Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
RNDB), the holding company for Envision Bank (the “Bank”), today
announced net income of $5.3 million, or $1.03 per basic share and
$1.01 per diluted share, for the three months ended December 31,
2020 compared to net income of $0.8 million, or $0.16 per basic and
diluted share, for the three months ended December 31, 2019.
Excluding one-time charges of $294,000 related to the closing of a
residential lending office and $69,000 in severance expenses,
earnings were $5.6 million, or $1.06 per diluted share for the
three months ended December 31, 2020. Net income for the year ended
December 31, 2020 was $19.9 million, or $3.89 per basic share and
$3.86 per diluted share, compared to net income of $3.4 million, or
$0.64 per basic and diluted share, for the year ended December 31,
2019. Excluding one-time charges of $1.4 million related to the
retirement of senior executives, operating expenses of $229,000
related to addressing the COVID-19 pandemic, $294,000 in expenses
related to the closing of a residential lending office and $69,000
in severance expenses, earnings were $21.5 million, or $4.15 per
diluted share, for the year ended December 31, 2020.
At December 31, 2020, total assets amounted to
$721.1 million, compared to $723.0 million at September
30, 2020, a decrease of $1.9 million, or 0.3%. An increase in
loans held for sale of $31.3 million was offset by a decrease in
cash and cash equivalents of $35.3 million relative to the prior
quarter.
William M. Parent, President and Chief Executive
Officer, stated, “The fourth quarter was another strong quarter in
earnings for our Company. We are very pleased with our performance,
especially our mortgage banking operations, which maintained high
levels of productivity and efficiency throughout our loan
origination and sales activities. We continue to identify and
implement opportunities to streamline and improve our operational
efficiency. In that regard, we have initiated a plan to outsource
our residential loan servicing activities, which will improve our
customer service experience and our operational and financial
efficiency in the year ahead.”
Fourth Quarter Operating
ResultsNet interest income increased by $649,000, or
14.8%, to $5.0 million for the three months ended December 31,
2020 from $4.4 million the same period in the prior year. This
increase was primarily due to an increase in the proportion of
non-maturity deposits and a decline in the proportion of term
certificates from the same period in the prior year. The average
balance of savings accounts in the fourth quarter of 2020 increased
$61.3 million, or 50.9%, from the prior year quarter and the
average balance of term certificates decreased $87.9 million, or
43.9%, from the prior year quarter, contributing to an 87 basis
point decrease in the cost of interest-bearing liabilities. Net
interest margin increased in the fourth quarter of 2020 to 3.02%,
from 2.88% in the fourth quarter of 2019. The change reflects the
shortening and downward pricing of deposit liabilities as well as
the forgiveness of Paycheck Protection Program loans (“SBA PPP
Loans”) during the quarter of $4.4 million resulting in the
accretion of deferred loan origination fees into interest
income.
The Company recognized a provision for loan
losses of $215,000 for the quarter ended December 31, 2020, largely
driven by commercial real estate loan originations. The allowance
for loan losses was 1.38% and 0.90% of total loans at December 31,
2020 and December 31, 2019, respectively, and was 94.6% and 131.4%
of non-performing assets at December 31, 2020 and December 31,
2019, respectively.
Non-interest income increased $9.5 million,
or 155.9%, to $15.6 million for the quarter ended December 31,
2020 from $6.1 million in the quarter ended December 31, 2019,
principally due to an increase of $9.2 million in the net gain
on loan origination and sale activities. Sold mortgage loans
totaled $426.5 million in the fourth quarter of 2020. Mortgage
servicing fees increased $243,000 in the quarter ended December 31,
2020, principally due to an impairment of mortgage servicing rights
of $284,000 in the quarter ended December 31, 2019.
Non-interest expenses increased
$3.4 million to $12.9 million in the quarter ended
December 31, 2020 from $9.5 million in the quarter ended
December 31, 2019. The increase is principally due to an increase
in salaries and employee benefits of $2.3 million, mainly related
to higher commissions and incentives associated with increased
residential loan production.
Occupancy and equipment expenses increased
$339,000 in the quarter ended December 31, 2020 over the prior year
period due to the closing of a residential lending office, as the
bank consolidates its office space in light of prolonged remote
working arrangements, resulting in a charge of $294,000 in the
quarter.
Other non-interest expenses comprising
professional fees, marketing, FDIC insurance and other non-interest
expenses increased by $758,000 in the quarter ended December 31,
2020 versus the prior year period, as elevated mortgage loan
production costs were partially offset by a decrease in
discretionary marketing expenses. In addition, other non-interest
expenses in the quarter ended December 31, 2020 included $584,000
to establish a reserve for unfunded loan commitments.
Year-End Operating ResultsNet
interest income increased by $1.0 million, or 5.8%, for the year
ended December 31, 2020 compared to the same period in the prior
year. This increase was driven by a $19.5 million increase in
average net-interest earning assets, partially offset by a 5 basis
point decline in net interest margin as the reduction in deposit
costs lagged the impact of the lower interest rate environment on
our interest earning asset yield.
The Company recognized a provision for loan
losses of $2.6 million for the year ended December 31, 2020
compared to no provision in the prior year period.
