0001564590-22-026467.txt : 20220726 0001564590-22-026467.hdr.sgml : 20220726 20220726160049 ACCESSION NUMBER: 0001564590-22-026467 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220726 DATE AS OF CHANGE: 20220726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Randolph Bancorp, Inc. CENTRAL INDEX KEY: 0001667161 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37780 FILM NUMBER: 221107112 BUSINESS ADDRESS: STREET 1: 2 BATTERYMARCH PARK STREET 2: SUITE 301 CITY: QUINCY STATE: MA ZIP: 02169 BUSINESS PHONE: 877-963-2100 MAIL ADDRESS: STREET 1: 2 BATTERYMARCH PARK STREET 2: SUITE 301 CITY: QUINCY STATE: MA ZIP: 02169 8-K 1 rndb-8k_20220726.htm 8-K rndb-8k_20220726.htm
false 0001667161 0001667161 2022-07-26 2022-07-26

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 26, 2022

 

Randolph Bancorp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Massachusetts

001-37780

81-1844402

(State or Other Jurisdiction

of Incorporation)

(Commission
File Number)

(IRS Employer

Identification No.)

2 Batterymarch Park, Suite 301, Quincy, Massachusetts 02169

(Address of principal executive offices)

(877) 963-2100

(Registrant’s telephone number, including area code)

 

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

 

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

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

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

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

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

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share

RNDB

The NASDAQ Stock Market LLC

 

 

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

 

Emerging growth company

 

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

 

 

 

 


 

Item 2.02

Results of Operations and Financial Condition.

On July 26, 2022, Randolph Bancorp, Inc. (the “Company”), the holding company for Envision Bank, issued a press release announcing its financial results for the three months and six months ended June 30, 2022. The Company’s press release is included as Exhibit 99.1 to this report.

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

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

 

 

 

Exhibit

  

Description

99.1

  

Press release dated July 26, 2022

104  

 

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

 

 

 

 



 

SIGNATURES

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

 

 

 

 

 

 

 

 

 

 

 

 

Randolph Bancorp, Inc.

 

 

 

 

 

 

 

 

By:

 

/s/ William M. Parent

 

 

 

 

Name:

Title:

 

William M. Parent

President and Chief Executive Officer

Date: July 26, 2022

 

 

 

 

 

 

 

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

 

Exhibit 99.1

 

 

2 Batterymarch Park, Suite 301, Quincy, MA 02169

News Release

For Immediate Release

July 26, 2022

For More Information, Contact:

William M. Parent, President and Chief

Executive Officer (617-925-1955)

 

 

RANDOLPH BANCORP, INC. ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

 

QUINCY, Massachusetts, July 26, 2022 – Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $248,000, or $0.05 per basic and diluted share, for the three months ended June 30, 2022 compared to a net loss of $235,000, or $0.05 per basic and diluted share, for the three months ended March 31, 2022 and net income of $1.6 million, or $0.32 per basic share and $0.31 per diluted share, for the three months ended June 30, 2021. Excluding $357,000 in merger expenses, net income on a non-GAAP basis was $605,000, or $0.12 per diluted share, for the three months ended June 30, 2022. Excluding $240,000 in severance expenses, $588,000 in merger expenses, and $290,000 for the reversal of a cease use liability, net income on a non-GAAP basis was $318,000, or $0.06 per diluted share, for the three months ended March 31, 2022. Excluding $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. Please see the tables attached hereto for a reconciliation of these and other non-GAAP financial measures.

 

For the six months ended June 30, 2022, net income was $13,000 or $0.00 per basic and diluted share, compared to net income of $5.7 million, or $1.14 per basic share and $1.10 per diluted share, for the six months ended June 30, 2021. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $923,000, or $0.18 per diluted share, for the six months ended June 30, 2022, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $5.9 million, or $1.15 per diluted share, for the six months ended June 30, 2021. Please see the tables attached hereto for a reconciliation of these and other non-GAAP financial measures.

 

At June 30, 2022, total assets amounted to $774.8 million, compared to $770.3 million at March 31, 2022, an increase of $4.5 million, or 0.6%. Total loans increased by $78.1 million, or 13.3%, to $662.9 million at June 30, 2022 from $584.8 million at March 31, 2022, and loans held for sale decreased by $13.0 million to $9.7 million at June 30, 2022 from $22.7 million at March 31, 2022. Cash and cash equivalents decreased to $14.9 million at June 30, 2022, a decrease of $56.2 million, or 79.0% from $71.1 million as of March 31, 2022, as a result of loan growth and a decrease in Federal Home Loan Bank of Boston (“FHLB”) borrowings of $12.1 million, partially offset by a decrease in loans held for sale. Compared to June 30, 2021, total assets grew $30.6 million, or 4.1%, from $744.1 million. The growth from the prior year period was driven by an increase in total loans of $116.5 million, or 21.3%, partially offset by a decrease in loans held for sale of $64.5 million, or 86.9% and a decrease in cash and cash equivalents of $20.0 million, or 57.3%.

 

William M. Parent, President and Chief Executive Officer, stated, “During the quarter, we were pleased to obtain shareholder approval for the proposed merger with Hometown Financial Group, Inc. (“Hometown”). We are excited to be joining Hometown and becoming part of a larger organization. I want to thank our employees for their dedication and hard work during this time of transition as we maintain a business-as-usual environment for our customers.”



 

 

Second Quarter Operating Results

Net interest income increased by $744,000, or 14.1%, to $6.0 million for the three months ended June 30, 2022 from $5.3 million for the three months ended March 31, 2022. This increase was primarily due to a 16.6% increase in average balances of 1-4 family residential loans and a 14 basis point improvement in the average yield earned on these loans. The yield earned on interest-earning assets increased by 53 basis points from the prior quarter, and the rate paid on interest-bearing liabilities decreased by 1 basis point from the prior quarter. The net interest margin increased by 53 basis points to 3.39% for the second quarter from 2.86% for the first quarter.

 

Net interest income increased by $812,000, or 15.6%, to $6.0 million for the three months ended June 30, 2022, from $5.2 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin increased by 38 basis points to 3.39% from 3.01%. The improvement reflects average loan growth of $41.3 million from the prior year quarter and an increase of 18 basis points in the average yield earned on loans, while the cost of interest-bearing liabilities decreased by 10 basis points.

 

The Company recognized a provision for loan losses of $269,000 for the quarter ended June 30, 2022, driven by loan growth of $78.1 million from the prior quarter. The allowance for loan losses as a percentage of total loans was 1.00%, 1.09% and 1.19% at June 30, 2022, March 31, 2022 and June 30, 2021, respectively, and was 237.4%, 237.2% and 101.9% of non-performing assets at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

 

Non-interest income decreased $367,000, or 16.7%, to $1.8 million for the quarter ended June 30, 2022 from $2.2 million in the quarter ended March 31, 2022, due to a decrease of $780,000 in the net gain on loan origination and sale activities. Sold mortgages totaled $56.8 million in the second quarter of 2022, compared to $129.9 million in the first quarter of 2022. The second quarter of 2022 ended with a mortgage pipeline of $10.9 million, compared to a pipeline of $42.7 million at the end of the first quarter of 2022, and loans held for sale were $9.7 million as of June 30, 2022, compared to $22.7 million as of March 31, 2022. The decrease in the mortgage banking pipeline and loans held for sale, reflecting rising interest rates and lower margins on loans sold, contributed to the erosion in the gain on loan origination and sale activities from the prior quarter. Mortgage servicing fees increased $161,000, or 46.3%, to $509,000 for the second quarter of 2022 from $348,000 in the first quarter of 2022 because of a positive fair value adjustment of $286,000 in the second quarter of 2022, compared to a positive fair value adjustment of $135,000 for the first quarter of 2022, given declining prepayment speeds.

 

Non-interest income decreased $5.0 million, or 73.2%, to $1.8 million for the quarter ended June 30, 2022, from $6.8 million for the quarter ended June 30, 2021, principally due to a decrease of $5.3 million in the net gain on loan origination and sale activities. Sold mortgage loans totaled $56.8 million in the second quarter of 2022, compared to sold mortgage loans of $342.8 million during the second quarter of 2021. The second quarter of 2022 ended with a mortgage pipeline of $10.9 million, compared to a pipeline of $139.7 million at the end of the second quarter of 2021. Mortgage servicing fees increased $128,000 in the quarter ended June 30, 2022, principally due to a positive valuation adjustment to mortgage servicing rights of $286,000 in the quarter ended June 30, 2022.

 

Non-interest expenses decreased $1.2 million, or 14.0%, to $7.5 million in the quarter ended June 30, 2022 from $8.7 million in the quarter ended March 31, 2022. The decrease was due to a decrease in salaries and employee benefits expense of $740,000, or 14.4%, primarily attributed to lower headcount and the absence of severance expenses related to the reduction in force in the mortgage banking operation completed in the quarter ended March 31, 2022. In addition, professional fees and other non-interest expenses decreased by $707,000 from the prior quarter.

 

Non-interest expenses decreased $3.1 million to $7.5 million in the quarter ended June 30, 2022 from $10.6 million in the quarter ended June 30, 2021. The decrease was principally due to a decrease in salaries and employee benefits of $2.9 million, primarily attributed to lower commissions and incentives associated with lower residential loan production and reduced headcount.

 

 

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

 

2


 

 

The income tax benefit was $165,000 for the three months ended June 30, 2022, compared to $1.1 million for the three months ended March 31, 2022 and $162,000 for the three months ended June 30, 2021.

 

Year-to-Date Operating Results

Net interest income increased by $1.0 million, or 9.6%, to $11.3 million for the six months ended June 30, 2022 from $10.3 million for the six months ended June 30, 2021. The change reflects loan growth and higher average yields earned on loans, as well as the downward pricing and improved composition of funding liabilities. An increase in the average balance of loans of $16.9 million, or 2.8%, and an 11 basis point improvement in loan yields contributed to a $678,000 improvement in total interest and dividend income. The composition of our funding base improved with an increase of $21.3 million, or 18.4%, in the average balance of non-interest bearing deposits and a decrease of $21.5 million, or 35.1%, in the average balance of borrowings. The composition change contributed to a 15 basis point decrease in the cost of interest-bearing liabilities.

 

The Company recognized a provision for loan losses of $340,000 for the six months ended June 30, 2022 compared to a credit for loan losses of $240,000 in the prior year period. For the six months ended June 30, 2022, loan growth was the primary contributor to the provision for loan losses.

