Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
RNDB), the holding company for Envision Bank (the “Bank”), today
announced net income of $4.1 million, or $0.81 per basic share and
$0.78 per diluted share, for the three months ended March 31, 2021
compared to net income of $5.3 million, or $1.03 per basic and
$1.01 per diluted share for the three months ended December 31,
2020 and a net loss of $0.8 million, or $0.16 per basic and diluted
share, for the three months ended March 31, 2020. Excluding
one-time charges of $109,000 in severance expenses, earnings were
$4.2 million, or $0.79 per diluted share for the three months ended
March 31, 2021. 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.
At March 31, 2021, total assets amounted to
$738.2 million, compared to $721.1 million at December
31, 2020, an increase of $17.1 million, or 2.4%. An increase
in cash and cash equivalents of $41.2 million was partially offset
by a decrease in loans held for sale of $25.9 million relative to
the prior quarter. Compared to March 31, 2020, total assets grew
$85.3 million, or 13.1% from $652.9 million. The growth from the
prior year period was caused by an increase in loans held for sale
of $34.4 million, or 58.5%, an increase in commercial real estate
loans of $20.3 million, or 16.1%, and an increase in commercial and
industrial loans of $14.8 million, or 164.3%, driven by lending
associated with the Small Business Administration’s (the “SBA’s”)
Paycheck Protection Program (“PPP”).
William M. Parent, President and Chief Executive
Officer, stated, “The first quarter was another strong quarter for
our Company, as mortgage refinancing volume, combined with
improving banking results, drove performance metrics to elevated
levels. We are very pleased with our performance as we migrate our
mortgage banking operations from a higher volume refinance
environment to more normalized levels while continuing to expand
our consumer and commercial banking business. We remain optimistic
regarding local economic activity, our ability to continue to grow
our business and generate recurring operating leverage.”
First Quarter Operating
ResultsNet interest income increased by $51,000, or 1.0%,
to $5.1 million for the three months ended March 31, 2021 from $5.0
million for the three months ended December 31, 2020. This increase
was primarily due to an increase in average loans and a decrease in
the cost of funds driven by a shortening of deposit liabilities and
a decline in the cost of non-maturity deposits from the prior
quarter. The average balance of term certificates decreased $15.3
million, or 13.6%, from the prior quarter and the average balance
of savings and NOW accounts increased $19.2 million, or 8.0%, from
the prior quarter. This contributed to a decrease of 9 basis points
in the cost of interest-bearing liabilities. The net interest
margin decreased in the first quarter by 6 basis points to 2.96%
from 3.02% in the prior quarter. The change reflects a decrease of
11 basis points in loan yields, due to a decline in the forgiveness
of SBA PPP loans, which resulted in a decline in loan yields of 2
basis points, and payoffs of higher yielding loans.
The net interest margin increased in the first
quarter of 2021 to 2.96%, from 2.91% in the first quarter of 2020.
The change reflects the shortening and downward pricing of deposit
liabilities, exceeding the decreases in the rates earned on
interest-earning assets because of the lower interest-rate
environment. Net interest income increased by $666,000, or 15.1%,
to $5.1 million for the three months ended March 31, 2021 from
$4.4 million the same period in the prior year. This increase
was primarily due to a decrease in deposit costs, complemented by
change in the mix of deposits. The average balance of savings and
NOW accounts in the first quarter of 2021 increased $55.5 million,
or 41.1% and $30.5 million, or 78.0%, respectively, from the prior
year quarter and the average balance of term certificates decreased
$91.7 million, or 48.6%, from the prior year quarter, contributing
to an 80 basis point decrease in the cost of interest-bearing
liabilities. This decrease was primarily driven by an 89 basis
point decline in the cost of interest-bearing deposits, as market
interest rates declined sharply from the prior year.
The Company recognized a credit for loan losses
of $213,000 for the quarter ended March 31, 2021, driven by changes
in the qualitative factors related to the impact of the COVID-19
pandemic and the economic outlook used in the Company’s
calculation. The allowance for loan losses was 1.32%, 1.38% and
1.04% of total loans at March 31, 2021, December 31, 2020 and March
31, 2020, respectively, and was 79.0%, 94.6% and 146.6% of
non-performing assets at March 31, 2021, December 31, 2020 and
March 31, 2020, respectively.
