cash and cash equivalents	$	115,449		$	12,876		$	34,876		$	54,950		$	13,774
Securities available for sale, at fair value		51,666			51,725			50,212			54,148			55,366
Loans held for sale, at fair value		44,766			75,400			74,277			93,176			119,112
Loans:
1-4 family residential		236,364			265,561			263,992			239,190			235,648
Home equity		57,295			56,124			50,555			49,073			48,166
Commercial real estate		197,423			185,100			167,691			146,930			143,893
Construction		33,961			34,479			29,140			29,975			31,050
Total real estate loans		525,043			541,264			511,378			465,168			458,757
Commercial and industrial		17,242			19,896			25,826			23,869			20,259
Consumer		7,552			8,860			9,194			8,724			10,289
Total loans		549,837			570,020			546,398			497,761			489,305
Allowance for loan losses		(6,289	)		(6,432	)		(6,523	)		(6,563	)		(6,784	)
Net deferred loan costs and fees, and purchase premiums		1,073			1,031			785			785			1,123
Loans, net		544,621			564,619			540,660			491,983			483,644
Federal Home Loan Bank of Boston stock, at cost		2,940			3,239			2,855			3,576			3,576
Accrued interest receivable		1,500			1,763			1,523			1,501			1,562
Mortgage servicing rights, net		15,616			15,402			15,375			14,744			12,377
Premises and equipment, net		7,684			6,462			5,115			4,709			4,781
Bank-owned life insurance		8,784			8,744			8,703			8,662			8,622
Foreclosed real estate, net		-			-			-			132			132
Other assets		10,252			10,867			10,546			10,607			18,126
Total assets	$	803,278		$	751,097		$	744,142		$	738,188		$	721,072
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	145,666		$	134,058		$	124,683		$	118,623		$	96,731
Savings accounts		191,712			188,346			190,584			192,712			185,481
NOW accounts		53,996			53,804			51,059			62,772			53,530
Money market accounts		90,544			73,562			73,967			78,236			77,393
Term certificates		106,112			73,519			74,631			75,690			83,444
Interest bearing brokered		50,117			50,116			57,059			32,225			31,728
Total deposits		638,147			573,405			571,983			560,258			528,307
Federal Reserve Bank advances		-			-			-			-			11,431
Federal Home Loan Bank of Boston advances		50,000			62,900			50,016			60,024			61,895
Mortgagors' escrow accounts		2,128			1,905			1,783			1,924			2,338
Post-employment benefit obligations		2,222			2,182			2,226			2,235			2,382
Other liabilities		9,878			10,108			17,424			12,888			14,900
Total liabilities		702,375			650,500			643,432			637,329			621,253
Stockholders' Equity:
Common stock		50			50			52			53			54
Additional paid-in capital		44,078			43,574			46,740			48,613			50,937
Retained earnings		60,524			60,504			57,378			55,801			51,689
ESOP-Unearned compensation		(3,568	)		(3,615	)		(3,662	)		(3,709	)		(3,756	)
Accumulated other comprehensive income (loss), net of tax		(181	)		84			202			101			895
Total stockholders' equity		100,903			100,597			100,710			100,859			99,819
Total liabilities and stockholders' equity	$	803,278		$	751,097		$	744,142		$	738,188		$	721,072

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
	December 31,			September 30,			December 31,		Dec 2021 vs.			Dec 2021 vs.
	2021			2021			2020		Sep 2021			Dec 2020
Interest and dividend income:
Loans	$	5,923		$	6,226		$	5,532		(4.9	)%		7.1	%
Securities-taxable		217			219			283		(0.9	)%		(23.3	)%
Securities-tax exempt		4			4			6		0.0	%		(33.3	)%
Interest-bearing deposits and certificates of deposit		13			4			7		225.0	%		85.7	%
Total interest and dividend income		6,157			6,453			5,828		(4.6	)%		5.6	%
Interest expense:
Deposits		308			299			541		3.0	%		(43.1	)%
Borrowings		155			178			247		(12.9	)%		(37.2	)%
Total interest expense		463			477			788		(2.9	)%		(41.2	)%
Net interest income		5,694			5,976			5,040		(4.7	)%		13.0	%
Provision (credit) for loan losses		(108	)		(90	)		215		20.0	%		(150.2	)%
Net interest income after provision (credit) for loan losses		5,802			6,066			4,825		(4.4	)%		20.2	%
Non-interest income:
Customer service fees		422			410			381		2.9	%		10.8	%
Gain on loan origination and sale activities, net		3,723			7,229			14,620		(48.5	)%		(74.5	)%
Mortgage servicing fees, net		257			274			275		(6.2	)%		(6.5	)%
Increase in cash surrender value of life insurance		41			41			45		0.0	%		(8.9	)%
Other		92			195			266		(52.8	)%		(65.4	)%
Total non-interest income		4,535			8,149			15,587		(44.3	)%		(70.9	)%
Non-interest expenses:
Salaries and employee benefits		6,084			6,381			8,722		(4.7	)%		(30.2	)%
Occupancy and equipment		713			714			1,150		(0.1	)%		(38.0	)%
Data processing		237			367			280		(35.4	)%		(15.4	)%
Professional fees		325			490			389		(33.7	)%		(16.5	)%
Marketing		245			134			231		82.8	%		6.1	%
FDIC insurance		55			54			51		1.9	%		7.8	%
Other non-interest expenses		1,562			1,719			2,104		(9.1	)%		(25.8	)%
Total non-interest expenses		9,221			9,859			12,927		(6.5	)%		(28.7	)%
Income before income taxes		1,116			4,356			7,485		(74.4	)%		(85.1	)%
Income tax expense		330			1,230			2,211		(73.2	)%		(85.1	)%
Net income	$	786		$	3,126		$	5,274		(74.9	)%		(85.1	)%
Net income per share:
Basic	$	0.17		$	0.64		$	1.03
Diluted	$	0.16		$	0.62		$	1.01
Weighted average shares outstanding:
Basic		4,743,833			4,869,155			5,135,069
Diluted		4,993,750			5,074,676			5,244,414
Regular dividends declared per share	$	0.15		$	-		$	-