 

Non-interest income decreased $15.2 million, or 79.1%, to $4.0 million for the six months ended June 30, 2022 from $19.2 million in the prior year period, principally due to a decrease of $15.0 million in the net gain on loan origination and sale activities, and a decrease in mortgage servicing fees, net, of $303,000. Mortgage loans sold were $186.6 million during the six months ended June 30, 2022, compared to $846.0 million during the prior year period. Net gain on loan origination and sale activities decreased as a result of both lower volume and margin on loan sales and the impact of a shrinking mortgage banking pipeline during the first six months of 2022. Mortgage servicing fees decreased $303,000 for the six months ended June 30, 2022 to $857,000 from $1.2 million for the six months ended June 30, 2021, primarily due to the recording of sub-servicer expenses during the six months ended June 30, 2022 of $620,000.

 

Non-interest expenses decreased $6.4 million, or 28.3%, to $16.2 million for the six months ended June 30, 2022 from $22.6 million for the six months ended June 30, 2021. Salaries and benefits decreased $6.2 million, or 39.2%, to $9.6 million, as a result of lower commissions and incentives associated with a normalization of residential loan production and reduced headcount. Included in salaries and benefits were severance expenses of $240,000 and $254,000 in the six months ended June 30, 2022 and 2021, respectively, relating to a reduction in force in the mortgage banking operation in 2022 and the outsourcing of residential loan servicing in 2021. Occupancy and equipment expenses decreased $441,000 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 since the prior year, and decreased COVID-19 pandemic related spending.

 

The income tax benefit was $1.2 million for the six months ended June 30, 2022 compared to income tax expense of $1.5 million for the six months ended June 30, 2021. Non-qualified stock option exercises during the six months ended June 30, 2022 contributed to the income tax benefit, in addition to the pre-tax loss generated during the period.

 

Balance Sheet

At June 30, 2022, total assets amounted to $774.8 million, compared to $770.3 million at March 31, 2022, an increase of $4.5 million, or 0.6%. A $78.1 million increase in total loans from the prior quarter was partially offset by a $13.0 million decrease in loans held for sale and a $56.2 million decrease in total cash and cash equivalents. Deposits increased by $16.7 million, or 2.7%, in the quarter, whereas FHLB advances decreased by $12.1 million, or 26.8%.

 

Total assets at June 30, 2022 increased $30.6 million, or 4.1%, from $744.1 million at June 30, 2021. Contributing to asset growth was an increase of $117.0 million in net loans to $657.6 million at June 30, 2022 from $540.7 million at June 30, 2021. Commercial real estate loans increased by $21.6 million, or 12.9%, as we focused on diversifying our loan mix. Cash

 

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

 

3


 

and cash equivalents decreased by $20.0 million, or 57.3%, to $14.9 million at June 30, 2022 from $34.9 million at June 30, 2021, principally due to loan growth. FHLB advances decreased by $17.1 million to $32.9 million at June 30, 2022, from $50.0 million at June 30, 2021.

 

Total stockholders’ equity was $89.3 million at June 30, 2022 compared to $88.5 million at March 31, 2022. The increase of $800,000 reflects net income of $248,000 and earned ESOP compensation and the commitment of ESOP shares to be released of $946,000, and net proceeds from the exercise of stock options of $272,000, partially offset by other comprehensive losses, of $915,000.

 

Total stockholders’ equity was $89.3 million at June 30, 2022 compared to $100.7 million at June 30, 2021. The decrease of $11.4 million relates mainly to share repurchases of $4.9 million and dividend payments of $12.0 million, partially offset by net income from the previous twelve months of $3.9 million.

 

Proposed Transaction with Hometown Financial

On March 28, 2022, the Company and Hometown Financial Group, Inc. (“Hometown”) entered into an Agreement and Plan of Merger (the “merger agreement”) pursuant to which, through a series of transactions, Hometown will acquire the Company (the “merger”) in a cash transaction for total consideration valued at approximately $146.5 million. Under the terms of the merger agreement, Company shareholders will receive $27.00 for each share of Company common stock. The shareholders of the Company approved the proposed merger at a special meeting of shareholders held on June 29, 2022. The merger is expected to close in the fourth quarter of 2022 and is subject to regulatory approvals and customary closing conditions.

 

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 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, failure to obtain necessary regulatory approvals for the proposed transaction with Hometown; failure to satisfy any of the conditions to the proposed transaction with Hometown on a timely basis or at all or other delays in completing the merger; the risk that the merger agreement may be terminated in certain circumstances; the outcome of any legal proceedings that may be instituted against the Company and/or others related to the merger agreement or the merger; disruptions to the Company’s business as a result of the announcement and pendency of the merger; the reputational risks and the reaction of Randolph’s customers to the proposed transaction; 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 interest rates; competition; inflation; 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 pandemic-related legislative and regulatory initiatives and programs; ongoing 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

 

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

 

4


 

Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

Non-GAAP Financial Measures

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

 

 

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

 

5


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

Jun 2022 vs.

 

 

Jun 2022 vs.

 

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

Mar 2022

 

 

Jun 2021

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,891

 

 

$

71,072

 

 

$

34,876

 

 

 

(79.0

)%

 

 

(57.3

)%

Securities available for sale, at fair value

 

 

47,142

 

 

 

48,836

 

 

 

50,212

 

 

 

(3.5

)%

 

 

(6.1

)%

Loans held for sale, at fair value

 

 

9,736

 

 

 

22,698

 

 

 

74,277

 

 

 

(57.1

)%

 

 

(86.9

)%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

354,922

 

 

 

271,755

 

 

 

263,992

 

 

 

30.6

%

 

 

34.4

%

Home equity

 

 

65,210

 

 

 

58,501

 

 

 

50,555

 

 

 

11.5

%

 

 

29.0

%

Commercial real estate

 

 

189,334

 

 

 

199,255

 

 

 

167,691

 

 

 

(5.0

)%

 

 

12.9

%

Construction

 

 

33,877

 

 

 

32,544

 

 

 

29,140

 

 

 

4.1

%

 

 

16.3

%

Total real estate loans

 

 

643,343

 

 

 

562,055

 

 

 

511,378

 

 

 

14.5

%

 

 

25.8

%

Commercial and industrial

 

 

13,162

 

 

 

15,478

 

 

 

25,826

 

 

 

(15.0

)%

 

 

(49.0

)%

Consumer

 

 

6,353

 

 

 

7,267

 

 

 

9,194

 

 

 

(12.6

)%

 

 

(30.9

)%

Total loans

 

 

662,858

 

 

 

584,800

 

 

 

546,398

 

 

 

13.3

%

 

 

21.3

%

Allowance for loan losses

 

 

(6,602

)

 

 

(6,357

)

 

 

(6,523

)

 

 

3.9

%

 

 

1.2

%

Net deferred loan costs and fees, and purchase premiums

 

 

1,362

 

 

 

1,148

 

 

 

785

 

 

 

18.6

%

 

 

73.5

%

Loans, net

 

 

657,618

 

 

 

579,591

 

 

 

540,660

 

 

 

13.5

%

 

 

21.6

%

Federal Home Loan Bank of Boston stock, at cost

 

 

1,778

 

 

 

2,734

 

 

 

2,855

 

 

 

(35.0

)%

 

 

(37.7

)%

Accrued interest receivable

 

 

1,699

 

 

 

1,434

 

 

 

1,523

 

 

 

18.5

%

 

 

11.6

%

Mortgage servicing rights, net

 

 

15,093

 

 

 

15,378

 

 

 

15,375

 

 

 

(1.9

)%

 

 

(1.8

)%

Premises and equipment, net

 

 

7,669

 

 

 

7,718

 

 

 

5,115

 

 

 

(0.6

)%

 

 

49.9

%

Bank-owned life insurance

 

 

8,865

 

 

 

8,824

 

 

 

8,703

 

 

 

0.5

%

 

 

1.9

%

Other assets

 

 

10,262

 

 

 

11,999

 

 

 

10,546

 

 

 

(14.5

)%

 

 

(2.7

)%

Total assets

 

$

774,753

 

 

$

770,284

 

 

$

744,142

 

 

 

0.6

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

146,635

 

 

$

142,793

 

 

$

124,683

 

 

 

2.7

%

 

 

17.6

%

Savings accounts

 

 

195,107

 

 

 

196,145

 

 

 

190,584

 

 

 

(0.5

)%

 

 

2.4

%

NOW accounts

 

 

51,928

 

 

 

53,329

 

 

 

51,059

 

 

 

(2.6

)%

 

 

1.7

%

Money market accounts

 

 

98,331

 

 

 

92,769

 

 

 

73,967

 

 

 

6.0

%

 

 

32.9

%

Term certificates

 

 

102,002

 

 

 

106,515

 

 

 

74,631

 

 

 

(4.2

)%

 

 

36.7

%

Interest bearing brokered

 

 

47,361

 

 

 

33,128

 

 

 

57,059

 

 

 

43.0

%

 

 

(17.0

)%

Total deposits

 

 

641,364

 

 

 

624,679

 

 

 

571,983

 

 

 

2.7

%

 

 

12.1

%

Federal Home Loan Bank of Boston advances

 

 

32,946

 

 

 

45,000

 

 

 

50,016

 

 

 

(26.8

)%

 

 

(34.1

)%

Mortgagors' escrow accounts

 

 

2,546

 

 

 

2,773

 

 

 

1,783

 

 

 

(8.2

)%

 

 

42.8

%

Post-employment benefit obligations

 

 

2,055

 

 

 

2,064

 

 

 

2,226

 

 

 

(0.4

)%

 

 

(7.7

)%

Other liabilities

 

 

6,564

 

 

 

7,290

 

 

 

17,424

 

 

 

(10.0

)%

 

 

(62.3

)%

Total liabilities

 

 

685,475

 

 

 

681,806

 

 

 

643,432

 

 

 

0.5

%

 

 

6.5

%

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

52

 

 

 

52

 

 

 

0.0

%

 

 

0.0

%

Additional paid-in capital

 

 

45,501

 

 

 

44,904

 

 

 

46,740

 

 

 

1.3

%

 

 

(2.7

)%

Retained earnings

 

 

49,290

 

 

 

49,042

 

 

 

57,378

 

 

 

0.5

%

 

 

(14.1

)%

ESOP-Unearned compensation

 

 

(2,651

)

 

 

(3,521

)

 

 

(3,662

)

 

 

(24.7

)%

 

 

(27.6

)%

Accumulated other comprehensive income (loss), net of tax

 

 

(2,914

)

 

 

(1,999

)

 

 

202

 

 

 

45.8

%

 

 

(1542.6

)%

Total stockholders' equity

 

 

89,278

 

 

 

88,478

 

 

 

100,710

 

 

 

0.9

%

 

 

(11.4

)%

Total liabilities and stockholders' equity

 

$

774,753

 

 

$

770,284

 

 

$

744,142

 

 

 

0.6

%

 

 

4.1

%

 

 

 

 

 

 

 

 

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

 

6


 

 

Randolph Bancorp, Inc.