Non-interest income increased
$33.7 million, or 155.8%, to $55.4 million for the year
ended December 30, 2020 from $21.7 million in the year ended
December 31, 2019, principally due to an increase of
$35.3 million in the net gain on loan origination and sale
activities. Mortgage loans sold were $1.5 billion for the year
ended December 31, 2020. The increase in the gain on loan
origination and sale activities was partially offset by a decrease
in net mortgage servicing fees due to a fair value adjustment for
mortgage servicing rights of $2.1 million in the year ended
December 31, 2020, given expectations of higher prepayments. The
fair value adjustment for mortgage servicing rights was $920,000 in
the year ended December 31, 2019.
Non-interest expenses increased
$10.4 million, or 28.8%, to $46.3 million for the year
ended December 31, 2020 from $36.0 million for the year ended
December 31, 2019. Non-interest expenses for the year ended
December 31, 2020 included one-time charges of $1.4 million related
to the retirement of senior executives, $229,000 of COVID-19
pandemic-related expenses, $294,000 in expenses related to the
closing of a residential lending office and $69,000 in severance
expenses related to the planned outsourcing of residential loan
servicing.
Salaries and employee benefits increased
$8.3 million, including one-time charges of $1.4 million
for the retirement of senior executives, higher commissions and
incentives associated with higher residential loan production, and
COVID-19 pandemic-related compensation of $101,000 for front-line
and quarantined employees during the year ended December 31,
2020.
Occupancy and equipment expenses increased
$762,000 in the year ended December 31, 2020 over the prior year
period, partly as a result of increased spending on cleaning and
supplies related to the COVID-19 pandemic of $125,000, $294,000 in
expenses related to the closing of a residential lending office, as
well as increased depreciation of furniture, fixtures and equipment
that are expected to be retired as we consolidate our
administrative office space in light of prolonged remote working
arrangements for certain back-office staff.
Professional fees for the year ended 2020
increased $92,000 over the prior year period, primarily related to
management succession planning costs. Spending on marketing during
the year ended December 31, 2020 was $278,000 less than in the
prior year, due to fewer marketing campaigns while communities were
subject to stay-at-home orders. The increase of $1.5 million in
other non-interest expenses during the year ended 2020 was driven
mainly by costs related to higher mortgage loan production and the
establishment of a reserve for unfunded loan commitments.
Income tax expense of $5.5 million for the year
ended December 31, 2020 consists of both federal and state income
taxes, as the Company’s net operating loss carryforward of $12.0
million from prior years was fully absorbed during the third
quarter.
Balance SheetAt December 31,
2020, total assets amounted to $721.1 million compared to
$631.0 million at December 31, 2019, an increase of
$90.1 million, or 14.3%. Contributing to asset growth was a
$14.5 million increase in net loans to $483.6 million at December
31, 2020 from $469.1 million at December 31, 2019, mainly driven by
the issuance of SBA PPP Loans, which had a balance of $10.9 million
at December 31, 2020. Cash and cash equivalents increased by
$5.5 million during the year to $13.8 million at December 31,
2020 from $8.3 million at December 31, 2019, mainly as a result of
strong core growth in deposits and the timing of cash proceeds from
loan sales. Loans held for sale increased by $56.3 million to
$119.1 million at December 31, 2020 from $62.8 million at
December 31, 2019.
The increase in total assets was funded by
deposit growth. Non-brokered deposits totaled $496.6 million
at December 31, 2020, increasing by $90.4 million, or 22.3%,
during the year ended December 31, 2020 from $406.2 million at
December 31, 2019. Driving the growth in non-brokered deposits were
customers’ receipt of government stimulus and our focus on deposit
gathering prior to the onset of the COVID-19 pandemic. Brokered
deposits declined by $59.1 million to $31.7 million at
December 31, 2020, from $90.9 million at December 31, 2019.
Federal Home Loan Bank of Boston (“FHLBB”) and Federal Reserve Bank
advances increased by $28.9 million to $73.3 million at
December 31, 2020, from $44.4 million at December 31, 2019, as
a result of the funding of our SBA PPP Loans and other loans with
FHLBB and Federal Reserve Bank advances.
Total stockholders’ equity was $99.8 million at
December 31, 2020 compared to $78.5 million at December 31, 2019.
The increase of $21.4 million relates mainly to net income in
the period of $19.9 million and an increase in the fair value
of available-for-sale securities, net of taxes, of
$1.5 million. In addition, the Company repurchased
$1.7 million of shares during the year ended December 31,
2020, and equity adjustments related to the 2017 Stock Option and
Incentive Plan and the employee stock ownership plan amounted to
$1.5 million during the period.
COVID-19 ImpactIn response to
the impact of the COVID-19 pandemic on our customers and our
business, the Company implemented a series of measures through the
date of this release, including participation in the Small Business
Administration’s Paycheck Protection Program, for which we funded
$15.4 million of SBA PPP Loans through December 31, 2020, and
granting payment deferrals for residential mortgage, home equity
and certain commercial borrowers who were current in their payments
at the time the deferral was requested. Depending on the
circumstances of the borrowers, the forbearance calls for a reduced
or full deferral of payment. Please refer to the Loan Payment
Deferrals and COVID-19 Most Impacted Sections for statistics on
loan payment deferrals and the commercial loan sectors we believe
could be exposed to the economic impact of the COVID-19
pandemic.
About Randolph Bancorp,
Inc.Randolph Bancorp, Inc. is the holding company for
Envision Bank and its Envision Mortgage Division. Envision Bank is
a full-service community bank with five retail branch locations,
loan operations centers in North Attleboro and Stoughton,
Massachusetts, four loan production offices located throughout
Massachusetts and two loan production offices in Southern New
Hampshire.