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
	December 31,			December 31,			Dec 2021 vs.
	2021			2020			Dec 2020
Interest and dividend income:
Loans	$	23,162		$	22,212			4.3	%
Securities-taxable		899			1,273			(29.4	)%
Securities-tax exempt		20			28			(28.6	)%
Interest-bearing deposits and certificates of deposit		32			75			(57.3	)%
Total interest and dividend income		24,113			23,588			2.2	%
Interest expense:
Deposits		1,390			3,778			(63.2	)%
Borrowings		763			943			(19.1	)%
Total interest expense		2,153			4,721			(54.4	)%
Net interest income		21,960			18,867			16.4	%
Provision (credit) for loan losses		(438	)		2,553			(117.2	)%
Net interest income after provision (credit) for loan losses		22,398			16,314			37.3	%
Non-interest income:
Customer service fees		1,618			1,283			26.1	%
Gain on loan origination and sale activities, net		27,685			54,236			(49.0	)%
Mortgage servicing fees, net		1,691			(1,153	)		(246.7	)%
Increase in cash surrender value of life insurance		163			181			(9.9	)%
Other		766			864			(11.3	)%
Total non-interest income		31,923			55,411			(42.4	)%
Non-interest expenses:
Salaries and employee benefits		28,212			33,161			(14.9	)%
Occupancy and equipment		2,792			3,545			(21.2	)%
Data processing		1,168			943			23.9	%
Professional fees		1,699			1,277			33.0	%
Marketing		749			689			8.7	%
FDIC insurance		217			187			16.0	%
Other non-interest expenses		6,821			6,514			4.7	%
Total non-interest expenses		41,658			46,316			(10.1	)%
Income before income taxes		12,663			25,409			(50.2	)%
Income tax expense		3,062			5,477			(44.1	)%
Net income	$	9,601		$	19,932			(51.8	)%
Net income per share:
Basic	$	1.96		$	3.89
Diluted	$	1.88		$	3.86
Weighted average shares outstanding:
Basic		4,896,641			5,126,561
Diluted		5,108,738			5,163,042
Regular dividends declared per share	$	0.15		$	-

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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2021			2021			2021			2021			2020
Interest and dividend income:
Loans	$	5,923		$	6,226		$	5,505		$	5,508		$	5,532
Securities-taxable		217			219			223			240			283
Securities-tax exempt		4			4			6			6			6
Interest-bearing deposits and certificates of deposit		13			4			8			7			7
Total interest and dividend income		6,157			6,453			5,742			5,761			5,828
Interest expense:
Deposits		308			299			345			438			541
Borrowings		155			178			198			232			247
Total interest expense		463			477			543			670			788
Net interest income		5,694			5,976			5,199			5,091			5,040
Provision (credit) for loan losses		(108	)		(90	)		(27	)		(213	)		215
Net interest income after provision (credit) for loan losses		5,802			6,066			5,226			5,304			4,825
Non-interest income:
Customer service fees		422			410			419			367			381
Gain on loan origination and sale activities, net		3,723			7,229			5,740			10,993			14,620
Mortgage servicing fees, net		257			274			381			779			275
Increase in cash surrender value of life insurance		41			41			41			40			45
Other		92			195			235			244			266
Total non-interest income		4,535			8,149			6,816			12,423			15,587
Non-interest expenses:
Salaries and employee benefits		6,084			6,381			7,310			8,437			8,722
Occupancy and equipment		713			714			621			744			1,150
Data processing		237			367			301			263			280
Professional fees		325			490			323			561			389
Marketing		245			134			200			170			231
FDIC insurance		55			54			54			54			51
Other non-interest expenses		1,562			1,719			1,818			1,722			2,104
Total non-interest expenses		9,221			9,859			10,627			11,951			12,927
Income before income taxes		1,116			4,356			1,415			5,776			7,485
Income tax expense (benefit)		330			1,230			(162	)		1,664			2,211
Net income	$	786		$	3,126		$	1,577		$	4,112		$	5,274
Net income per share:
Basic	$	0.17		$	0.64		$	0.32		$	0.81		$	1.03
Diluted	$	0.16		$	0.62		$	0.31		$	0.78		$	1.01
Weighted average shares outstanding:
Basic		4,743,833			4,869,155			4,921,182			5,056,165			5,135,069
Diluted		4,993,750			5,074,676			5,135,582			5,254,907			5,244,414
Regular dividends declared per share	$	0.15		$	-		$	-		$	-		$	-