Consolidated Balance Sheet Trend

(Dollars in thousands)

(Unaudited)

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

 

2022

 

 

 

2022

 

 

 

2021

 

 

 

2021

 

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,891

 

 

$

71,072

 

 

$

115,449

 

 

$

12,876

 

 

$

34,876

 

Securities available for sale, at fair value

 

 

47,142

 

 

 

48,836

 

 

 

51,666

 

 

 

51,725

 

 

 

50,212

 

Loans held for sale, at fair value

 

 

9,736

 

 

 

22,698

 

 

 

44,766

 

 

 

75,400

 

 

 

74,277

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

354,922

 

 

 

271,755

 

 

 

236,364

 

 

 

265,561

 

 

 

263,992

 

Home equity

 

 

65,210

 

 

 

58,501

 

 

 

57,295

 

 

 

56,124

 

 

 

50,555

 

Commercial real estate

 

 

189,334

 

 

 

199,255

 

 

 

197,423

 

 

 

185,100

 

 

 

167,691

 

Construction

 

 

33,877

 

 

 

32,544

 

 

 

33,961

 

 

 

34,479

 

 

 

29,140

 

Total real estate loans

 

 

643,343

 

 

 

562,055

 

 

 

525,043

 

 

 

541,264

 

 

 

511,378

 

Commercial and industrial

 

 

13,162

 

 

 

15,478

 

 

 

17,242

 

 

 

19,896

 

 

 

25,826

 

Consumer

 

 

6,353

 

 

 

7,267

 

 

 

7,552

 

 

 

8,860

 

 

 

9,194

 

Total loans

 

 

662,858

 

 

 

584,800

 

 

 

549,837

 

 

 

570,020

 

 

 

546,398

 

Allowance for loan losses

 

 

(6,602

)

 

 

(6,357

)

 

 

(6,289

)

 

 

(6,432

)

 

 

(6,523

)

Net deferred loan costs and fees, and purchase premiums

 

 

1,362

 

 

 

1,148

 

 

 

1,073

 

 

 

1,031

 

 

 

785

 

Loans, net

 

 

657,618

 

 

 

579,591

 

 

 

544,621

 

 

 

564,619

 

 

 

540,660

 

Federal Home Loan Bank of Boston stock, at cost

 

 

1,778

 

 

 

2,734

 

 

 

2,940

 

 

 

3,239

 

 

 

2,855

 

Accrued interest receivable

 

 

1,699

 

 

 

1,434

 

 

 

1,500

 

 

 

1,763

 

 

 

1,523

 

Mortgage servicing rights, net

 

 

15,093

 

 

 

15,378

 

 

 

15,616

 

 

 

15,402

 

 

 

15,375

 

Premises and equipment, net

 

 

7,669

 

 

 

7,718

 

 

 

7,684

 

 

 

6,462

 

 

 

5,115

 

Bank-owned life insurance

 

 

8,865

 

 

 

8,824

 

 

 

8,784

 

 

 

8,744

 

 

 

8,703

 

Other assets

 

 

10,262

 

 

 

11,999

 

 

 

10,252

 

 

 

10,867

 

 

 

10,546

 

Total assets

 

$

774,753

 

 

$

770,284

 

 

$

803,278

 

 

$

751,097

 

 

$

744,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

146,635

 

 

$

142,793

 

 

$

145,666

 

 

$

134,058

 

 

$

124,683

 

Savings accounts

 

 

195,107

 

 

 

196,145

 

 

 

191,712

 

 

 

188,346

 

 

 

190,584

 

NOW accounts

 

 

51,928

 

 

 

53,329

 

 

 

53,996

 

 

 

53,804

 

 

 

51,059

 

Money market accounts

 

 

98,331

 

 

 

92,769

 

 

 

90,544

 

 

 

73,562

 

 

 

73,967

 

Term certificates

 

 

102,002

 

 

 

106,515

 

 

 

106,112

 

 

 

73,519

 

 

 

74,631

 

Interest bearing brokered

 

 

47,361

 

 

 

33,128

 

 

 

50,117

 

 

 

50,116

 

 

 

57,059

 

Total deposits

 

 

641,364

 

 

 

624,679

 

 

 

638,147

 

 

 

573,405

 

 

 

571,983

 

Federal Home Loan Bank of Boston advances

 

 

32,946

 

 

 

45,000

 

 

 

50,000

 

 

 

62,900

 

 

 

50,016

 

Mortgagors' escrow accounts

 

 

2,546

 

 

 

2,773

 

 

 

2,128

 

 

 

1,905

 

 

 

1,783

 

Post-employment benefit obligations

 

 

2,055

 

 

 

2,064

 

 

 

2,222

 

 

 

2,182

 

 

 

2,226

 

Other liabilities

 

 

6,564

 

 

 

7,290

 

 

 

9,878

 

 

 

10,108

 

 

 

17,424

 

Total liabilities

 

 

685,475

 

 

 

681,806

 

 

 

702,375

 

 

 

650,500

 

 

 

643,432

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

52

 

 

 

52

 

 

 

50

 

 

 

50

 

 

 

52

 

Additional paid-in capital

 

 

45,501

 

 

 

44,904

 

 

 

44,078

 

 

 

43,574

 

 

 

46,740

 

Retained earnings

 

 

49,290

 

 

 

49,042

 

 

 

60,524

 

 

 

60,504

 

 

 

57,378

 

ESOP-Unearned compensation

 

 

(2,651

)

 

 

(3,521

)

 

 

(3,568

)

 

 

(3,615

)

 

 

(3,662

)

Accumulated other comprehensive income (loss), net of tax

 

 

(2,914

)

 

 

(1,999

)

 

 

(181

)

 

 

84

 

 

 

202

 

Total stockholders' equity

 

 

89,278

 

 

 

88,478

 

 

 

100,903

 

 

 

100,597

 

 

 

100,710

 

Total liabilities and stockholders' equity

 

$

774,753

 

 

$

770,284

 

 

$

803,278

 

 

$

751,097

 

 

$

744,142

 

 

 

 

 

 

 

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

 

7


 

 

Randolph Bancorp, Inc.

Consolidated Statements of Operations

(Dollars in thousands except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

 

% Change

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

Jun 2022 vs.

 

 

Jun 2022 vs.

 

 

 

2022

 

 

2022

 

 

2021

 

 

Mar 2022

 

 

Jun 2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

6,182

 

 

$

5,467

 

 

$

5,505

 

 

 

13.1

%

 

 

12.3

%

Securities-taxable

 

 

221

 

 

 

216

 

 

 

223

 

 

 

2.3

%

 

 

(0.9

)%

Securities-tax exempt

 

 

4

 

 

 

4

 

 

 

6

 

 

 

0.0

%

 

 

(33.3

)%

Interest-bearing deposits and certificates of deposit

 

 

45

 

 

 

42

 

 

 

8

 

 

 

7.1

%

 

 

462.5

%

Total interest and dividend income

 

 

6,452

 

 

 

5,729

 

 

 

5,742

 

 

 

12.6

%

 

 

12.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

342

 

 

 

315

 

 

 

345

 

 

 

8.6

%

 

 

(0.9

)%

Borrowings

 

 

99

 

 

 

147

 

 

 

198

 

 

 

(32.7

)%

 

 

(50.0

)%

Total interest expense

 

 

441

 

 

 

462

 

 

 

543

 

 

 

(4.5

)%

 

 

(18.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

6,011

 

 

 

5,267

 

 

 

5,199

 

 

 

14.1

%

 

 

15.6

%

Provision (credit) for loan losses

 

 

269

 

 

 

71

 

 

 

(27

)

 

 

278.9

%

 

 

(1096.3

)%

Net interest income after provision (credit) for loan losses

 

 

5,742

 

 

 

5,196

 

 

 

5,226

 

 

 

10.5

%

 

 

9.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

372

 

 

 

365

 

 

 

419

 

 

 

1.9

%

 

 

(11.2

)%

Gain on loan origination and sale activities, net

 

 

484

 

 

 

1,264

 

 

 

5,740

 

 

 

(61.7

)%

 

 

(91.6

)%

Mortgage servicing fees, net

 

 

509

 

 

 

348

 

 

 

381

 

 

 

46.3

%

 

 

33.6

%

Increase in cash surrender value of life insurance

 

 

41

 

 

 

40

 

 

 

41

 

 

 

2.5

%

 

 

0.0

%

Other

 

 

419

 

 

 

175

 

 

 

235

 

 

 

139.4

%

 

 

78.3

%

Total non-interest income

 

 

1,825

 

 

 

2,192

 

 

 

6,816

 

 

 

(16.7

)%

 

 

(73.2

)%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,414

 

 

 

5,154

 

 

 

7,310

 

 

 

(14.4

)%

 

 

(39.6

)%

Occupancy and equipment

 

 

559

 

 

 

365

 

 

 

621

 

 

 

53.2

%

 

 

(10.0

)%

Data processing

 

 

378

 

 

 

345

 

 

 

301

 

 

 

9.6

%

 

 

25.6

%

Professional fees

 

 

578

 

 

 

1,025

 

 

 

323

 

 

 

(43.6

)%

 

 

78.9

%

Marketing

 

 

151

 

 

 

157

 

 

 

200

 

 

 

(3.8

)%

 

 

(24.5

)%

FDIC insurance

 

 

62

 

 

 

58

 

 

 

54

 

 

 

6.9

%

 

 

14.8

%

Other non-interest expenses

 

 

1,342

 

 

 

1,602

 

 

 

1,818

 

 

 

(16.2

)%

 

 

(26.2

)%

Total non-interest expenses

 

 

7,484

 

 

 

8,706

 

 

 

10,627

 

 

 

(14.0

)%

 

 

(29.6

)%

Income (loss) before income taxes

 

 

83

 

 

 

(1,318

)

 

 

1,415

 

 

 

(106.3

)%

 

 

(94.1

)%

Income tax expense (benefit)

 

 

(165

)

 

 

(1,083

)

 

 

(162

)

 

 

(84.8

)%

 

 

1.9

%

Net income (loss)

 

$

248

 

 

$

(235

)

 

$

1,577

 

 

 

(205.5

)%

 

 

(84.3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

(0.05

)

 

$

0.32

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.05

 

 

$

(0.05

)

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,839,796

 

 

 

4,815,325

 

 

 

4,921,182

 

 

 

 

 

 

 

 

 

Diluted

 

 

5,076,181

 

 

 

5,014,538

 

 

 

5,135,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

-

 

 

$

2.15

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30,

 

 

June 30,

 

 

Jun 2022 vs.