Non-interest income decreased $3.2 million, or
20.3%, to $12.4 million for the quarter ended March 31, 2021 from
$15.6 million in the quarter ended December 31, 2020, due to a
decrease of $3.6 million in the net gain on loan origination and
sale activities, partially offset by an increase of $504,000
related to net mortgage servicing fees. Sold mortgages totaled
$503.3 million in the first quarter of 2021, compared to $426.5
million in the fourth quarter of 2020. The first quarter of 2021
ended with a mortgage pipeline of $239.5 million, compared to a
pipeline of $396.6 million at the end of the fourth quarter of
2020, contributing to the decrease in the net gain on loan
origination and sales activities. Mortgage servicing fees increased
$504,000, or 183.3% for the first quarter of 2021 to $779,000 from
$275,000 in the fourth quarter of 2020 due to a fair value
adjustment of $421,000 in the first quarter of 2021, based on an
increase in mortgage interest rates from the prior quarter.
Non-interest income increased $6.0 million,
or 92.6%, to $12.4 million for the quarter ended March 31,
2021 from $6.5 million for the quarter ended March 31, 2020,
principally due to an increase of $3.8 million in the net gain
on loan origination and sale activities and an increase of $2.0
million in net mortgage servicing fees. Sold mortgage loans totaled
$503.3 million in the first quarter of 2021, compared to sold
mortgage loans of $217.9 million during the first quarter of 2020.
The first quarter of 2021 ended with a mortgage pipeline of $239.5
million, compared to a pipeline of $395.6 million at the end of the
first quarter of 2020. Mortgage servicing fees increased $2.0
million in the quarter ended March 31, 2021, principally due to an
impairment of mortgage servicing rights of $1.6 in the quarter
ended March 31, 2020.
Non-interest expenses decreased $976,000, or
7.6%, to $12.0 million in the quarter ended March 31, 2021 from
$12.9 million in the quarter ended December 30, 2020. The decrease
was due to a decrease in occupancy and equipment costs of $406,000,
or 35.3%, and a provision for unfunded commitments of $584,000
taken in the fourth quarter of 2020. Occupancy and equipment
expenses decreased $406,000 in the quarter ended March 31, 2021
from the prior quarter due to the closing of residential lending
offices in the fourth quarter of 2020, which resulted in a one-time
charge of $294,000. Other non-interest expenses comprising
professional fees, marketing, FDIC insurance and other non-interest
expenses decreased by $285,000, or 9.3% in the quarter ended March
31, 2021 versus the prior quarter, as the fourth quarter of 2020
included a $584,000 provision for unfunded loan commitments.
Non-interest expenses increased $992,000 to
$12.0 million in the quarter ended March 31, 2021 from
$11.0 million in the quarter ended March 31, 2020. The
increase is principally due to an increase in salaries and employee
benefits of $311,000, primarily attributed to higher commissions
and incentives associated with increased residential loan
production, partially offset by a $1.4 million charge related to
the retirement of senior executives in the first quarter of 2020.
In addition, other non-interest expenses increased $463,000 from
the prior year quarter due to elevated loan production costs.
Occupancy and equipment expenses increased $46,000 in the quarter
ended March 31, 2021 over the prior year period due to seasonal
increases in snowplowing expenses. Other non-interest expenses
comprising professional fees, marketing, FDIC insurance and other
non-interest expenses increased by $635,000, or 29.7% in the
quarter ended March 31, 2021 versus the prior year period, due to
elevated mortgage loan production costs.
Balance SheetAt March 31, 2021,
total assets amounted to $738.2 million, compared to $721.1 million
at December 31, 2020, an increase of $17.1 million, or 2.4%. A
$41.2 million increase in cash and cash equivalents from the prior
quarter was partially offset by a $25.9 million decrease in loans
held for sale. Net loan growth of $8.4 million, or 1.7%, was driven
by SBA PPP loan originations of $10.2 million. SBA PPP loans
totaled $14.7 million at the end of the first quarter of 2021.
Non-brokered deposits increased by $31.5 million, or 6.3%, to
$528.0 million from $496.6 million in the prior quarter.
Total assets at March 31, 2021 increased $85.3
million, or 13.1% from $652.9 million at March 31, 2020.