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
	December 31, 2021								September 30, 2021								December 31, 2020
	Average			Interest		Average			Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
(Dollars in thousands)	Balance			Paid		Rate (7)			Balance			Paid		Rate (7)			Balance			Paid		Rate (7)
Interest-earning assets:
Loans:
1-4 family residential (1)	$	319,855		$	2,790		3.46	%	$	345,576		$	3,021		3.47	%	$	332,349		$	3,027		3.62	%
Home equity		57,183			480		3.33	%		53,345			475		3.53	%		47,844			436		3.63	%
Commercial real estate		186,943			1,880		3.99	%		174,319			1,809		4.12	%		134,766			1,342		3.96	%
Construction		34,246			331		3.83	%		32,690			310		3.76	%		32,101			325		4.03	%
Total real estate loans		598,227			5,481		3.63	%		605,930			5,615		3.68	%		547,060			5,130		3.73	%
Commercial and industrial		18,311			331		7.17	%		22,693			493		8.62	%		21,378			258		4.80	%
Consumer		8,313			111		5.30	%		12,820			118		3.65	%		11,564			144		4.95	%
Total loans		624,851			5,923		3.76	%		641,443			6,226		3.85	%		580,002			5,532		3.79	%
Investment securities(2) (3)		54,314			222		1.62	%		54,229			224		1.64	%		58,329			290		1.98	%
Interest-earning deposits		41,161			13		0.13	%		11,002			4		0.14	%		30,573			7		0.09	%
Total interest-earning assets		720,326			6,158		3.39	%		706,674			6,454		3.62	%		668,904			5,829		3.47	%
Noninterest-earning assets		43,478								44,614								45,015
Total assets	$	763,804							$	751,288							$	713,919
Interest-bearing liabilities:
Savings accounts		191,464			72		0.15	%		189,254			76		0.16	%		181,653			142		0.31	%
NOW accounts		62,838			29		0.18	%		61,951			23		0.15	%		59,005			43		0.29	%
Money market accounts		77,140			36		0.19	%		73,662			41		0.22	%		75,106			62		0.33	%
Term certificates		135,406			171		0.50	%		113,787			159		0.55	%		112,260			294		1.04	%
Total interest-bearing deposits		466,848			308		0.26	%		438,654			299		0.27	%		428,024			541		0.50	%
FHLBB and FRB advances		53,592			155		1.15	%		64,047			178		1.10	%		77,584			247		1.27	%
Total interest-bearing liabilities		520,440			463		0.35	%		502,701			477		0.38	%		505,608			788		0.62	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		127,486								126,165								94,540
Other noninterest-bearing liabilities		13,305								19,021								13,539
Total liabilities		661,231								647,887								613,687
Total stockholders' equity		102,573								103,401								100,232
Total liabilities and stockholders' equity	$	763,804							$	751,288							$	713,919
Net interest income				$	5,695							$	5,977							$	5,041
Interest rate spread(4)							3.04	%							3.24	%							2.85	%
Net interest-earning assets(5)	$	199,886							$	203,973							$	163,296
Net interest margin(6)							3.14	%							3.36	%							3.00	%
Cost of deposits (8)							0.21	%							0.21	%							0.41	%
Cost of funds (9)							0.28	%							0.30	%							0.52	%
Ratio of interest-earning assets to interest-bearing liabilities		138.41	%							140.58	%							132.30	%

(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.

(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 December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

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

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

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

(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.

(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.

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
	December 31, 2021								December 31, 2020
	Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
(Dollars in thousands)	Balance			Paid		Rate (7)			Balance			Paid		Rate (7)
Interest-earning assets:
Loans:
1-4 family residential (1)	$	330,326		$	11,548		3.50	%	$	318,332		$	12,142		3.81	%
Home equity		52,202			1,800		3.45	%		44,577			1,766		3.96	%
Commercial real estate		166,973			6,761		4.05	%		132,948			5,366		4.04	%
Construction		31,810			1,225		3.85	%		34,408			1,449		4.21	%
Total real estate loans		581,311			21,334		3.67	%		530,265			20,723		3.91	%
Commercial and industrial		22,082			1,364		6.18	%		17,848			781		4.38	%
Consumer		10,034			464		4.62	%		13,799			708		5.13	%
Total loans		613,427			23,162		3.78	%		561,912			22,212		3.95	%
Investment securities(2) (3)		55,421			923		1.67	%		58,233			1,306		2.24	%
Interest-earning deposits		32,841			32		0.10	%		30,277			76		0.25	%
Total interest-earning assets		701,689			24,117		3.44	%		650,422			23,594		3.63	%
Noninterest-earning assets		42,608								39,395
Total assets	$	744,297							$	689,817
Interest-bearing liabilities:
Savings accounts		190,865			335		0.18	%		161,502			831		0.51	%
NOW accounts		65,978			138		0.21	%		55,396			185		0.33	%
Money market accounts		74,816			174		0.23	%		71,817			456		0.63	%
Term certificates		112,802			743		0.66	%		147,655			2,305		1.56	%
Total interest-bearing deposits		444,461			1,390		0.31	%		436,370			3,777		0.87	%
FHLBB and FRB advances		59,963			763		1.27	%		71,661			943		1.32	%
Total interest-bearing liabilities		504,424			2,153		0.43	%		508,031			4,720		0.93	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		121,378								80,957
Other noninterest-bearing liabilities		15,331								12,384
Total liabilities		641,133								601,372
Total stockholders' equity		103,164								88,445
Total liabilities and stockholders' equity	$	744,297							$	689,817
Net interest income				$	21,964							$	18,874
Interest rate spread(4)							3.01	%							2.70	%
Net interest-earning assets(5)	$	197,265							$	142,391
Net interest margin(6)							3.13	%							2.90	%
Cost of deposits (8)							0.25	%							0.73	%
Cost of funds (9)							0.34	%							0.80	%
Ratio of interest-earning assets to interest-bearing liabilities		139.11	%							128.03	%

