rndb-ex991

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.”

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

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.

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.

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

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.

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.

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.

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

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.

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

										% 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

	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

	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

	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

	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

	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

	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.

(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

	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

	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

	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	%

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

	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

	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

	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

	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	%

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

	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

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

	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	)

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

	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

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

	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

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

	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

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

		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

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

	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

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

	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

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

	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	%