Forward Looking
StatementsCertain statements contained in this press
release that are not historical facts may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties. The Company’s actual results could differ
materially from those projected in the forward-looking statements
as a result of, among others, the negative impacts and disruptions
of the COVID-19 pandemic and the measures taken to contain its
spread on our employees, customers, business operations, credit
quality, financial position, liquidity and results of operations;
the length and extent of economic contraction as a result of the
COVID-19 pandemic; the effects of continued deterioration in
employment levels, general business and economic conditions on a
national basis and in the local markets in which the Company
operates, including changes that adversely affect borrowers’
ability to service and repay the Company’s loans; changes in
consumer behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; reputational
risk relating to the Company’s participation in the Paycheck
Protection Program and other pandemic-related legislative and
regulatory initiatives and programs; turbulence in the capital and
debt markets and the impact of such conditions on the Company’s
business activities; and the risk factors described in the
Company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q as filed with the Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Non-GAAP Financial MeasuresThe
Company uses certain non-GAAP financial measures, such as return on
average assets, return on average equity, the efficiency ratio,
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. Randolph Bancorp, Inc.Consolidated
Balance Sheets(Dollars in thousands)(Unaudited)
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
Cash and due from banks |
|
$ |
4,206 |
|
|
$ |
4,371 |
|
Interest-bearing deposits |
|
|
9,568 |
|
|
|
3,881 |
|
Total cash and cash equivalents |
|
|
13,774 |
|
|
|
8,252 |
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
- |
|
|
|
490 |
|
Securities available for sale,
at fair value |
|
|
55,366 |
|
|
|
57,503 |
|
Loans held for sale, at fair
value |
|
|
119,112 |
|
|
|
62,792 |
|
Loans, net of allowance for
loan losses of $6,784 in 2020 and $4,280 in 2019 |
|
|
483,644 |
|
|
|
469,131 |
|
Federal Home Loan Bank of
Boston stock, at cost |
|
|
3,576 |
|
|
|
2,417 |
|
Accrued interest
receivable |
|
|
1,562 |
|
|
|
1,393 |
|
Mortgage servicing rights,
net |
|
|
12,377 |
|
|
|
8,556 |
|
Premises and equipment,
net |
|
|
4,781 |
|
|
|
5,748 |
|
Bank-owned life insurance |
|
|
8,622 |
|
|
|
8,441 |
|
Foreclosed real estate,
net |
|
|
132 |
|
|
|
- |
|
Other assets |
|
|
18,126 |
|
|
|
6,281 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
721,072 |
|
|
$ |
631,004 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
Deposits: |
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
96,731 |
|
|
$ |
61,603 |
|
Interest bearing |
|
|
399,847 |
|
|
|
344,581 |
|
Brokered |
|
|
31,729 |
|
|
|
90,858 |
|
Total deposits |
|
|
528,307 |
|
|
|
497,042 |
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank
advances |
|
|
11,431 |
|
|
|
- |
|
Federal Home Loan Bank of
Boston advances |
|
|
61,895 |
|
|
|
44,403 |
|
Mortgagors' escrow
accounts |
|
|
2,338 |
|
|
|
2,052 |
|
Post-employment benefit
obligations |
|
|
2,382 |
|
|
|
2,464 |
|
Other liabilities |
|
|
14,900 |
|
|
|
6,581 |
|
Total liabilities |
|
|
621,253 |
|
|
|
552,542 |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
54 |
|
|
|
56 |
|
Additional paid-in capital |
|
|
50,937 |
|
|
|
51,127 |
|
Retained earnings |
|
|
51,689 |
|
|
|
31,757 |
|
ESOP-Unearned compensation |
|
|
(3,756 |
) |
|
|
(3,944 |
) |
Accumulated other comprehensive income (loss), net of tax |
|
|
895 |
|
|
|
(534 |
) |
Total stockholders' equity |
|
|
99,819 |
|
|
|
78,462 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
721,072 |
|
|
$ |
631,004 |
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Consolidated Statements of
Operations(Dollars in thousands except per share
amounts)(Unaudited)