(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.

(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 $4,000 and $5,000 for the years ended December 31, 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.

(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.

(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.

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
	December 31,		September 30,		June 30,		March 31,		December 31,
	2021		2021		2021		2021		2020
Interest-earning assets:
Loans:
1-4 family residential	$	319,855	$	345,576	$	319,087	$	336,805	$	332,349
Home equity		57,183		53,345		49,789		48,383		47,844
Commercial real estate		186,943		174,319		159,423		146,683		134,766
Construction		34,246		32,690		29,902		30,350		32,101
Total real estate loans		598,227		605,930		558,201		562,221		547,060
Commercial and industrial		18,311		22,693		25,497		21,860		21,378
Consumer		8,313		12,820		9,052		9,940		11,564
Total loans		624,851		641,443		592,750		594,021		580,002
Investment securities		54,314		54,229		55,376		57,818		58,329
Interest-earning deposits		41,161		11,002		43,888		35,492		30,573
Total interest-earning assets		720,326		706,674		692,014		687,331		668,904
Non-interest earning assets		43,478		44,614		40,257		42,045		45,015
Total assets	$	763,804	$	751,288	$	732,271	$	729,376	$	713,919
Interest-bearing liabilities:
Savings accounts	$	191,464	$	189,254	$	192,434	$	190,313	$	181,653
NOW accounts		62,838		61,951		69,730		69,511		59,005
Money market accounts		77,140		73,662		72,469		75,994		75,106
Term certificates		135,406		113,787		104,604		96,978		112,260
Total interest-bearing deposits		466,848		438,654		439,237		432,796		428,024
FHLBB and FRB advances		53,592		64,047		51,502		70,857		77,584
Total interest-bearing liabilities		520,440		502,701		490,739		503,653		505,608
Noninterest-bearing liabilities:
Noninterest-bearing deposits		127,486		126,165		124,656		106,929		94,540
Other noninterest-bearing liabilities		13,305		19,021		13,606		15,375		13,539
Total liabilities		661,231		647,887		629,001		625,957		613,687
Total stockholders' equity		102,573		103,401		103,270		103,419		100,232
Total liabilities and stockholders' equity	$	763,804	$	751,288	$	732,271	$	729,376	$	713,919

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

13

Randolph Bancorp, Inc.

Interest Earned and Paid Trend

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2021		2021		2021		2021		2020
Interest-earning assets:
Loans:
1-4 family residential	$	2,790	$	3,021	$	2,763	$	2,974	$	3,027
Home equity		480		475		412		433		436
Commercial real estate		1,880		1,809		1,666		1,406		1,342
Construction		331		310		289		295		325
Total real estate loans		5,481		5,615		5,130		5,108		5,130
Commercial and industrial		331		493		266		274		258
Consumer		111		118		109		126		144
Total loans		5,923		6,226		5,505		5,508		5,532
Investment securities		222		224		230		247		290
Interest-earning deposits		13		4		8		7		7
Total interest-earning assets		6,158		6,454		5,743		5,762		5,829
Interest-bearing liabilities:
Savings accounts	$	72	$	76	$	89	$	98	$	142
NOW accounts		29		23		38		48		43
Money market accounts		36		41		43		54		62
Term certificates		171		159		175		238		294
Total interest-bearing deposits		308		299		345		438		541
FHLBB and FRB advances		155		178		198		232		247
Total interest-bearing liabilities		463		477		543		670		788
Net interest income		5,695		5,977		5,200		5,092		5,041

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

14

Randolph Bancorp, Inc.