 

 

 

2022

 

 

2021

 

 

Jun 2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

11,649

 

 

$

11,013

 

 

 

5.8

%

Securities-taxable

 

 

437

 

 

 

463

 

 

 

(5.6

)%

Securities-tax exempt

 

 

8

 

 

 

12

 

 

 

(33.3

)%

Interest-bearing deposits and certificates of deposit

 

 

87

 

 

 

15

 

 

 

480.0

%

Total interest and dividend income

 

 

12,181

 

 

 

11,503

 

 

 

5.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

657

 

 

 

783

 

 

 

(16.1

)%

Borrowings

 

 

246

 

 

 

430

 

 

 

(42.8

)%

Total interest expense

 

 

903

 

 

 

1,213

 

 

 

(25.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

11,278

 

 

 

10,290

 

 

 

9.6

%

Provision (credit) for loan losses

 

 

340

 

 

 

(240

)

 

 

(241.7

)%

Net interest income after provision (credit) for loan losses

 

 

10,938

 

 

 

10,530

 

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

737

 

 

 

786

 

 

 

(6.2

)%

Gain on loan origination and sale activities, net

 

 

1,748

 

 

 

16,733

 

 

 

(89.6

)%

Mortgage servicing fees, net

 

 

857

 

 

 

1,160

 

 

 

(26.1

)%

Increase in cash surrender value of life insurance

 

 

81

 

 

 

81

 

 

 

0.0

%

Other

 

 

594

 

 

 

479

 

 

 

24.0

%

Total non-interest income

 

 

4,017

 

 

 

19,239

 

 

 

(79.1

)%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,568

 

 

 

15,747

 

 

 

(39.2

)%

Occupancy and equipment

 

 

924

 

 

 

1,365

 

 

 

(32.3

)%

Data processing

 

 

723

 

 

 

564

 

 

 

28.2

%

Professional fees

 

 

1,603

 

 

 

884

 

 

 

81.3

%

Marketing

 

 

308

 

 

 

370

 

 

 

(16.8

)%

FDIC insurance

 

 

120

 

 

 

108

 

 

 

11.1

%

Other non-interest expenses

 

 

2,944

 

 

 

3,540

 

 

 

(16.8

)%

Total non-interest expenses

 

 

16,190

 

 

 

22,578

 

 

 

(28.3

)%

Income (loss) before income taxes

 

 

(1,235

)

 

 

7,191

 

 

 

(117.2

)%

Income tax expense (benefit)

 

 

(1,248

)

 

 

1,502

 

 

 

(183.1

)%

Net income

 

$

13

 

 

$

5,689

 

 

 

(99.8

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

1.14

 

 

 

 

 

Diluted

 

$

0.00

 

 

$

1.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,827,628

 

 

 

4,988,283

 

 

 

 

 

Diluted

 

 

5,046,444

 

 

 

5,193,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

2.15

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

6,182

 

 

$

5,467

 

 

$

5,923

 

 

$

6,226

 

 

$

5,505

 

Securities-taxable

 

 

221

 

 

 

216

 

 

 

217

 

 

 

219

 

 

 

223

 

Securities-tax exempt

 

 

4

 

 

 

4

 

 

 

4

 

 

 

4

 

 

 

6

 

Interest-bearing deposits and certificates of deposit

 

 

45

 

 

 

42

 

 

 

13

 

 

 

4

 

 

 

8

 

Total interest and dividend income

 

 

6,452

 

 

 

5,729

 

 

 

6,157

 

 

 

6,453

 

 

 

5,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

342

 

 

 

315

 

 

 

308

 

 

 

299

 

 

 

345

 

Borrowings

 

 

99

 

 

 

147

 

 

 

155

 

 

 

178

 

 

 

198

 

Total interest expense

 

 

441

 

 

 

462

 

 

 

463

 

 

 

477

 

 

 

543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

6,011

 

 

 

5,267

 

 

 

5,694

 

 

 

5,976

 

 

 

5,199

 

Provision (credit) for loan losses

 

 

269

 

 

 

71

 

 

 

(108

)

 

 

(90

)

 

 

(27

)

Net interest income after provision (credit) for loan losses

 

 

5,742

 

 

 

5,196

 

 

 

5,802

 

 

 

6,066

 

 

 

5,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

372

 

 

 

365

 

 

 

422

 

 

 

410

 

 

 

419

 

Gain on loan origination and sale activities, net

 

 

484

 

 

 

1,264

 

 

 

3,723

 

 

 

7,229

 

 

 

5,740

 

Mortgage servicing fees, net

 

 

509

 

 

 

348

 

 

 

257

 

 

 

274

 

 

 

381

 

Increase in cash surrender value of life insurance

 

 

41

 

 

 

40

 

 

 

41

 

 

 

41

 

 

 

41

 

Other

 

 

419

 

 

 

175

 

 

 

92

 

 

 

195

 

 

 

235

 

Total non-interest income

 

 

1,825

 

 

 

2,192

 

 

 

4,535

 

 

 

8,149

 

 

 

6,816

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,414

 

 

 

5,154

 

 

 

6,084

 

 

 

6,381

 

 

 

7,310

 

Occupancy and equipment

 

 

559

 

 

 

365

 

 

 

713

 

 

 

714

 

 

 

621

 

Data processing

 

 

378

 

 

 

345

 

 

 

237

 

 

 

367

 

 

 

301

 

Professional fees

 

 

578

 

 

 

1,025

 

 

 

325

 

 

 

490

 

 

 

323

 

Marketing

 

 

151

 

 

 

157

 

 

 

245

 

 

 

134

 

 

 

200

 

FDIC insurance

 

 

62

 

 

 

58

 

 

 

55

 

 

 

54

 

 

 

54

 

Other non-interest expenses

 

 

1,342

 

 

 

1,602

 

 

 

1,562

 

 

 

1,719

 

 

 

1,818

 

Total non-interest expenses

 

 

7,484

 

 

 

8,706

 

 

 

9,221

 

 

 

9,859

 

 

 

10,627

 

Income (loss) before income taxes

 

 

83

 

 

 

(1,318

)

 

 

1,116

 

 

 

4,356

 

 

 

1,415

 

Income tax expense (benefit)

 

 

(165

)

 

 

(1,083

)

 

 

330

 

 

 

1,230

 

 

 

(162

)

Net income (loss)

 

$

248

 

 

$

(235

)

 

$

786

 

 

$

3,126

 

 

$

1,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

(0.05

)

 

$

0.17

 

 

$

0.64

 

 

$

0.32

 

Diluted

 

$

0.05

 

 

$

(0.05

)

 

$

0.16

 

 

$

0.62

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,839,796

 

 

 

4,815,325

 

 

 

4,743,833

 

 

 

4,869,155

 

 

 

4,921,182

 

Diluted

 

 

5,076,181

 

 

 

5,014,538

 

 

 

4,993,750

 

 

 

5,074,676

 

 

 

5,135,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

-

 

 

$

2.15

 

 

$

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

 

 

June 30, 2022

 

 

March 31, 2022

 

 

June 30, 2021

 

 

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)

$

320,545

 

 

$

2,941

 

 

 

3.68

%

 

$

274,883

 

 

$

2,400

 

 

 

3.54

%

 

$

319,087

 

 

$

2,763

 

 

 

3.47

%

Home equity

 

62,406

 

 

 

574

 

 

 

3.69

%

 

 

57,046

 

 

 

470

 

 

 

3.34

%

 

 

49,789

 

 

 

412

 

 

 

3.32

%

Commercial real estate

 

197,928

 

 

 

2,025

 

 

 

4.10

%

 

 

197,330

 

 

 

1,921

 

 

 

3.95

%

 

 

159,423

 

 

 

1,666

 

 

 

4.19

%

Construction

 

32,095

 

 

 

314

 

 

 

3.92

%

 

 

32,734

 

 

 

296

 

 

 

3.67

%

 

 

29,902

 

 

 

289

 

 

 

3.88

%

Total real estate loans

 

612,974

 

 

 

5,854

 

 

 

3.83

%

 

 

561,993

 

 

 

5,087

 

 

 

3.67

%

 

 

558,201

 

 

 

5,130

 

 

 

3.69

%

Commercial and industrial

 

14,123

 

 

 

234

 

 

 

6.65

%

 

 

16,631

 

 

 

277

 

 

 

6.75

%

 

 

25,497

 

 

 

266

 

 

 

4.18

%

Consumer

 

6,924

 

 

 

94

 

 

 

5.45

%

 

 

7,617

 

 

 

103

 

 

 

5.48

%

 

 

9,052

 

 

 

109

 

 

 

4.83

%

Total loans

 

634,021

 

 

 

6,182

 

 

 

3.91

%

 

 

586,241

 

 

 

5,467

 

 

 

3.78

%

 

 

592,750

 

 

 

5,505

 

 

 

3.73

%

Investment securities(2) (3)

 

49,426

 

 

 

226

 

 

 

1.83

%

 

 

52,930

 

 

 

221

 

 

 

1.69

%

 

 

55,376

 

 

 

230

 

 

 

1.67

%

Interest-earning deposits

 

27,803

 

 

 

45

 

 

 

0.65

%

 

 

107,866

 

 

 

42

 

 

 

0.16

%

 

 

43,888

 

 

 

8

 

 

 

0.07

%

Total interest-earning assets

 

711,250

 

 

 

6,453

 

 

 

3.64

%

 

 

747,037

 

 

 

5,730

 

 

 

3.11

%

 

 

692,014

 

 

 

5,743

 

 

 

3.33

%

Noninterest-earning assets

 

41,971

 

 

 

 

 

 

 

 

 

 

 

41,939

 

 

 

 

 

 

 

 

 

 

 

40,257

 

 

 

 

 

 

 

 

 

Total assets

$

753,221

 

 

 

 

 

 

 

 

 

 

$

788,976

 

 