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,532 |
|
|
$ |
5,841 |
|
|
$ |
22,212 |
|
|
$ |
23,631 |
|
Other interest and dividend income |
|
|
296 |
|
|
|
378 |
|
|
|
1,376 |
|
|
|
1,600 |
|
Total interest and dividend income |
|
|
5,828 |
|
|
|
6,219 |
|
|
|
23,588 |
|
|
|
25,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
788 |
|
|
|
1,828 |
|
|
|
4,721 |
|
|
|
7,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,040 |
|
|
|
4,391 |
|
|
|
18,867 |
|
|
|
17,833 |
|
Provision (credit) for loan
losses |
|
|
215 |
|
|
|
144 |
|
|
|
2,553 |
|
|
|
- |
|
Net interest income after
provision for loan losses |
|
|
4,825 |
|
|
|
4,247 |
|
|
|
16,314 |
|
|
|
17,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
381 |
|
|
|
353 |
|
|
|
1,283 |
|
|
|
1,407 |
|
Gain on loan origination and sale activities, net |
|
|
14,620 |
|
|
|
5,462 |
|
|
|
54,236 |
|
|
|
18,900 |
|
Mortgage servicing fees, net |
|
|
275 |
|
|
|
32 |
|
|
|
(1,153 |
) |
|
|
394 |
|
Other |
|
|
311 |
|
|
|
245 |
|
|
|
1,045 |
|
|
|
962 |
|
Total non-interest income |
|
|
15,587 |
|
|
|
6,092 |
|
|
|
55,411 |
|
|
|
21,663 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,722 |
|
|
|
6,382 |
|
|
|
33,161 |
|
|
|
24,896 |
|
Occupancy and equipment |
|
|
1,150 |
|
|
|
811 |
|
|
|
3,545 |
|
|
|
2,783 |
|
Professional fees |
|
|
389 |
|
|
|
366 |
|
|
|
1,277 |
|
|
|
1,185 |
|
Marketing |
|
|
231 |
|
|
|
322 |
|
|
|
689 |
|
|
|
967 |
|
FDIC insurance |
|
|
51 |
|
|
|
77 |
|
|
|
187 |
|
|
|
168 |
|
Other non-interest expenses |
|
|
2,384 |
|
|
|
1,532 |
|
|
|
7,457 |
|
|
|
5,951 |
|
Total non-interest expenses |
|
|
12,927 |
|
|
|
9,490 |
|
|
|
46,316 |
|
|
|
35,950 |
|
Income before income
taxes |
|
|
7,485 |
|
|
|
849 |
|
|
|
25,409 |
|
|
|
3,546 |
|
Income tax expense |
|
|
2,211 |
|
|
|
21 |
|
|
|
5,477 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,274 |
|
|
$ |
828 |
|
|
$ |
19,932 |
|
|
$ |
3,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.03 |
|
|
$ |
0.16 |
|
|
$ |
3.89 |
|
|
$ |
0.64 |
|
Diluted |
|
$ |
1.01 |
|
|
$ |
0.16 |
|
|
$ |
3.86 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
5,135,069 |
|
|
|
5,248,021 |
|
|
|
5,126,561 |
|
|
|
5,383,617 |
|
Diluted |
|
|
5,244,414 |
|
|
|
5,248,021 |
|
|
|
5,163,042 |
|
|
|
5,383,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Average Balances/Yields(Dollars in
thousands)(Unaudited)
|
For the Three Months Ended December 31, |
|
|
2020 |
|
|
2019 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate |
|
|
Balance |
|
|
Paid |
|
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
580,002 |
|
|
$ |
5,532 |
|
|
|
3.82 |
% |
|
$ |
554,972 |
|
|
$ |
5,841 |
|
|
|
4.21 |
% |
Investment securities(2) (3) |
|
58,329 |
|
|
|
290 |
|
|
|
1.99 |
% |
|
|
50,290 |
|
|
|
367 |
|
|
|
2.92 |
% |
Interest-earning deposits |
|
30,573 |
|
|
|
8 |
|
|
|
0.10 |
% |
|
|
5,038 |
|
|
|
13 |
|
|
|
1.03 |
% |
Total interest-earning assets |
|
668,904 |
|
|
|
5,830 |
|
|
|
3.49 |
% |
|
|
610,300 |
|
|
|
6,221 |
|
|
|
4.08 |
% |
Noninterest-earning
assets |
|
45,015 |
|
|
|
|
|
|
|
|
|
|
|
32,250 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
713,919 |
|
|
|
|
|
|
|
|
|
|
$ |
642,550 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
181,653 |
|
|
|
142 |
|
|
|
0.31 |
% |
|
|
120,343 |
|
|
|
223 |
|
|
|
0.74 |
% |
NOW accounts |
|
59,005 |
|
|
|
43 |
|
|
|
0.29 |
% |
|
|
38,389 |
|
|
|
50 |
|
|
|
0.52 |
% |
Money market accounts |
|
75,106 |
|
|
|
62 |
|
|
|
0.33 |
% |
|
|
80,623 |
|
|
|
241 |
|
|
|
1.20 |
% |
Term certificates |
|
112,260 |
|
|
|
293 |
|
|
|
1.04 |
% |
|
|
200,123 |
|
|
|
1,068 |
|
|
|
2.13 |
% |
Total interest-bearing deposits |
|
428,024 |
|
|
|
540 |
|
|
|
0.50 |
% |
|
|
439,478 |
|
|
|
1,582 |
|
|
|
1.44 |
% |
FHLBB and FRB advances |
|
77,584 |
|
|
|
247 |
|
|
|
1.27 |
% |
|
|
50,444 |
|
|
|
246 |
|
|
|
1.95 |
% |
Total interest-bearing liabilities |
|
505,608 |
|
|
|
787 |
|
|
|
0.62 |
% |
|
|
489,922 |
|
|
|
1,828 |
|
|
|
1.49 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
94,540 |
|
|
|
|
|
|
|
|
|
|
|
62,674 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