Contributing to asset growth was a $34.4 million increase in loans
held for sale to $93.2 million at March 31, 2021 from $58.8 million
at March 31, 2020. Cash and cash equivalents increased by
$33.7 million, or 159.0%, to $55.0 million at March 31, 2021
from $21.2 million at March 31, 2020, mainly as a result of strong
core growth in deposits and higher loan sales at quarter end. Net
loans increased by $15.8 million, or 3.3%, to
$492.0 million at March 31, 2021 from $476.2 million at
March 31, 2020, mainly as a result commercial real estate growth of
$20.3 million, or 16.1%, as we focus on diversifying our loan mix
and reducing our exposure to long-term fixed rate 1-4 family
residential loans. Another factor for net loan growth was an
increase in commercial and industrial loans of $14.8 million, or
164.3%, driven by SBA PPP lending.
The increase in total assets at March 31, 2021
from the prior quarter was funded by deposit growth. Non-brokered
deposits totaled $528.0 million at March 31, 2021, increasing
by $31.5 million, or 6.3%, during the quarter from $496.6
million at December 31, 2020. Driving the growth in non-brokered
deposits were customers’ receipt of government stimulus and our
focus on deposit gathering. Federal Home Loan Bank of Boston
(“FHLBB”) and Federal Reserve Bank advances decreased by
$13.3 million to $60.0 million at March 31, 2021, from
$73.3 million at December 31, 2020, primarily as a result of
the full repayment of Federal Reserve Bank advances.
The increase in total assets from the prior year
quarter was also funded by continued deposit growth. Non-brokered
deposits totaled $528.0 million at March 31, 2021, increasing
by $109.0 million, or 26.0%, during the quarter ended March
31, 2021 from $419.1 million at March 31, 2020. Driving the growth
in non-brokered deposits was customers’ receipt of government
stimulus and our focus on deposit gathering. Brokered deposits
decreased by $53.7 million to $32.2 million at March 31, 2021,
from $86.0 million at March 31, 2020. FHLBB advances increased
by $8.0 million to $60.0 million at March 31, 2021, from
$52.0 million at March 31, 2020.
Total stockholders’ equity was $100.9 million at
March 31, 2021 compared to $99.8 million at December 31, 2020. The
increase of $1.0 million reflects net income during the first
quarter of $4.1 million, partially offset by share repurchases of
$2.7 million and a decrease in the fair value of available-for-sale
equity securities, net of taxes, of $794,000.
Total stockholders’ equity was $100.9 million at
March 31, 2021 compared to $79.0 million at March 31, 2020. The
increase of $21.9 million relates mainly to net income from
the previous twelve months of $24.9 million, partially offset
by share repurchases of $3.2 million and a decrease in the fair
value of available-for-sale securities, net of taxes, of $927,000.
In addition, equity adjustments related to equity-based
compensation amounted to an increase of $1.1 million.
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 PPP, for which
we funded $25.6 million of SBA PPP Loans through March 31,
2021, and granting payment deferrals for residential mortgage, home
equity and certain commercial borrowers who were current in their
payments at the time the deferral was requested. Depending on the
circumstances of the borrowers, the forbearance calls for a reduced
or full deferral of payment. Please refer to the Loan Payment
Deferrals and COVID-19 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, three loan production offices located in
Massachusetts and one loan production office 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;
changes in the general business and economic conditions on a