Average Yield Trend⁽¹⁾

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2021			2021			2021			2021			2020
Interest-earning assets:
Loans:
1-4 family residential		3.46	%		3.47	%		3.47	%		3.58	%		3.62	%
Home equity		3.33	%		3.53	%		3.32	%		3.63	%		3.63	%
Commercial real estate		3.99	%		4.12	%		4.19	%		3.89	%		3.96	%
Construction		3.83	%		3.76	%		3.88	%		3.94	%		4.03	%
Total real estate loans		3.63	%		3.68	%		3.69	%		3.68	%		3.73	%
Commercial and industrial		7.17	%		8.62	%		4.18	%		5.08	%		4.80	%
Consumer		5.30	%		3.65	%		4.83	%		5.14	%		4.95	%
Total loans		3.76	%		3.85	%		3.73	%		3.76	%		3.79	%
Investment securities		1.62	%		1.64	%		1.67	%		1.73	%		1.98	%
Interest-earning deposits		0.13	%		0.14	%		0.07	%		0.08	%		0.09	%
Total interest-earning assets		3.39	%		3.62	%		3.33	%		3.40	%		3.47	%
Interest-bearing liabilities:
Savings accounts		0.15	%		0.16	%		0.19	%		0.21	%		0.31	%
NOW accounts		0.18	%		0.15	%		0.22	%		0.28	%		0.29	%
Money market accounts		0.19	%		0.22	%		0.24	%		0.29	%		0.33	%
Term certificates		0.50	%		0.55	%		0.67	%		1.00	%		1.04	%
Total interest-bearing deposits		0.26	%		0.27	%		0.32	%		0.41	%		0.50	%
FHLBB and FRB advances		1.15	%		1.10	%		1.54	%		1.33	%		1.27	%
Total interest-bearing liabilities		0.35	%		0.38	%		0.44	%		0.54	%		0.62	%
Interest rate spread		3.04	%		3.24	%		2.89	%		2.86	%		2.85	%
Net interest rate margin		3.14	%		3.36	%		3.01	%		3.00	%		3.00	%
Cost of deposits		0.21	%		0.21	%		0.25	%		0.33	%		0.41	%
Cost of funds		0.28	%		0.30	%		0.35	%		0.45	%		0.52	%
Ratio of interest-earning assets to interest-bearing liabilities		138.41	%		140.58	%		141.01	%		136.47	%		132.30	%

(1) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

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

15

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	December 31, 2021 vs. September 30, 2021
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans:
1-4 family residential	$	(224	)	$	(7	)		(231	)
Home equity		33			(28	)		5
Commercial real estate		128			(57	)		71
Construction		15			6			21
Total real estate loans		(48	)		(86	)		(134	)
Commercial and industrial		(86	)		(76	)		(162	)
Consumer		(32	)		26			(6	)
Total loans		(166	)		(136	)		(302	)
Investment securities		-			(3	)		(3	)
Interest-earning deposits		10			(1	)		9
Total interest-earning assets		(156	)		(140	)		(296	)
Interest-bearing liabilities:
Savings accounts		1			(5	)		(4	)
NOW accounts		-			6			6
Money market accounts		2			(7	)		(5	)
Term certificates		28			(16	)		12
Total interest-bearing deposits		31			(22	)		9
FHLBB and FRB advances		(28	)		5			(23	)
Total interest-bearing liabilities		3			(17	)		(14	)
Change in net interest income	$	(159	)	$	(123	)	$	(282	)

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

16

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	December 31, 2021 vs. 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans:
1-4 family residential	$	(108	)	$	(129	)		(237	)
Home equity		81			(37	)		44
Commercial real estate		512			26			538
Construction		22			(16	)		6
Total real estate loans		507			(156	)		351
Commercial and industrial		(33	)		106			73
Consumer		(38	)		6			(32	)
Total loans		436			(44	)		392
Investment securities		(19	)		(50	)		(69	)
Interest-earning deposits		2			4			6
Total interest-earning assets		419			(90	)		329
Interest-bearing liabilities:
Savings accounts		8			(78	)		(70	)
NOW accounts		3			(17	)		(14	)
Money market accounts		2			(28	)		(26	)
Term certificates		52			(175	)		(123	)
Total interest-bearing deposits		65			(298	)		(233	)
FHLBB and FRB advances		(71	)		(21	)		(92	)
Total interest-bearing liabilities		(6	)		(319	)		(325	)
Change in net interest income	$	425		$	229		$	654

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

17

Randolph Bancorp, Inc.

Rate/Volume Analysis

(Dollars in thousands)

(Unaudited)

	Year to Date
	December 31, 2021 vs. 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans:
1-4 family residential	$	445		$	(1,039	)		(594	)
Home equity		280			(246	)		34
Commercial real estate		1,368			27			1,395
Construction		(105	)		(119	)		(224	)
Total real estate loans		1,988			(1,377	)		611
Commercial and industrial		157			426			583
Consumer		(179	)		(65	)		(244	)
Total loans		1,966			(1,016	)		950
Investment securities		(60	)		(323	)		(383	)
Interest-earning deposits		6			(50	)		(44	)
Total interest-earning assets		1,912			(1,389	)		523
Interest-bearing liabilities:
Savings accounts		130			(626	)		(496	)
NOW accounts		31			(78	)		(47	)
Money market accounts		18			(300	)		(282	)
Term certificates		(453	)		(1,109	)		(1,562	)
Total interest-bearing deposits		(274	)		(2,113	)		(2,387	)
FHLBB and FRB advances		(150	)		(30	)		(180	)
Total interest-bearing liabilities		(424	)		(2,143	)		(2,567	)
Change in net interest income	$	2,336		$	754		$	3,090

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

18

Randolph Bancorp, Inc.