13,539 |
|
|
|
|
|
|
|
|
|
|
|
9,337 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
613,687 |
|
|
|
|
|
|
|
|
|
|
|
561,933 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
100,232 |
|
|
|
|
|
|
|
|
|
|
|
80,617 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
713,919 |
|
|
|
|
|
|
|
|
|
|
$ |
642,550 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
5,043 |
|
|
|
|
|
|
|
|
|
|
$ |
4,393 |
|
|
|
|
|
Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
|
|
|
|
|
2.58 |
% |
Net interest-earning
assets(5) |
$ |
163,296 |
|
|
|
|
|
|
|
|
|
|
$ |
120,378 |
|
|
|
|
|
|
|
|
|
Net interest margin(6) |
|
|
|
|
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
132.30 |
% |
|
|
|
|
|
|
|
|
|
|
124.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest received on
such loans.(2) Includes carrying value of securities classified as
available-for-sale and FHLBB stock.(3) Includes tax equivalent
adjustments for municipal securities, based on a statutory tax rate
of 21%, of $1,000 and $2,000 for the three months ended December
31, 2020 and 2019, 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.Randolph Bancorp, Inc.Average
Balances/Yields(Dollars in thousands)(Unaudited)
|
For the Year Ended December 31, |
|
|
2020 |
|
|
2019 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate |
|
|
Balance |
|
|
Paid |
|
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
561,912 |
|
|
$ |
22,212 |
|
|
|
3.95 |
% |
|
$ |
547,454 |
|
|
$ |
23,632 |
|
|
|
4.32 |
% |
Investment securities(2) (3) |
|
58,233 |
|
|
|
1,306 |
|
|
|
2.24 |
% |
|
|
52,953 |
|
|
|
1,521 |
|
|
|
2.87 |
% |
Interest-earning deposits |
|
30,277 |
|
|
|
76 |
|
|
|
0.25 |
% |
|
|
5,109 |
|
|
|
90 |
|
|
|
1.76 |
% |
Total interest-earning assets |
|
650,422 |
|
|
|
23,594 |
|
|
|
3.63 |
% |
|
|
605,516 |
|
|
|
25,243 |
|
|
|
4.17 |
% |
Noninterest-earning
assets |
|
39,396 |
|
|
|
|
|
|
|
|
|
|
|
27,903 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
689,818 |
|
|
|
|
|
|
|
|
|
|
$ |
633,419 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
161,502 |
|
|
|
831 |
|
|
|
0.51 |
% |
|
|
108,483 |
|
|
|
560 |
|
|
|
0.52 |
% |
NOW accounts |
|
55,396 |
|
|
|
185 |
|
|
|
0.33 |
% |
|
|
39,197 |
|
|
|
194 |
|
|
|
0.49 |
% |
Money market accounts |
|
71,817 |
|
|
|
456 |
|
|
|
0.63 |
% |
|
|
69,362 |
|
|
|
955 |
|
|
|
1.38 |
% |
Term certificates |
|
147,655 |
|
|
|
2,305 |
|
|
|
1.56 |
% |
|
|
178,901 |
|
|
|
3,619 |
|
|
|
2.02 |
% |
Total interest-bearing deposits |
|
436,370 |
|
|
|
3,777 |
|
|
|
0.87 |
% |
|
|
395,943 |
|
|
|
5,328 |
|
|
|
1.35 |
% |
FHLBB and FRB advances |
|
71,661 |
|
|
|
943 |
|
|
|
1.32 |
% |
|
|
86,724 |
|
|
|
2,070 |
|
|
|
2.39 |
% |
Total interest-bearing liabilities |
|
508,031 |
|
|
|
4,720 |
|
|
|
0.93 |
% |
|
|
482,667 |
|
|
|
7,398 |
|
|
|
1.53 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
80,957 |
|
|
|
|
|
|
|
|
|
|
|
62,314 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
12,384 |
|
|
|
|
|
|
|
|
|
|
|
8,845 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
601,372 |
|
|
|
|
|
|
|
|
|
|
|
553,826 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
88,445 |
|
|
|
|
|
|
|
|
|
|
|
79,593 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
689,817 |
|
|
|
|
|
|
|
|
|
|
$ |
633,419 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
18,874 |
|
|
|
|
|
|
|
|
|
|
$ |
17,845 |
|
|
|
|
|
Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
|
2.64 |
% |
Net interest-earning
assets(5) |
$ |
142,391 |
|
|
|
|
|
|
|
|
|
|
$ |
122,849 |
|
|
|
|
|
|
|
|
|
Net interest margin(6) |
|
|
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
128.03 |
% |
|
|
|
|
|
|
|
|
|
|
125.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest received on
such loans.(2) Includes carrying value of securities classified as
available-for-sale and FHLBB stock.(3) Includes tax equivalent
adjustments for municipal securities, based on a statutory tax rate
of 21%, of $5,000 and $12,000 for the year ended December 31, 2020
and 2019, 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.