 

 

 

 

 

 

 

 

$

732,271

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Savings accounts

 

194,944

 

 

 

76

 

 

 

0.16

%

 

 

194,120

 

 

 

72

 

 

 

0.15

%

 

 

192,434

 

 

 

89

 

 

 

0.19

%

  NOW accounts

 

52,890

 

 

 

49

 

 

 

0.37

%

 

 

62,039

 

 

 

43

 

 

 

0.28

%

 

 

69,730

 

 

 

38

 

 

 

0.22

%

  Money market accounts

 

98,813

 

 

 

79

 

 

 

0.32

%

 

 

93,174

 

 

 

36

 

 

 

0.16

%

 

 

72,469

 

 

 

43

 

 

 

0.24

%

  Term certificates

 

141,279

 

 

 

138

 

 

 

0.39

%

 

 

143,320

 

 

 

164

 

 

 

0.46

%

 

 

104,604

 

 

 

175

 

 

 

0.67

%

Total interest-bearing deposits

 

487,926

 

 

 

342

 

 

 

0.28

%

 

 

492,653

 

 

 

315

 

 

 

0.26

%

 

 

439,237

 

 

 

345

 

 

 

0.32

%

  FHLBB and FRB advances

 

31,058

 

 

 

99

 

 

 

1.28

%

 

 

48,333

 

 

 

147

 

 

 

1.23

%

 

 

51,502

 

 

 

198

 

 

 

1.54

%

Total interest-bearing liabilities

 

518,984

 

 

 

441

 

 

 

0.34

%

 

 

540,986

 

 

 

462

 

 

 

0.35

%

 

 

490,739

 

 

 

543

 

 

 

0.44

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Noninterest-bearing deposits

 

133,915

 

 

 

 

 

 

 

 

 

 

 

140,454

 

 

 

 

 

 

 

 

 

 

 

124,656

 

 

 

 

 

 

 

 

 

  Other noninterest-bearing liabilities

 

10,642

 

 

 

 

 

 

 

 

 

 

 

11,559

 

 

 

 

 

 

 

 

 

 

 

13,606

 

 

 

 

 

 

 

 

 

Total liabilities

 

663,541

 

 

 

 

 

 

 

 

 

 

 

692,999

 

 

 

 

 

 

 

 

 

 

 

629,001

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

89,680

 

 

 

 

 

 

 

 

 

 

 

95,977

 

 

 

 

 

 

 

 

 

 

 

103,270

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

753,221

 

 

 

 

 

 

 

 

 

 

$

788,976

 

 

 

 

 

 

 

 

 

 

$

732,271

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

6,012

 

 

 

 

 

 

 

 

 

 

$

5,268

 

 

 

 

 

 

 

 

 

 

$

5,200

 

 

 

 

 

Interest rate spread(4)

 

 

 

 

 

 

 

 

 

3.30

%

 

 

 

 

 

 

 

 

 

 

2.76

%

 

 

 

 

 

 

 

 

 

 

2.89

%

Net interest-earning assets(5)

$

192,266

 

 

 

 

 

 

 

 

 

 

$

206,051

 

 

 

 

 

 

 

 

 

 

$

201,275

 

 

 

 

 

 

 

 

 

Net interest margin(6)

 

 

 

 

 

 

 

 

 

3.39

%

 

 

 

 

 

 

 

 

 

 

2.86

%

 

 

 

 

 

 

 

 

 

 

3.01

%

Cost of deposits (8)

 

 

 

 

 

 

 

 

 

0.22

%

 

 

 

 

 

 

 

 

 

 

0.20

%

 

 

 

 

 

 

 

 

 

 

0.25

%

Cost of funds (9)

 

 

 

 

 

 

 

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

0.35

%

Ratio of interest-earning assets to interest-bearing liabilities

 

137.05

%

 

 

 

 

 

 

 

 

 

 

138.09

%

 

 

 

 

 

 

 

 

 

 

141.01

%

 

 

 

 

 

 

 

 

(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 June 30, 2022, March 31, 2022, and June 30, 2021, 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

 

 

June 30, 2022

 

 

June 30, 2021

 

 

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)

$

297,840

 

 

$

5,341

 

 

 

3.62

%

 

$

327,897

 

 

$

5,737

 

 

 

3.53

%

Home equity

 

59,740

 

 

 

1,044

 

 

 

3.52

%

 

 

49,090

 

 

 

845

 

 

 

3.47

%

Commercial real estate

 

197,631

 

 

 

3,946

 

 

 

4.03

%

 

 

153,088

 

 

 

3,072

 

 

 

4.05

%

Construction

 

32,413

 

 

 

610

 

 

 

3.80

%

 

 

30,125

 

 

 

584

 

 

 

3.91

%

Total real estate loans

 

587,624

 

 

 

10,941

 

 

 

3.75

%

 

 

560,200

 

 

 

10,238

 

 

 

3.69

%

Commercial and industrial

 

15,370

 

 

 

511

 

 

 

6.70

%

 

 

23,689

 

 

 

540

 

 

 

4.60

%

Consumer

 

7,268

 

 

 

197

 

 

 

5.47

%

 

 

9,493

 

 

 

235

 

 

 

4.99

%

Total loans

 

610,262

 

 

 

11,649

 

 

 

3.85

%

 

 

593,382

 

 

 

11,013

 

 

 

3.74

%

  Investment securities(2) (3)

 

51,168

 

 

 

447

 

 

 

1.76

%

 

 

56,590

 

 

 

477

 

 

 

1.70

%

  Interest-earning deposits

 

67,613

 

 

 

87

 

 

 

0.26

%

 

 

39,713

 

 

 

15

 

 

 

0.08

%

Total interest-earning assets

 

729,043

 

 

 

12,183

 

 

 

3.37

%

 

 

689,685

 

 

 

11,505

 

 

 

3.36

%

Noninterest-earning assets

 

41,958

 

 

 

 

 

 

 

 

 

 

 

41,146

 

 

 

 

 

 

 

 

 

Total assets

$

771,001

 

 

 

 

 

 

 

 

 

 

$

730,831

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Savings accounts

 

194,535

 

 

 

148

 

 

 

0.15

%

 

 

191,379

 

 

 

187

 

 

 

0.20

%

  NOW accounts

 

57,439

 

 

 

92

 

 

 

0.32

%

 

 

69,621

 

 

 

86

 

 

 

0.25

%

  Money market accounts

 

96,009

 

 

 

115

 

 

 

0.24

%

 

 

74,222

 

 

 

97

 

 

 

0.26

%

  Term certificates

 

142,294

 

 

 

302

 

 

 

0.43

%

 

 

100,812

 

 

 

413

 

 

 

0.83

%

Total interest-bearing deposits

 

490,277

 

 

 

657

 

 

 

0.27

%

 

 

436,034

 

 

 

783

 

 

 

0.36

%

  FHLBB and FRB advances

 

39,648

 

 

 

246

 

 

 

1.25

%

 

 

61,126

 

 

 

430

 

 

 

1.42

%

Total interest-bearing liabilities

 

529,925

 

 

 

903

 

 

 

0.34

%

 

 

497,160

 

 

 

1,213

 

 

 

0.49

%

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Noninterest-bearing deposits

 

137,167

 

 

 

 

 

 

 

 

 

 

 

115,841

 

 

 

 

 

 

 

 

 

  Other noninterest-bearing liabilities

 

11,098

 

 

 

 

 

 

 

 

 

 

 

14,486

 

 

 

 

 

 

 

 

 

Total liabilities

 

678,190

 

 

 

 

 

 

 

 

 

 

 

627,487

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

92,811

 

 

 

 

 

 

 

 

 

 

 

103,344

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

771,001

 

 

 

 

 

 

 

 

 

 

$

730,831

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

11,280

 

 

 

 

 

 

 

 

 

 

$

10,292

 

 

 

 

 

Interest rate spread(4)

 

 

 

 

 

 

 

 

 

3.03

%

 

 

 

 

 

 

 

 

 

 

2.87

%

Net interest-earning assets(5)

$

199,118

 

 

 

 

 

 

 

 

 

 

$

192,525

 

 

 

 

 

 

 

 

 

Net interest margin(6)

 

 

 

 

 

 

 

 

 

3.12

%

 

 

 

 

 

 

 

 

 

 

3.01

%

Cost of deposits (8)

 

 

 

 

 

 

 

 

 

0.21

%

 

 

 

 

 

 

 

 

 

 

0.29

%

Cost of funds (9)

 

 

 

 

 

 

 

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

0.40

%

Ratio of interest-earning assets to interest-bearing liabilities

 

137.57

%

 

 

 

 

 

 

 

 

 

 

138.72

%

 

 

 

 

 

 

 

 

(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 $2,000 and $2,000 for the six months ended June 30, 2022 and 2021, 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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

$

320,545

 

 

$

274,883

 

 

$

319,855

 

 

$

345,576

 

 

$

319,087

 

Home equity

 

 

62,406

 

 

 

57,046

 

 

 

57,183

 

 

 

53,345

 

 

 

49,789

 

Commercial real estate

 

 

197,928

 

 

 

197,330

 

 

 

186,943

 

 

 

174,319

 

 

 

159,423

 

Construction

 

 

32,095

 

 

 

32,734

 

 

 

34,246

 

 

 

32,690

 

 

 

29,902

 

Total real estate loans

 

 

612,974

 

 

 

561,993

 

 

 

598,227

 

 

 

605,930

 

 

 

558,201

 

Commercial and industrial

 

 

14,123

 

 

 

16,631

 

 

 

18,311

 

 

 

22,693

 

 

 

25,497

 

Consumer

 

 

6,924

 

 

 

7,617

 

 

 

8,313

 

 

 

12,820

 

 

 

9,052

 

Total loans

 

 

634,021

 

 

 

586,241

 

 

 

624,851

 

 

 

641,443

 

 

 

592,750

 

Investment securities

 

 

49,426

 

 

 

52,930

 

 

 

54,314

 

 

 

54,229

 

 

 

55,376

 

Interest-earning deposits

 

 

27,803

 

 

 

107,866

 

 

 

41,161

 

 

 

11,002

 

 

 

43,888

 

Total interest-earning assets

 

 

711,250

 

 

 

747,037

 

 

 

720,326

 

 

 

706,674

 

 

 

692,014

 

Non-interest earning assets

 

 

41,971

 

 

 

41,939

 

 

 

43,478

 

 

 

44,614

 

 

 

40,257

 

Total assets

 

$

753,221

 