Quarterly Trend in Mortgage Banking Income

(Dollars in thousands)

(Unaudited)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2021			2021			2021			2021			2020
Gain on loan origination and sale activities, net
Gain on sale of mortgages and realized gain from derivative financial instruments, net	$	4,818		$	6,339		$	6,545		$	15,876		$	12,907
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value		(1,360	)		549			1,091			(3,816	)		896
Capitalized residential mortgage loan servicing rights		942			783			1,476			2,797			2,296
Net change in fair value of derivative loan commitments and forward loan sale commitments		(677	)		(442	)		(3,372	)		(3,864	)		(1,479	)
Gain on loan origination and sales activities, net	$	3,723		$	7,229		$	5,740		$	10,993		$	14,620
Mortgage servicing fees, net
Residential mortgage loan servicing fees	$	1,355		$	1,282		$	1,205		$	1,170		$	1,143
Amortization of residential mortgage loan servicing rights		(831	)		(795	)		(759	)		(812	)		(781	)
Release (provision) to the valuation allowance of mortgage loan servicing rights		43			39			(65	)		421			(87	)
Sub-servicer expenses (1)		(310	)		(252	)		-			-			-
Mortgage servicing fees, net	$	257		$	274		$	381		$	779		$	275
Total gain on loan origination and sales activities and mortgage servicing fees	$	3,980		$	7,503		$	6,121		$	11,772		$	14,895
Principal balance of loans originated for sale	$	222,644		$	260,519		$	309,033		$	487,675		$	443,948
Principal balance of loans sold	$	297,316		$	260,473		$	342,762		$	503,285		$	426,485
Ending notional amount of derivative loan commitments	$	85,887		$	158,085		$	139,748		$	239,509		$	396,551
Loans held for sale, at fair value	$	44,766		$	75,400		$	74,277		$	93,176		$	119,112
Margin on loans sold (2)		1.94	%		2.73	%		2.34	%		3.71	%		3.56	%

(1) Sub-servicer expenses were first incurred during the three months ended September 30, 2021, due to a conversion of the Company’s mortgage loan servicing activities. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses.

(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.

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

19

Randolph Bancorp, Inc.

Year-to-Date Trend in Mortgage Banking Income

(Dollars in thousands)

(Unaudited)

	Year-to-Date
	December 31,			December 31,
	2021			2020
Gain on loan origination and sale activities, net
Gain on sale of mortgages and realized gain from derivative financial instruments, net	$	33,578		$	34,203
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value		(3,536	)		3,263
Capitalized residential mortgage loan servicing rights		5,998			8,428
Net change in fair value of derivative loan commitments and forward loan sale commitments		(8,355	)		8,342
Gain on loan origination and sales activities, net	$	27,685		$	54,236
Mortgage servicing fees, net
Residential mortgage loan servicing fees	$	5,012		$	3,458
Amortization of residential mortgage loan servicing rights		(3,197	)		(2,543	)
Release (provision) to the valuation allowance of mortgage loan servicing rights		438			(2,068	)
Sub-servicer expenses (1)		(562	)		-
Mortgage servicing fees, net	$	1,691		$	(1,153	)
Total gain on loan origination and sales activities and mortgage servicing fees	$	29,376		$	53,083
Principal balance of loans originated for sale	$	1,279,871		$	1,556,587
Principal balance of loans sold	$	1,403,836		$	1,497,643
Ending notional amount of derivative loan commitments	$	85,887		$	396,551
Loans held for sale, at fair value	$	44,766		$	119,112
Margin on loans sold (2)		2.82	%		2.85	%

(1) Sub-servicer expenses were first incurred during the three months ended September 30, 2021, due to a conversion of the Company’s mortgage loan servicing activities. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses.

(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.

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 Three Months Ended December 31, 2021
	Envision Bank			Envision Mortgage			Consolidated Total
Net interest income	$	4,916		$	778		$	5,694
Provision (credit) for loan losses		(108	)		-			(108	)
Net interest income after provision (credit) for loan losses		5,024			778			5,802
Non-interest income:
Customer service fees		413			9			422
Gain on loan origination and sale activities, net (1)		-			4,190			4,190
Mortgage servicing fees, net		(213	)		470			257
Other		16			117			133
Total non-interest income		216			4,786			5,002
Non-interest expenses:
Salaries and employee benefits		1,741			4,343			6,084
Occupancy and equipment		500			213			713
Other non-interest expenses		1,038			1,386			2,424
Total non-interest expenses		3,279			5,942			9,221
Income (loss) before income taxes and elimination of inter-segment profit	$	1,961		$	(378	)		1,583
Elimination of inter-segment profit								(467	)
Income before income taxes								1,116
Income tax expense								330
Net income							$	786

(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

21

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

22

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

	For the Three Months Ended December 31, 2020
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	4,265		$	775	$	5,040
Provision for loan losses		215			-		215
Net interest income after provision for loan losses		4,050			775		4,825
Non-interest income:
Customer service fees		353			28		381
Gain on loan origination and sale activities, net (1)		-			15,062		15,062
Mortgage servicing fees, net		(100	)		375		275
Other		147			164		311
Total non-interest income		400			15,629		16,029
Non-interest expenses:
Salaries and employee benefits		2,178			6,544		8,722
Occupancy and equipment		465			685		1,150
Other non-interest expenses		1,942			1,113		3,055
Total non-interest expenses		4,585			8,342		12,927
Income (loss) before income taxes and elimination of inter-segment profit	$	(135	)	$	8,062		7,927
Elimination of inter-segment profit							(442	)
Income before income taxes							7,485
Income tax expense							2,211
Net income						$	5,274

(1) Before elimination of inter-segment profit.