Randolph Bancorp, Inc.Rate/Volume Analysis(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
|
December 31, 2020 vs. 2019 |
|
|
Increase (Decrease) |
|
|
Total |
|
|
Due to Changes in |
|
|
Increase |
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
253 |
|
|
$ |
(562 |
) |
|
$ |
(309 |
) |
Investment securities |
|
52 |
|
|
|
(129 |
) |
|
|
(77 |
) |
Interest-earning deposits |
|
16 |
|
|
|
(21 |
) |
|
|
(5 |
) |
Total interest-earning assets |
|
321 |
|
|
|
(712 |
) |
|
|
(391 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
83 |
|
|
|
(164 |
) |
|
|
(81 |
) |
NOW accounts |
|
20 |
|
|
|
(27 |
) |
|
|
(7 |
) |
Money market accounts |
|
(15 |
) |
|
|
(164 |
) |
|
|
(179 |
) |
Term certificates |
|
(358 |
) |
|
|
(417 |
) |
|
|
(775 |
) |
Total interest-bearing deposits |
|
(270 |
) |
|
|
(772 |
) |
|
|
(1,042 |
) |
FHLBB and FRB advances |
|
106 |
|
|
|
(104 |
) |
|
|
2 |
|
Total interest-bearing liabilities |
|
(164 |
) |
|
|
(876 |
) |
|
|
(1,040 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Change in net interest income |
$ |
485 |
|
|
$ |
164 |
|
|
$ |
649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
December 31, 2020 vs. 2019 |
|
|
Increase (Decrease) |
|
|
Total |
|
|
Due to Changes in |
|
|
Increase |
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
(95 |
) |
|
$ |
(1,324 |
) |
|
$ |
(1,419 |
) |
Investment securities |
|
(14 |
) |
|
|
(200 |
) |
|
|
(214 |
) |
Interest-earning deposits |
|
22 |
|
|
|
(35 |
) |
|
|
(13 |
) |
Total interest-earning assets |
|
(87 |
) |
|
|
(1,559 |
) |
|
|
(1,646 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
265 |
|
|
|
5 |
|
|
|
270 |
|
NOW accounts |
|
11 |
|
|
|
(21 |
) |
|
|
(10 |
) |
Money market accounts |
|
(15 |
) |
|
|
(484 |
) |
|
|
(499 |
) |
Term certificates |
|
(570 |
) |
|
|
(744 |
) |
|
|
(1,314 |
) |
Total interest-bearing deposits |
|
(309 |
) |
|
|
(1,244 |
) |
|
|
(1,553 |
) |
FHLBB and FRB advances |
|
(315 |
) |
|
|
(812 |
) |
|
|
(1,127 |
) |
Total interest-bearing liabilities |
|
(624 |
) |
|
|
(2,056 |
) |
|
|
(2,680 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Change in net interest income |
$ |
537 |
|
|
$ |
497 |
|
|
$ |
1,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended December 31, 2020 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
4,265 |
|
|
$ |
775 |
|
|
$ |
5,040 |
|
Provision for loan losses |
|
|
215 |
|
|
|
- |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
|
4,050 |
|
|
|
775 |
|
|
|
4,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
353 |
|
|
|
28 |
|
|
|
381 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
15,062 |
|
|
|
15,062 |
|
Mortgage servicing fees, net |
|
|
(100 |
) |
|
|
375 |
|
|
|
275 |
|
Other |
|
|
147 |
|
|
|
164 |
|
|
|
311 |
|
Total non-interest income |
|
|
400 |
|
|
|
15,629 |
|
|
|
16,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
2,178 |
|
|
|
6,544 |
|
|
|
8,722 |
|
Occupancy and equipment |
|
|
465 |
|
|
|
685 |
|
|
|
1,150 |
|
Other non-interest expenses |
|
|
1,942 |
|
|
|
1,113 |
|
|
|
3,055 |
|
Total non-interest expenses |
|
|
4,585 |
|
|
|
8,342 |
|
|
|
12,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
(135 |
) |
|
$ |
8,062 |
|
|
|
7,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(442 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
7,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
2,211 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
5,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment
profit.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended December 31, 2019 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
3,862 |
|
|
$ |
529 |
|
|
$ |
4,391 |
|
Provision for loan losses |
|
|
144 |
|
|
|
- |
|
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
credit for loan losses |
|
|
3,718 |
|
|
|
529 |
|
|
|
4,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
320 |
|
|
|
33 |
|
|
|
353 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
5,808 |
|
|
|
5,808 |
|
Mortgage servicing fees, net |
|
|
(90 |
) |
|
|
122 |
|
|
|
32 |
|
Other |
|
|
132 |
|
|
|
113 |
|
|
|
245 |
|
Total non-interest income |
|
|
362 |
|
|
|
6,076 |
|
|
|
6,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,773 |
|
|
|
4,609 |
|
|
|
6,382 |
|
Occupancy and equipment |
|
|
390 |
|
|
|
421 |
|
|
|
811 |
|
Other non-interest expenses |
|
|
1,354 |
|
|
|
943 |
|
|
|
2,297 |
|
Total non-interest expenses |
|
|
3,517 |
|
|
|
5,973 |
|
|
|
9,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and
elimination of inter-segment profit |
|
$ |
563 |
|
|
$ |
632 |
|
|
|
1,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(346 |
) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
21 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Year Ended December 31, 2020 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
16,235 |
|
|
$ |
2,632 |
|
|
$ |
18,867 |
|
Provision for loan losses |
|
|
2,553 |
|
|
|
- |
|
|
|
2,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for loan losses |
|
|
13,682 |
|
|
|
2,632 |
|
|
|
16,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
1,180 |
|
|
|
103 |
|
|
|
1,283 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
55,729 |
|
|
|
55,729 |
|
Mortgage servicing fees, net |
|
|
(381 |
) |
|
|
(772 |
) |
|
|
(1,153 |
) |
Other |
|
|
465 |
|
|
|
580 |
|
|
|
1,045 |
|
Total non-interest income |
|
|
1,264 |
|
|
|
55,640 |
|
|
|
56,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits (2) |
|
|
9,161 |
|
|
|
24,000 |
|
|
|
33,161 |
|
Occupancy and equipment |
|
|
1,770 |
|
|
|
1,775 |
|
|
|
3,545 |
|
Other non-interest expenses |
|
|
5,228 |
|
|
|
4,382 |
|
|
|
9,610 |
|
Total non-interest expenses |
|
|
16,159 |
|
|
|
30,157 |
|
|
|
46,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
(1,213 |
) |
|
$ |
28,115 |
|
|
|
26,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(1,493 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
25,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
5,477 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
19,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit. (2) Salaries and
benefits include the severance and vested stock acceleration costs
related to the retirement of the CEO and CFO of the Bank. The total
cost of this event was $1.38 million, of which $1.03 million was
allocated to the Bank segment and the remainder, $344,000, was
allocated to the mortgage segment.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Year Ended December 31, 2019 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
15,985 |
|
|
$ |
1,848 |
|
|
$ |
17,833 |
|
Provision for loan losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
credit for loan losses |
|
|
15,985 |
|
|
|
1,848 |
|
|
|
17,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
1,268 |
|
|
|
139 |
|
|
|
1,407 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
19,851 |
|
|
|
19,851 |
|
Mortgage servicing fees, net |
|
|
(363 |
) |
|
|
757 |
|
|
|
394 |
|
Other |
|
|
596 |
|
|
|
366 |
|
|
|
962 |
|
Total non-interest income |
|
|
1,501 |
|
|
|
21,113 |
|
|
|
22,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
7,065 |
|
|
|
17,831 |
|
|
|
24,896 |
|
Occupancy and equipment |
|
|
1,527 |
|
|
|
1,256 |
|
|
|
2,783 |
|
Other non-interest expenses |
|
|
4,789 |
|
|
|
3,482 |
|
|
|
8,271 |
|
Total non-interest expenses |
|
|
13,381 |
|
|
|
22,569 |
|
|
|
35,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
4,105 |
|
|
$ |
392 |
|
|
|
4,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(951 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
3,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
118 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
3,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment
profit.