 

$

788,976

 

 

$

763,804

 

 

$

751,288

 

 

$

732,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

194,944

 

 

$

194,120

 

 

$

191,464

 

 

$

189,254

 

 

$

192,434

 

NOW accounts

 

 

52,890

 

 

 

62,039

 

 

 

62,838

 

 

 

61,951

 

 

 

69,730

 

Money market accounts

 

 

98,813

 

 

 

93,174

 

 

 

77,140

 

 

 

73,662

 

 

 

72,469

 

Term certificates

 

 

141,279

 

 

 

143,320

 

 

 

135,406

 

 

 

113,787

 

 

 

104,604

 

Total interest-bearing deposits

 

 

487,926

 

 

 

492,653

 

 

 

466,848

 

 

 

438,654

 

 

 

439,237

 

FHLBB and FRB advances

 

 

31,058

 

 

 

48,333

 

 

 

53,592

 

 

 

64,047

 

 

 

51,502

 

Total interest-bearing liabilities

 

 

518,984

 

 

 

540,986

 

 

 

520,440

 

 

 

502,701

 

 

 

490,739

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

133,915

 

 

 

140,454

 

 

 

127,486

 

 

 

126,165

 

 

 

124,656

 

Other noninterest-bearing liabilities

 

 

10,642

 

 

 

11,559

 

 

 

13,305

 

 

 

19,021

 

 

 

13,606

 

Total liabilities

 

 

663,541

 

 

 

692,999

 

 

 

661,231

 

 

 

647,887

 

 

 

629,001

 

Total stockholders' equity

 

 

89,680

 

 

 

95,977

 

 

 

102,573

 

 

 

103,401

 

 

 

103,270

 

Total liabilities and stockholders' equity

 

$

753,221

 

 

$

788,976

 

 

$

763,804

 

 

$

751,288

 

 

$

732,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

$

2,941

 

 

$

2,400

 

 

$

2,790

 

 

$

3,021

 

 

$

2,763

 

Home equity

 

 

574

 

 

 

470

 

 

 

480

 

 

 

475

 

 

 

412

 

Commercial real estate

 

 

2,025

 

 

 

1,921

 

 

 

1,880

 

 

 

1,809

 

 

 

1,666

 

Construction

 

 

314

 

 

 

296

 

 

 

331

 

 

 

310

 

 

 

289

 

Total real estate loans

 

 

5,854

 

 

 

5,087

 

 

 

5,481

 

 

 

5,615

 

 

 

5,130

 

Commercial and industrial

 

 

234

 

 

 

277

 

 

 

331

 

 

 

493

 

 

 

266

 

Consumer

 

 

94

 

 

 

103

 

 

 

111

 

 

 

118

 

 

 

109

 

Total loans

 

 

6,182

 

 

 

5,467

 

 

 

5,923

 

 

 

6,226

 

 

 

5,505

 

Investment securities

 

 

226

 

 

 

221

 

 

 

222

 

 

 

224

 

 

 

230

 

Interest-earning deposits

 

 

45

 

 

 

42

 

 

 

13

 

 

 

4

 

 

 

8

 

Total interest-earning assets

 

 

6,453

 

 

 

5,730

 

 

 

6,158

 

 

 

6,454

 

 

 

5,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

$

76

 

 

$

72

 

 

$

72

 

 

$

76

 

 

$

89

 

NOW accounts

 

 

49

 

 

 

43

 

 

 

29

 

 

 

23

 

 

 

38

 

Money market accounts

 

 

79

 

 

 

36

 

 

 

36

 

 

 

41

 

 

 

43

 

Term certificates

 

 

138

 

 

 

164

 

 

 

171

 

 

 

159

 

 

 

175

 

Total interest-bearing deposits

 

 

342

 

 

 

315

 

 

 

308

 

 

 

299

 

 

 

345

 

FHLBB and FRB advances

 

 

99

 

 

 

147

 

 

 

155

 

 

 

178

 

 

 

198

 

Total interest-bearing liabilities

 

 

441

 

 

 

462

 

 

 

463

 

 

 

477

 

 

 

543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

6,012

 

 

 

5,268

 

 

 

5,695

 

 

 

5,977

 

 

 

5,200

 

 

 

 

 

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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

 

3.68

%

 

 

3.54

%

 

 

3.46

%

 

 

3.47

%

 

 

3.47

%

Home equity

 

 

3.69

%

 

 

3.34

%

 

 

3.33

%

 

 

3.53

%

 

 

3.32

%

Commercial real estate

 

 

4.10

%

 

 

3.95

%

 

 

3.99

%

 

 

4.12

%

 

 

4.19

%

Construction

 

 

3.92

%

 

 

3.67

%

 

 

3.83

%

 

 

3.76

%

 

 

3.88

%

Total real estate loans

 

 

3.83

%

 

 

3.67

%

 

 

3.63

%

 

 

3.68

%

 

 

3.69

%

Commercial and industrial

 

 

6.65

%

 

 

6.75

%

 

 

7.17

%

 

 

8.62

%

 

 

4.18

%

Consumer

 

 

5.45

%

 

 

5.48

%

 

 

5.30

%

 

 

3.65

%

 

 

4.83

%

Total loans

 

 

3.91

%

 

 

3.78

%

 

 

3.76

%

 

 

3.85

%

 

 

3.73

%

Investment securities

 

 

1.83

%

 

 

1.69

%

 

 

1.62

%

 

 

1.64

%

 

 

1.67

%

Interest-earning deposits

 

 

0.65

%

 

 

0.16

%

 

 

0.13

%

 

 

0.14

%

 

 

0.07

%

Total interest-earning assets

 

 

3.64

%

 

 

3.11

%

 

 

3.39

%

 

 

3.62

%

 

 

3.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

0.16

%

 

 

0.15

%

 

 

0.15

%

 

 

0.16

%

 

 

0.19

%

NOW accounts

 

 

0.37

%

 

 

0.28

%

 

 

0.18

%

 

 

0.15

%

 

 

0.22

%

Money market accounts

 

 

0.32

%

 

 

0.16

%

 

 

0.19

%

 

 

0.22

%

 

 

0.24

%

Term certificates

 

 

0.39

%

 

 

0.46

%

 

 

0.50

%

 

 

0.55

%

 

 

0.67

%

Total interest-bearing deposits

 

 

0.28

%

 

 

0.26

%

 

 

0.26

%

 

 

0.27

%

 

 

0.32

%

FHLBB and FRB advances

 

 

1.28

%

 

 

1.23

%

 

 

1.15

%

 

 

1.10

%

 

 

1.54

%

Total interest-bearing liabilities

 

 

0.34

%

 

 

0.35

%

 

 

0.35

%

 

 

0.38

%

 

 

0.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.30

%

 

 

2.76

%

 

 

3.04

%

 

 

3.24

%

 

 

2.89

%

Net interest rate margin

 

 

3.39

%

 

 

2.86

%

 

 

3.14

%

 

 

3.36

%

 

 

3.01

%

Cost of deposits

 

 

0.22

%

 

 

0.20

%

 

 

0.21

%

 

 

0.21

%

 

 

0.25

%

Cost of funds

 

 

0.27

%

 

 

0.27

%

 

 

0.28

%

 

 

0.30

%

 

 

0.35

%

Ratio of interest-earning assets to interest-bearing liabilities

 

 

137.05

%

 

 

138.09

%

 

 

138.41

%

 

 

140.58

%

 

 

141.01

%

 

 

(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

 

 

 

June 30, 2022 vs. March 31, 2022

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

$

360

 

 

$

181

 

 

 

541

 

Home equity

 

 

39

 

 

 

65

 

 

 

104

 

Commercial real estate

 

 

4

 

 

 

100

 

 

 

104

 

Construction

 

 

(5

)

 

 

23

 

 

 

18

 

Total real estate loans

 

 

398

 

 

 

369

 

 

 

767

 

Commercial and industrial

 

 

(39

)

 

 

(4

)

 

 

(43

)

Consumer

 

 

(8

)

 

 

(1

)

 

 

(9

)

Total loans

 

 

351

 

 

 

364

 

 

 

715

 

Investment securities

 

 

(14

)

 

 

19

 

 

 

5

 

Interest-earning deposits

 

 

(12

)

 

 

15

 

 

 

3

 

Total interest-earning assets

 

 

325

 

 

 

398

 

 

 

723

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

-

 

 

 

4

 

 

 

4

 

NOW accounts

 

 

(5

)

 

 

11

 

 

 

6

 

Money market accounts

 

 

2

 

 

 

41

 

 

 

43

 

Term certificates

 

 

(2

)

 

 

(24

)

 

 

(26

)

           Total interest-bearing deposits

 

 

(5

)

 

 

32

 

 

 

27

 

FHLBB and FRB advances

 

 

(53

)

 

 

5

 

 

 

(48

)

           Total interest-bearing liabilities

 

 

(58

)

 

 

37

 

 

 

(21

)

Change in net interest income

 

$

383

 

 

$

361

 

 

$

744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30, 2022 vs. 2021

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

$

13

 

 

$

165

 

 

 

178

 

Home equity

 

 

96

 

 

 

66

 

 

 

162

 

Commercial real estate

 

 

395

 

 

 

(36

)

 

 

359

 

Construction

 

 

21

 

 

 

4

 

 

 

25

 

Total real estate loans

 

 

525

 

 

 

199

 

 

 

724

 

Commercial and industrial

 

 

(89

)

 

 

57

 

 

 

(32

)

Consumer

 

 

(24

)

 

 

9

 

 

 

(15

)

Total loans

 

 

412

 

 

 

265

 

 

 

677

 

Investment securities

 

 

(24

)

 

 

20

 

 

 

(4

)

Interest-earning deposits

 

 

(2

)

 

 

39

 

 

 

37

 

Total interest-earning assets

 

 

386

 

 

 

324

 

 

 

710

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

1

 

 

 

(14

)

 

 

(13

)

NOW accounts

 

 

(7

)

 

 

18

 

 

 

11

 

Money market accounts

 

 

13

 

 

 

23

 

 

 

36

 

Term certificates

 

 

50

 

 

 

(87

)

 

 

(37

)

           Total interest-bearing deposits

 

 

57

 

 

 

(60

)

 

 

(3

)

FHLBB and FRB advances

 

 

(69

)

 

 

(30

)

 

 

(99

)

           Total interest-bearing liabilities

 

 

(12

)

 

 

(90

)

 

 

(102

)

Change in net interest income

 

$

398

 