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

23

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

	For the Year Ended December 31, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	18,894		$	3,066	$	21,960
Provision (credit) for loan losses		(438	)		-		(438	)
Net interest income after provision (credit) for loan losses		19,332			3,066		22,398
Non-interest income:
Customer service fees		1,538			80		1,618
Gain on loan origination and sale activities, net (1)		-			30,347		30,347
Mortgage servicing fees, net		(622	)		2,313		1,691
Other		428			501		929
Total non-interest income		1,344			33,241		34,585
Non-interest expenses:
Salaries and employee benefits		7,031			21,181		28,212
Occupancy and equipment		1,825			967		2,792
Other non-interest expenses		4,435			6,219		10,654
Total non-interest expenses		13,291			28,367		41,658
Income before income taxes and elimination of inter-segment profit	$	7,385		$	7,940		15,325
Elimination of inter-segment profit							(2,662	)
Income before income taxes							12,663
Income tax expense							3,062
Net income						$	9,601

(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

24

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

	For the Year Ended December 31, 2020
	Envision Bank			Envision Mortgage			Consolidated Total
Net interest income	$	16,235		$	2,632		$	18,867
Provision for loan losses		2,553			-			2,553
Net interest income after provision for loan losses		13,682			2,632			16,314
Non-interest income:
Customer service fees		1,180			103			1,283
Gain on loan origination and sale activities, net (1)		-			55,729			55,729
Mortgage servicing fees, net		(381	)		(772	)		(1,153	)
Other		465			580			1,045
Total non-interest income		1,264			55,640			56,904
Non-interest expenses:
Salaries and employee benefits (2)		9,161			24,000			33,161
Occupancy and equipment		1,770			1,775			3,545
Other non-interest expenses		5,228			4,382			9,610
Total non-interest expenses		16,159			30,157			46,316
Income (loss) before income taxes and elimination of inter-segment profit	$	(1,213	)	$	28,115			26,902
Elimination of inter-segment profit								(1,493	)
Income before income taxes								25,409
Income tax expense								5,477
Net income							$	19,932

(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

25

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

Unaudited

		Quarter Ended
		December 31, 2021
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes			Net Income		Earnings per Share (diluted)
GAAP basis		$	1,116	$	330		$	786	$	0.16
Loss on disposal of fixed assets	Non-interest income		55		16			39		0.01
Accrued severance expenses	Non-interest expense		26		7			19		-
Non-GAAP basis		$	1,197	$	353		$	844	$	0.17
		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 (Loss) 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

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

26

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

(Unaudited)

		Year to Date
		December 31, 2021
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes		Net Income		Earnings per Share (diluted)
GAAP basis		$	12,663	$	3,062	$	9,601	$	1.88
Loss on disposal of fixed assets	Non-interest income		84		24		60		0.01
Accrued severance expenses	Non-interest expense		419		120		299		0.06
Other outsourcing expenses	Non-interest expense		261		75		186		0.04
Non-GAAP basis		$	13,427	$	3,281	$	10,146	$	1.99
		Year to Date
		December 31, 2020
Adjustments	Income Statement Section	Income Before Taxes		Provision for Income Taxes		Net Income		Earnings per Share (diluted)
GAAP basis		$	25,409	$	5,477	$	19,932	$	3.86
Retirement salary and benefits compensation	Non-interest expense		692		149		543		0.11
Accelerated vesting of stock-based compensation	Non-interest expense		683		147		536		0.10
COVID-19 related expenses	Non-interest expense		229		49		180		0.03
Residential lending office closure	Non-interest expense		294		63		231		0.04
Accrued severance expenses	Non-interest expense		69		15		54		0.01
Non-GAAP basis		$	27,376	$	5,900	$	21,476	$	4.15

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

27

Randolph Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

	At or for the Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2021			2021			2021			2021			2020
Return on average assets: (1, 5)
GAAP		0.41	%		1.66	%		0.86	%		2.26	%		2.95	%
Non-GAAP (2)		0.44	%		1.79	%		0.96	%		2.30	%		3.11	%
Return on average equity: (1, 6)
GAAP		3.07	%		12.09	%		6.11	%		15.90	%		21.05	%
Non-GAAP (2)		3.29	%		13.00	%		6.79	%		16.21	%		22.18	%
Net interest margin (10)		3.14	%		3.36	%		3.01	%		3.00	%		3.00	%
Non-interest income to total income:
GAAP		44.33	%		57.69	%		56.73	%		70.93	%		75.57	%
Non-GAAP (2)		44.63	%		57.69	%		56.83	%		70.93	%		75.57	%
Profit percentage (9)
GAAP		9.85	%		30.20	%		11.55	%		31.76	%		37.33	%
Non-GAAP (2)		10.59	%		32.53	%		13.56	%		32.39	%		39.09	%
Efficiency ratio: (7)
GAAP		90.15	%		69.80	%		88.45	%		68.24	%		62.67	%
Non-GAAP (2)		89.41	%		67.47	%		86.44	%		67.61	%		60.91	%
Tier 1 capital to average assets (3)		13.23	%		13.38	%		13.72	%		13.81	%		13.85	%
Non-performing assets as a percentage of total assets (4)		0.33	%		0.20	%		0.86	%		1.14	%		1.01	%
Allowance for loan losses as a percentage of total loans (4)		1.14	%		1.13	%		1.19	%		1.32	%		1.39	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)		1.15	%		1.14	%		1.22	%		1.36	%		1.41	%
Allowance for loan losses as a percentage of non-performing assets		239.67	%		427.66	%		101.89	%		78.99	%		94.58	%
Allowance for loan losses as a percentage of non-performing loans		239.67	%		427.66	%		101.89	%		77.75	%		92.87	%
Tangible book value per share (8)	$	19.73		$	19.71		$	19.16		$	18.80		$	18.16
Outstanding shares		5,113,825			5,103,619			5,254,522			5,364,240			5,495,514