Randolph Bancorp, Inc.Reconciliation of GAAP to Non-GAAP Net
Income (in thousands)(Unaudited)
|
|
Quarter Ended |
|
|
|
December 31, 2020 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
7,485 |
|
|
$ |
2,211 |
|
|
$ |
5,274 |
|
|
$ |
1.01 |
|
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential lending office closure |
|
|
294 |
|
|
|
63 |
|
|
|
231 |
|
|
$ |
0.04 |
|
Accrued severance expenses |
|
|
69 |
|
|
|
15 |
|
|
|
54 |
|
|
$ |
0.01 |
|
Non-GAAP basis |
|
$ |
7,848 |
|
|
$ |
2,289 |
|
|
$ |
5,559 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
849 |
|
|
$ |
21 |
|
|
$ |
828 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basis |
|
$ |
849 |
|
|
$ |
21 |
|
|
$ |
828 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
|
|
December 31, 2020 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
25,409 |
|
|
$ |
5,477 |
|
|
$ |
19,932 |
|
|
$ |
3.86 |
|
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement salary and benefits compensation |
|
|
692 |
|
|
|
149 |
|
|
|
543 |
|
|
|
0.11 |
|
Accelerated vesting of stock-based compensation |
|
|
683 |
|
|
|
147 |
|
|
|
536 |
|
|
|
0.10 |
|
COVID-19 related expenses |
|
|
229 |
|
|
|
49 |
|
|
|
180 |
|
|
|
0.03 |
|
Residential lending office closure |
|
|
294 |
|
|
|
63 |
|
|
|
231 |
|
|
|
0.04 |
|
Accrued severance expenses |
|
|
69 |
|
|
|
15 |
|
|
|
54 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
$ |
27,376 |
|
|
$ |
5,900 |
|
|
$ |
21,476 |
|
|
$ |
4.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
3,546 |
|
|
$ |
118 |
|
|
$ |
3,428 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basis |
|
$ |
3,546 |
|
|
$ |
118 |
|
|
$ |
3,428 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc. Selected Financial
Highlights(Unaudited)
|
|
At or for the |
|
|
At or for the |
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets: (1,
5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
2.95 |
% |
|
|
0.52 |
% |
|
|
2.89 |
% |
|
|
0.54 |
% |
Non-GAAP (2) |
|
|
3.11 |
% |
|
|
0.52 |
% |
|
|
3.11 |
% |
|
|
0.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity: (1,
6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
21.05 |
% |
|
|
4.11 |
% |
|
|
22.54 |
% |
|
|
4.31 |
% |
Non-GAAP (2) |
|
|
22.18 |
% |
|
|
4.11 |
% |
|
|
24.28 |
% |
|
|
4.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.02 |
% |
|
|
2.88 |
% |
|
|
2.90 |
% |
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
75.57 |
% |
|
|
49.48 |
% |
|
|
74.60 |
% |
|
|
46.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
62.67 |
% |
|
|
90.53 |
% |
|
|
62.35 |
% |
|
|
91.02 |
% |
Non-GAAP (2) |
|
|
60.91 |
% |
|
|
90.53 |
% |
|
|
59.71 |
% |
|
|
91.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average
assets (3) |
|
|
13.85 |
% |
|
|
11.30 |
% |
|
|
13.85 |
% |
|
|
11.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets (4) |
|
|
1.01 |
% |
|
|
0.52 |
% |
|
|
1.01 |
% |
|
|
0.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.38 |
% |
|
|
0.90 |
% |
|
|
1.38 |
% |
|
|
0.90 |
% |
Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans (4) |
|
|
1.41 |
% |
|
|
0.90 |
% |
|
|
1.41 |
% |
|
|
0.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of non-performing assets |
|
|
94.58 |
% |
|
|
131.37 |
% |
|
|
94.58 |
% |
|
|
131.37 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
|
|
92.87 |
% |
|
|
131.37 |
% |
|
|
92.87 |
% |
|
|
131.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share
(8) |
|
$ |
18.16 |
|
|
$ |
14.06 |
|
|
$ |
18.16 |
|
|
$ |
14.06 |
|
Outstanding shares |
|
|
5,495,514 |
|
|
|
5,576,855 |
|
|
|
5,495,514 |
|
|
|
5,576,855 |
|
(1) Annualized for quarterly periods presented. (2) See page 14
– 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 $33,000, divided by outstanding shares at
period end.