 

$

414

 

 

$

812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30, 2022 vs. 2021

 

 

 

Increase (Decrease)

 

 

Total

 

 

 

Due to Changes in

 

 

Increase

 

 

 

Volume

 

 

Rate

 

 

(Decrease)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

1-4 family residential

 

$

(516

)

 

$

120

 

 

 

(396

)

Home equity

 

 

180

 

 

 

19

 

 

 

199

 

Commercial real estate

 

 

889

 

 

 

(15

)

 

 

874

 

Construction

 

 

43

 

 

 

(17

)

 

 

26

 

Total real estate loans

 

 

596

 

 

 

107

 

 

 

703

 

Commercial and industrial

 

 

(152

)

 

 

123

 

 

 

(29

)

Consumer

 

 

(51

)

 

 

13

 

 

 

(38

)

Total loans

 

 

393

 

 

 

243

 

 

 

636

 

Investment securities

 

 

(45

)

 

 

15

 

 

 

(30

)

Interest-earning deposits

 

 

5

 

 

 

67

 

 

 

72

 

Total interest-earning assets

 

 

353

 

 

 

325

 

 

 

678

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Savings accounts

 

 

3

 

 

 

(42

)

 

 

(39

)

NOW accounts

 

 

(13

)

 

 

19

 

 

 

6

 

Money market accounts

 

 

26

 

 

 

(8

)

 

 

18

 

Term certificates

 

 

132

 

 

 

(243

)

 

 

(111

)

           Total interest-bearing deposits

 

 

148

 

 

 

(274

)

 

 

(126

)

FHLBB and FRB advances

 

 

(138

)

 

 

(46

)

 

 

(184

)

           Total interest-bearing liabilities

 

 

10

 

 

 

(320

)

 

 

(310

)

Change in net interest income

 

$

343

 

 

$

645

 

 

$

988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Gain on loan origination and sale activities, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of mortgages and realized gain from derivative financial instruments, net

 

$

632

 

 

$

3,093

 

 

$

4,818

 

 

$

6,339

 

 

$

6,545

 

Net change in fair value of loans held for sale and portfolio loans accounted for at fair value

 

 

218

 

 

 

(1,559

)

 

 

(1,360

)

 

 

549

 

 

 

1,091

 

Capitalized residential mortgage loan servicing rights

 

 

160

 

 

 

377

 

 

 

942

 

 

 

783

 

 

 

1,476

 

Net change in fair value of derivative loan commitments and forward loan sale commitments

 

 

(526

)

 

 

(647

)

 

 

(677

)

 

 

(442

)

 

 

(3,372

)

Gain on loan origination and sales activities, net

 

$

484

 

 

$

1,264

 

 

$

3,723

 

 

$

7,229

 

 

$

5,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing fees, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage loan servicing fees

 

$

1,259

 

 

$

1,277

 

 

$

1,355

 

 

$

1,282

 

 

$

1,205

 

Amortization of residential mortgage loan servicing rights

 

 

(731

)

 

 

(749

)

 

 

(831

)

 

 

(795

)

 

 

(759

)

Release (provision) to the valuation allowance of mortgage loan servicing rights

 

 

286

 

 

 

135

 

 

 

43

 

 

 

39

 

 

 

(65

)

Sub-servicer expenses (1)

 

 

(305

)

 

 

(315

)

 

 

(310

)

 

 

(252

)

 

 

-

 

Mortgage servicing fees, net

 

$

509

 

 

$

348

 

 

$

257

 

 

$

274

 

 

$

381

 

Total gain on loan origination and sales activities and mortgage servicing fees

 

$

993

 

 

$

1,612

 

 

$

3,980

 

 

$

7,503

 

 

$

6,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal balance of loans originated for sale

 

$

71,626

 

 

$

110,371

 

 

$

222,644

 

 

$

260,519

 

 

$

309,033

 

Principal balance of loans sold

 

$

56,752

 

 

$

129,858

 

 

$

297,316

 

 

$

260,473

 

 

$

342,762

 

Ending notional amount of derivative loan commitments

 

$

10,913

 

 

$

42,678

 

 

$

85,887

 

 

$

158,085

 

 

$

139,748

 

Loans held for sale, at fair value

 

$

9,736

 

 

$

22,698

 

 

$

44,766

 

 

$

75,400

 

 

$

74,277

 

Margin on loans sold (2)

 

 

1.40

%

 

 

2.67

%

 

 

1.94

%

 

 

2.73

%

 

 

2.34

%

 

(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

 

 

June 30,

 

 

June 30,

 

 

 

 

2022

 

 

2021

 

 

Gain on loan origination and sale activities, net

 

 

 

 

 

 

 

 

 

Gain on sale of mortgages and realized gain from derivative financial instruments, net

 

$

3,725

 

 

$

22,421

 

 

Net change in fair value of loans held for sale and portfolio loans accounted for at fair value

 

 

(1,341

)

 

 

(2,725

)

 

Capitalized residential mortgage loan servicing rights

 

 

537

 

 

 

4,273

 

 

Net change in fair value of derivative loan commitments and forward loan sale commitments

 

 

(1,173

)

 

 

(7,236

)

 

Gain on loan origination and sales activities, net

 

$

1,748

 

 

$

16,733

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing fees, net

 

 

 

 

 

 

 

 

 

Residential mortgage loan servicing fees

 

$

2,536

 

 

$

2,375

 

 

Amortization of residential mortgage loan servicing rights

 

 

(1,480

)

 

 

(1,571

)

 

Release (provision) to the valuation allowance of mortgage loan servicing rights

 

 

421

 

 

 

356

 

 

Sub-servicer expenses (1)

 

 

(620

)

 

 

-

 

 

Mortgage servicing fees, net

 

$

857

 

 

$

1,160

 

 

Total gain on loan origination and sales activities and mortgage servicing fees

 

$

2,605

 

 

$

17,893

 

 

 

 

 

 

 

 

 

 

 

 

Principal balance of loans originated for sale

 

$

181,997

 

 

$

796,708

 

 

Principal balance of loans sold

 

$

186,610

 

 

$

846,047

 

 

Ending notional amount of derivative loan commitments

 

$

10,913

 

 

$

139,748

 

 

Loans held for sale, at fair value

 

$

9,736

 

 

$

74,277

 

 

Margin on loans sold (2)

 

 

2.28

%

 

 

3.16

%

 

 

(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 June 30, 2022

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

5,741

 

 

$

270

 

 

$

6,011

 

Provision for loan losses

 

 

269

 

 

 

-

 

 

 

269

 

Net interest income after provision for loan losses

 

 

5,472

 

 

 

270

 

 

 

5,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

365

 

 

 

7

 

 

 

372

 

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

 

 

-

 

 

 

1,920

 

 

 

1,920

 

Mortgage servicing fees, net

 

 

(240

)

 

 

749

 

 

 

509

 

Other

 

 

369

 

 

 

91

 

 

 

460

 

Total non-interest income

 

 

494

 

 

 

2,767

 

 

 

3,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,831

 

 

 

2,583

 

 

 

4,414

 

Occupancy and equipment

 

 

447

 

 

 

112

 

 

 

559

 

Other non-interest expenses(2)

 

 

1,357

 

 

 

1,154

 

 

 

2,511

 

Total non-interest expenses

 

 

3,635

 

 

 

3,849

 

 

 

7,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,331

 

 

$

(812

)

 

 

1,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(1,436

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

(165

)

Net income

 

 

 

 

 

 

 

 

 

$

248

 

 

 

(1)

Before elimination of inter-segment profit.

 

(2)

Other non-interest expenses include $357,000 of merger expenses. The full amount of merger expenses was allocated to Envision Bank.

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 March 31, 2022

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

5,011

 

 

$

256

 

 

$

5,267

 

Provision for loan losses

 

 

71

 

 

 

-

 

 

 

71

 

Net interest income after provision for loan losses

 

 

4,940

 

 

 

256

 

 

 

5,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

355

 

 

 

10

 

 

 

365

 

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

 

 

-

 

 

 

1,991

 

 

 

1,991

 

Mortgage servicing fees, net

 

 

(205

)

 

 

553

 

 

 

348

 

Other

 

 

99

 

 

 

116

 

 

 

215

 

Total non-interest income

 

 

249

 

 

 

2,670

 

 

 

2,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,935

 

 

 

3,219

 

 

 

5,154

 

Occupancy and equipment

 

 

512

 

 

 

(147

)

 

 

365

 

Other non-interest expenses(2)

 

 

1,911

 

 

 

1,276

 

 

 

3,187

 

Total non-interest expenses

 

 

4,358

 

 

 

4,348

 

 

 

8,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

831

 

 

$

(1,422

)

 

 

(591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(727

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

(1,318

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

(1,083

)

Net income (loss)

 

 

 

 

 

 

 

 

 

$

(235

)

(1)

Before elimination of inter-segment profit.

(2)

Other non-interest expenses include $588,000 of merger expenses. The full amount of merger expenses was allocated to Envision Bank.

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 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 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 (loss) 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

 

23


 

 

Randolph Bancorp, Inc.

Segment Information

(Dollars in thousands)

(Unaudited)

 

 

For the Six Months Ended June 30, 2022

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

10,751

 

 

$

527

 

 

$

11,278

 

Provision (credit) for loan losses

 

 

340

 

 

 

-

 

 

 

340

 

Net interest income after provision (credit) for loan losses

 

 

10,411

 

 

 

527

 

 

 

10,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

720

 

 

 

17

 

 

 

737

 

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

 

 

-

 

 

 

3,911

 

 

 

3,911

 

Mortgage servicing fees, net

 

 

(445

)

 

 

1,302

 

 

 

857

 

Other

 

 

468

 

 

 

207

 

 

 

675

 

Total non-interest income

 

 

743

 

 

 

5,437

 

 

 

6,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,766

 

 

 

5,802

 

 

 

9,568

 

Occupancy and equipment

 

 

959

 

 

 

(35

)

 

 

924

 

Other non-interest expenses(2)

 

 

3,268

 

 

 

2,430

 

 

 

5,698

 

Total non-interest expenses

 

 

7,993

 

 

 

8,197

 

 

 

16,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and elimination of inter-segment profit

 

$

3,161

 

 

$

(2,233

)

 

 

928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(2,163

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

(1,235

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

(1,248

)

Net income

 

 

 

 

 

 

 

 

 

$

13

 

(1)

Before elimination of inter-segment profit.