(1) Annualized for quarterly periods presented.

(2) See page 26 – 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 $24,000, $26,000, $28,000, $31,000, and $33,000 at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively, divided by outstanding shares at period end.

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

(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

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

28

Randolph Bancorp, Inc.

Selected Financial Highlights

(Unaudited)

	At or for the Year Ended
	December 31,			December 31,
	2021			2020
Return on average assets: (1, 5)
GAAP		1.29	%		2.89	%
Non-GAAP (2)		1.36	%		3.11	%
Return on average equity: (1, 6)
GAAP		9.31	%		22.54	%
Non-GAAP (2)		9.83	%		24.28	%
Net interest margin (10)		3.13	%		2.90	%
Non-interest income to total income:
GAAP		59.25	%		74.60	%
Non-GAAP (2)		59.31	%		74.60	%
Profit percentage (9)
GAAP		22.69	%		37.65	%
Non-GAAP (2)		24.07	%		39.80	%
Efficiency ratio: (7)
GAAP		77.31	%		62.35	%
Non-GAAP (2)		75.93	%		59.71	%
Tier 1 capital to average assets (3)		13.58	%		13.85	%
Non-performing assets as a percentage of total assets (4)		0.33	%		1.01	%
Allowance for loan losses as a percentage of total loans (4)		1.14	%		1.39	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)		1.15	%		1.41	%
Allowance for loan losses as a percentage of non-performing assets		239.67	%		94.58	%
Allowance for loan losses as a percentage of non-performing loans		239.67	%		92.87	%
Tangible book value per share (8)	$	19.73		$	18.16
Outstanding shares		5,113,825			5,495,514

(1) Annualized for quarterly periods presented.

(2) See page 27 – Reconciliation of GAAP to Non-GAAP Net Income.

(3) Average assets calculated on an annual 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 $24,000 and $33,000 at December 31, 2021 and December 31, 2020, respectively, divided by outstanding shares at period end.

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

(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

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

29

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

Loan Payment Deferrals

	As of December 31, 2021
	Commercial loans			Residential and consumer loans			Residential loans serviced for others
	(Dollars in thousands)
Balance outstanding	$	226,234		$	323,603		$	1,975,876
COVID-19 related loan payment deferrals:
Loans in COVID-19-related loan payment deferral	$	-		$	1,991		$	5,292
Loans in deferral as a percentage of category loans		0.0	%		0.6	%		0.3	%
Loans with suspended payment	$	-		$	1,991		$	2,026
Loans with reduced payment		-			-			3,266
Loans which obtained a COVID-19-related payment deferral but
have since resumed payment	$	37,539		$	17,115		$	63,084
Loans reinstated (borrower paid any unpaid principal and interest)		23,267			1,426			4,499
Loans on a repayment plan		-			-			1,313
Loans which resumed payment but deferred principal and/or
interest payments to maturity		4,549			8,494			31,025
Loans which were paid off completely		9,723			7,195			26,247

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

30

Randolph Bancorp, Inc.

COVID-19 Supplemental Disclosure

(Unaudited)

COVID-19 Highly Impacted Sectors

	As of December 31, 2021
	Exposure Balance								Exposure by Risk Weighting
													Balance
			Real		Commercial								with
			Estate		&								Deferred
Industry (1)	Total		Secured		Industrial		Construction		Pass		Criticized		Payments
	(Dollars in thousands)
Group home/care facility	$	1,042	$	1,042	$	-	$	-	$	1,042	$	-	$	-
Hotels/hospitality		9,506		9,453		53		-		53		9,453		-
Restaurants/food service		2,488		1,468		1,020		-		2,489		-		-
Retail/shopping center		15,642		11,980		-		3,662		14,635		1,006		-
Other sectors (2)		8,851		8,592		59		200		8,852		-		-
Total loans in COVID-19 impacted sectors	$	37,529	$	32,535	$	1,132	$	3,862	$	27,071	$	10,459	$	-
Percentage of commercial loans outstanding	16.6%		16.5%		6.6%		33.4%
Commercial loans outstanding	$	226,234	$	197,423	$	17,242	$	11,569
Loan to value secured by real estate (3)			59.4%				62.0%

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

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

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

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

31