Randolph Bancorp, Inc.COVID-19 Supplemental
Disclosure(Unaudited)
Loan Payment Deferrals
|
|
As of January 18, 2021 |
|
|
|
Commercial loans |
|
|
Residential loans |
|
|
Residential loans serviced for others |
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Balance outstanding |
|
$ |
175,046 |
|
|
$ |
364,041 |
|
|
$ |
1,786,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 related loan payment
deferrals: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Loans in COVID-19-related loan payment deferral |
|
$ |
6,544 |
|
|
$ |
5,033 |
|
|
$ |
18,672 |
|
Loans in deferral as a percentage of category loans |
|
|
3.7 |
% |
|
|
1.4 |
% |
|
|
1.0 |
% |
Loans with suspended payment |
|
$ |
6,544 |
|
|
$ |
4,535 |
|
|
$ |
10,342 |
|
Loans with reduced payment |
|
|
- |
|
|
|
498 |
|
|
|
8,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans which obtained a
COVID-19-related payment deferral but |
|
|
|
|
|
|
|
|
|
|
|
|
have since resumed payment |
|
$ |
31,845 |
|
|
$ |
13,796 |
|
|
$ |
49,846 |
|
Loans reinstated (borrower paid any unpaid principal and
interest) |
|
|
- |
|
|
|
2,732 |
|
|
|
8,318 |
|
Loans on a repayment plan |
|
|
- |
|
|
|
- |
|
|
|
1,363 |
|
Loans which resumed payment but deferred principal and/or |
|
|
|
|
|
|
|
|
|
|
|
|
interest payments to maturity (2) |
|
|
27,029 |
|
|
|
8,451 |
|
|
|
34,896 |
|
Loans which were paid off completely |
|
|
4,816 |
|
|
|
1,687 |
|
|
|
3,903 |
|
Other loans |
|
|
- |
|
|
|
926 |
|
|
|
1,366 |
|
(1) Includes commercial loans that have been
approved for loan payment deferral but for which documentation is
closing or pending. (2) Includes commercial loan
for which maturity was extended.
Randolph Bancorp, Inc.COVID-19 Supplemental
Disclosure(Unaudited)
COVID-19 Highly Impacted Sectors
|
|
As of December 31, 2020 |
|
|
|
Exposure Balance |
|
|
Exposure by Risk Weighting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
Real |
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
with |
|
|
|
|
|
|
|
Estate |
|
|
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred |
|
Industry (1) |
|
Total |
|
|
Secured |
|
|
Industrial |
|
|
Construction |
|
|
Pass |
|
|
Criticized |
|
|
Payments |
|
|
|
(Dollars in thousands) |
|
Group home/care facility |
|
$ |
1,091 |
|
|
|
$ |
1,091 |
|
|
|
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
1,091 |
|
|
$ |
- |
|
|
$ |
- |
|
Hotels/hospitality |
|
|
9,679 |
|
|
|
|
9,604 |
|
|
|
|
75 |
|
|
|
|
- |
|
|
|
|
75 |
|
|
|
9,604 |
|
|
|
3,543 |
|
Restaurants/food service |
|
|
2,786 |
|
|
|
|
1,582 |
|
|
|
|
1,204 |
|
|
|
|
- |
|
|
|
|
2,786 |
|
|
|
- |
|
|
|
- |
|
Retail/shopping center |
|
|
20,134 |
|
|
|
|
16,472 |
|
|
|
|
- |
|
|
|
|
3,662 |
|
|
|
|
17,446 |
|
|
|
2,687 |
|
|
|
2,058 |
|
Other sectors (2) |
|
|
10,720 |
|
|
|
|
9,990 |
|
|
|
|
130 |
|
|
|
|
600 |
|
|
|
|
9,768 |
|
|
|
953 |
|
|
|
640 |
|
Total loans in COVID-19 impacted sectors |
|
$ |
44,410 |
|
|
|
$ |
38,739 |
|
|
|
$ |
1,409 |
|
|
|
$ |
4,262 |
|
|
|
$ |
31,166 |
|
|
$ |
13,244 |
|
|
$ |
6,241 |
|
Percentage of commercial loans
outstanding |
|
25.3 |
% |
|
|
26.9 |
% |
|
|
7.0 |
% |
|
|
36.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
outstanding |
|
$ |
175,822 |
|
|
|
$ |
143,893 |
|
|
|
$ |
20,259 |
|
|
|
$ |
11,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to value secured by real
estate (3) |
|
|
|
|
|
45.5 |
% |
|
|
|
|
|
|
57.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This disclosure focuses on industries with
balances that are significant to the portfolio at December 31, 2020
and omits industries affected by the COVID-19 pandemic (oil and
gas, transportation, etc.) to which the Company has minimal or no
exposure. This disclosure also excludes SBA PPP Loans, given their
government guarantee. (2) Includes customers
operating in various sectors which have been impacted by COVID-19.
(3) Loan to value secured by real estate equals
the exposure balance divided by the most recent appraised
value.
For More Information, Contact:William M. Parent, President and
Chief Executive Officer (617-925-1955)
Grafico Azioni Randolph Bancorp (NASDAQ:RNDB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Randolph Bancorp (NASDAQ:RNDB)
Storico
Da Giu 2023 a Giu 2024