(2)

Other non-interest expenses include $945,000 of merger expenses. The full amount of merger expenses was allocated to Envision Bank.

 

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 Six Months Ended June 30, 2021

 

 

 

Envision Bank

 

 

Envision Mortgage

 

 

Consolidated Total

 

Net interest income

 

$

8,736

 

 

$

1,554

 

 

$

10,290

 

Provision (credit) for loan losses

 

 

(240

)

 

 

-

 

 

 

(240

)

Net interest income after provision for loan losses

 

 

8,976

 

 

 

1,554

 

 

 

10,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

733

 

 

 

53

 

 

 

786

 

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

 

 

-

 

 

 

18,232

 

 

 

18,232

 

Mortgage servicing fees, net

 

 

(189

)

 

 

1,349

 

 

 

1,160

 

Other

 

 

309

 

 

 

251

 

 

 

560

 

Total non-interest income

 

 

853

 

 

 

19,885

 

 

 

20,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits (2)

 

 

3,548

 

 

 

12,199

 

 

 

15,747

 

Occupancy and equipment

 

 

851

 

 

 

514

 

 

 

1,365

 

Other non-interest expenses

 

 

2,349

 

 

 

3,117

 

 

 

5,466

 

Total non-interest expenses

 

 

6,748

 

 

 

15,830

 

 

 

22,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

3,081

 

 

$

5,609

 

 

 

8,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of inter-segment profit

 

 

 

 

 

 

 

 

 

 

(1,499

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

7,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

1,502

 

Net income

 

 

 

 

 

 

 

 

 

$

5,689

 

(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

 

25


 

 

Randolph Bancorp, Inc.

Reconciliation of GAAP to Non-GAAP Net Income

(in thousands, except per share amounts)

Unaudited

 

 

 

 

Quarter Ended

 

 

 

 

 

June 30, 2022

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision (Credit) for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

83

 

 

$

(165

)

 

$

248

 

 

$

0.05

 

Merger expenses(1)

 

Non-interest expense

 

 

357

 

 

 

-

 

 

 

357

 

 

 

0.07

 

Non-GAAP basis

 

 

 

$

440

 

 

$

(165

)

 

$

605

 

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

March 31, 2022

 

Adjustments

 

Income Statement Section

 

Income (Loss) Before Taxes

 

 

Provision (Credit) for Income Taxes

 

 

Net Income (Loss)

 

 

Earnings (Loss) per Share (diluted)

 

GAAP basis

 

 

 

$

(1,318

)

 

$

(1,083

)

 

$

(235

)

 

$

(0.05

)

Merger expenses(1)

 

Non-interest expense

 

 

588

 

 

 

-

 

 

 

588

 

 

 

0.12

 

Reversal of cease use liability

 

Non-interest expense

 

 

(290

)

 

 

(89

)

 

 

(201

)

 

 

(0.04

)

Severance expenses

 

Non-interest expense

 

 

240

 

 

 

74

 

 

 

166

 

 

 

0.03

 

Non-GAAP basis

 

 

 

$

(780

)

 

$

(1,098

)

 

$

318

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 expense

 

 

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

 

 

(1)

Merger expenses are not tax deductible and therefore no provision for income taxes is calculated in the table.

 

 


 

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

 

 

 

 

 

June 30, 2022

 

Adjustments

 

Income Statement Section

 

Income (Loss) Before Taxes

 

 

Provision (Credit) for Income Taxes

 

 

Net Income (Loss)

 

 

Earnings (Loss) per Share (diluted)

 

GAAP basis

 

 

 

$

(1,235

)

 

$

(1,248

)

 

$

13

 

 

$

-

 

Merger expenses(1)

 

Non-interest expense

 

 

945

 

 

 

-

 

 

 

945

 

 

 

0.19

 

Reversal of cease use liability

 

Non-interest expense

 

 

(290

)

 

 

(89

)

 

 

(201

)

 

 

(0.04

)

Severance expenses

 

Non-interest expense

 

 

240

 

 

 

74

 

 

 

166

 

 

 

0.03

 

Non-GAAP basis

 

 

 

$

(340

)

 

$

(1,263

)

 

$

923

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

 

 

June 30, 2021

 

Adjustments

 

Income Statement Section

 

Income Before Taxes

 

 

Provision for Income Taxes

 

 

Net Income

 

 

Earnings per Share (diluted)

 

GAAP basis

 

 

 

$

7,191

 

 

$

1,502

 

 

$

5,689

 

 

$

1.10

 

Loss on disposal of fixed assets

 

Non-interest expense

 

 

29

 

 

 

8

 

 

 

21

 

 

 

-

 

Accrued severance expenses

 

Non-interest expense

 

 

254

 

 

 

72

 

 

 

182

 

 

 

0.04

 

Other outsourcing expenses

 

Non-interest expense

 

 

71

 

 

 

20

 

 

 

51

 

 

 

0.01

 

Non-GAAP basis

 

 

 

$

7,545

 

 

$

1,602

 

 

$

5,943

 

 

$

1.15

 

 

(1)

Merger expenses are not tax deductible and therefore no provision for income taxes is calculated in the table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

Return on average assets: (1, 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

0.13

%

 

 

(0.12

%)

 

 

0.41

%

 

 

1.66

%

 

 

0.86

%

Non-GAAP (2)

 

 

0.32

%

 

 

0.16

%

 

 

0.44

%

 

 

1.79

%

 

 

0.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity: (1, 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

1.11

%

 

 

(0.98

%)

 

 

3.07

%

 

 

12.09

%

 

 

6.11

%

Non-GAAP (2)

 

 

2.70

%

 

 

1.33

%

 

 

3.29

%

 

 

13.00

%

 

 

6.79

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (10)

 

 

3.39

%

 

 

2.86

%

 

 

3.14

%

 

 

3.36

%

 

 

3.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income to total income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

23.29

%

 

 

29.39

%

 

 

44.33

%

 

 

57.69

%

 

 

56.73

%

Non-GAAP (2)

 

 

23.29

%

 

 

29.39

%

 

 

44.63

%

 

 

57.69

%

 

 

56.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit percentage (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

4.49

%

 

 

(16.72

%)

 

 

9.85

%

 

 

30.20

%

 

 

11.55

%

Non-GAAP (2)

 

 

9.05

%

 

 

(9.51

%)

 

 

10.59

%

 

 

32.53

%

 

 

13.56

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio: (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

95.51

%

 

 

116.72

%

 

 

90.15

%

 

 

69.80

%

 

 

88.45

%

Non-GAAP (2)

 

 

90.95

%

 

 

109.51

%

 

 

89.41

%

 

 

67.47

%

 

 

86.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital to average assets (3)

 

 

12.24

%

 

 

11.47

%

 

 

13.23

%

 

 

13.38

%

 

 

13.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.36

%

 

 

0.37

%

 

 

0.33

%

 

 

0.20

%

 

 

0.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1.00

%

 

 

1.09

%

 

 

1.14

%

 

 

1.13

%

 

 

1.19

%

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

 

 

1.00

%

 

 

1.09

%

 

 

1.15

%

 

 

1.14

%

 

 

1.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

237.40

%

 

 

237.17

%

 

 

239.67

%

 

 

427.66

%

 

 

101.89

%

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

 

 

237.40

%

 

 

237.17

%

 

 

239.67

%

 

 

427.66

%

 

 

101.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share (8)

 

$

17.18

 

 

$

17.07

 

 

$

19.73

 

 

$

19.71

 

 

$

19.16

 

Outstanding shares

 

 

5,197,680

 

 

 

5,180,670

 

 

 

5,113,825

 

 

 

5,103,619

 

 

 

5,254,522

 

 

(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 $0, $22,000, $24,000, $26,000, and $28,000 at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively, divided by outstanding shares at period end. The Company recorded a full impairment of intangible assets during the second quarter of 2022.

 

(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 Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

Return on average assets: (1, 5)

 

 

 

 

 

 

 

 

GAAP

 

 

0.00

%

 

 

1.56

%

Non-GAAP (2)

 

 

0.24

%

 

 

1.63

%

 

 

 

 

 

 

 

 

 

Return on average equity: (1, 6)

 

 

 

 

 

 

 

 

GAAP

 

 

0.03

%

 

 

11.01

%

Non-GAAP (2)

 

 

1.99

%

 

 

11.50

%

 

 

 

 

 

 

 

 

 

Net interest margin (10)

 

 

3.12

%

 

 

2.98

%

 

 

 

 

 

 

 

 

 

Non-interest income to total income:

 

 

 

 

 

 

 

 

GAAP

 

 

26.26

%

 

 

65.15

%

Non-GAAP (2)

 

 

26.26

%

 

 

65.19

%

 

 

 

 

 

 

 

 

 

Profit percentage (9)

 

 

 

 

 

 

 

 

GAAP

 

 

(5.85

%)

 

 

23.54

%

Non-GAAP (2)

 

 

0.00

%

 

 

24.71

%

 

 

 

 

 

 

 

 

 

Efficiency ratio: (7)

 

 

 

 

 

 

 

 

GAAP

 

 

105.85

%

 

 

76.46

%

Non-GAAP (2)

 

 

100.00

%

 

 

75.29

%

 

 

 

 

 

 

 

 

 

Tier 1 capital to average assets (3)

 

 

12.24

%

 

 

13.72

%

 

 

 

 

 

 

 

 

 

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

 

 

0.36

%

 

 

0.86

%

 

 

 

 

 

 

 

 

 

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

 

 

1.00

%

 

 

1.19

%

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

 

 

1.00

%

 

 

1.22

%

 

 

 

 

 

 

 

 

 

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

 

 

237.40

%

 

 

101.89

%

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

 

 

237.40

%

 

 

101.89

%

 

 

 

 

 

 

 

 

 

Tangible book value per share (8)

 

$

17.18

 

 

$

19.16

 

Outstanding shares

 

 

5,197,680

 

 

 

5,254,522

 

 

(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 $0 and $28,000 at June 30, 2022 and June 30, 2021, 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

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Document and Entity Information
Jul. 26, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 26, 2022
Entity Registrant Name Randolph Bancorp, Inc.
Entity Central Index Key 0001667161
Entity Emerging Growth Company false
Entity File Number 001-37780
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 81-1844402
Entity Address, Address Line One 2 Batterymarch Park
Entity Address, Address Line Two Suite 301
Entity Address, City or Town Quincy
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02169
City Area Code 877
Local Phone Number 963-2100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $.01 per share
Trading Symbol RNDB
Security Exchange Name NASDAQ
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