national basis and in the local markets in which the Company
operates, including changes that adversely affect borrowers’
ability to service and repay the Company’s loans; changes in
consumer behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; reputational
risk relating to the Company’s participation in the 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,
profit percentage, tangible book value per share 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 Sheet(Dollars in
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Mar 2021 vs. |
|
|
Mar 2021 vs. |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
Dec 2020 |
|
|
Mar 2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
54,950 |
|
|
$ |
13,774 |
|
|
$ |
21,245 |
|
|
|
298.9 |
% |
|
|
158.6 |
% |
Certificates of deposit |
|
|
- |
|
|
|
- |
|
|
|
490 |
|
|
- % |
|
|
|
(100.0 |
)% |
Securities available for sale,
at fair value |
|
|
54,148 |
|
|
|
55,366 |
|
|
|
55,465 |
|
|
|
(2.2 |
)% |
|
|
(2.4 |
)% |
Loans held for sale, at fair
value |
|
|
93,176 |
|
|
|
119,112 |
|
|
|
58,781 |
|
|
|
(21.8 |
)% |
|
|
58.5 |
% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
239,190 |
|
|
|
235,648 |
|
|
|
250,006 |
|
|
|
1.5 |
% |
|
|
(4.3 |
)% |
Home equity |
|
|
49,073 |
|
|
|
48,166 |
|
|
|
43,503 |
|
|
|
1.9 |
% |
|
|
12.8 |
% |
Commercial real estate |
|
|
146,930 |
|
|
|
143,893 |
|
|
|
126,608 |
|
|
|
2.1 |
% |
|
|
16.1 |
% |
Construction |
|
|
29,975 |
|
|
|
31,050 |
|
|
|
35,327 |
|
|
|
(3.5 |
)% |
|
|
(15.1 |
)% |
Total real estate loans |
|
|
465,168 |
|
|
|
458,757 |
|
|
|
455,444 |
|
|
|
1.4 |
% |
|
|
2.1 |
% |
Commercial and industrial |
|
|
23,869 |
|
|
|
20,259 |
|
|
|
9,030 |
|
|
|
17.8 |
% |
|
|
164.3 |
% |
Consumer |
|
|
8,724 |
|
|
|
10,289 |
|
|
|
15,344 |
|
|
|
(15.2 |
)% |
|
|
(43.1 |
)% |
Total loans |
|
|
497,761 |
|
|
|
489,305 |
|
|
|
479,818 |
|
|
|
1.7 |
% |
|
|
3.7 |
% |
Allowance for loan losses |
|
|
(6,563 |
) |
|
|
(6,784 |
) |
|
|
(4,996 |
) |
|
|
(3.3 |
)% |
|
|
31.4 |
% |
Net deferred loan costs and
fees, and purchase premiums |
|
|
785 |
|
|
|
1,123 |
|
|
|
1,404 |
|
|
|
(30.1 |
)% |
|
|
(44.1 |
)% |
Loans, net |
|
|
491,983 |
|
|
|
483,644 |
|
|
|
476,226 |
|
|
|
1.7 |
% |
|
|
3.3 |
% |
Federal Home Loan Bank of
Boston stock, at cost |
|
|
3,576 |
|
|
|
3,576 |
|
|
|
2,873 |
|
|
|
0.0 |
% |
|
|
24.5 |
% |
Accrued interest
receivable |
|
|
1,501 |
|
|
|
1,562 |
|
|
|
1,397 |
|
|
|
(3.9 |
)% |
|
|
7.4 |
% |
Mortgage servicing rights,
net |
|
|
14,744 |
|
|
|
12,377 |
|
|
|
7,488 |
|
|
|
19.1 |
% |
|
|
96.9 |
% |
Premises and equipment,
net |
|
|
4,709 |
|
|
|
4,781 |
|
|
|
5,667 |
|
|
|
(1.5 |
)% |
|
|
(16.9 |
)% |
Bank-owned life insurance |
|
|
8,662 |
|
|
|
8,622 |
|
|
|
8,486 |
|
|
|
0.5 |
% |
|
|
2.1 |
% |
Foreclosed real estate,
net |
|
|
132 |
|
|
|
132 |
|
|
|
132 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Other assets |
|
|
10,607 |
|
|
|
18,126 |
|
|
|
14,636 |
|
|
|
(41.5 |
)% |
|
|
(27.5 |
)% |
Total assets |
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
652,886 |
|
|
|
2.4 |
% |
|
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
118,623 |
|
|
$ |
96,731 |
|
|
$ |
65,017 |
|
|
|
22.6 |
% |
|
|
82.4 |
% |
Savings accounts |
|
|
192,712 |
|
|
|
185,481 |
|
|
|
144,980 |
|
|
|
3.9 |
% |
|
|
32.9 |
% |
NOW accounts |
|
|
62,772 |
|
|
|
53,530 |
|
|
|
39,598 |
|
|
|
17.3 |
% |
|
|
58.5 |
% |
Money market accounts |
|
|
78,236 |
|
|
|
77,393 |
|
|
|
67,220 |
|
|
|
1.1 |
% |
|
|
16.4 |
% |
Term certificates |
|
|
75,690 |
|
|
|
83,444 |
|
|
|
102,253 |
|
|
|
(9.3 |
)% |
|
|
(26.0 |
)% |
Brokered |
|
|
32,225 |
|
|
|
31,728 |
|
|
|
85,951 |
|
|
|
1.6 |
% |
|
|
(62.5 |
)% |
Total deposits |
|
|
560,258 |
|
|
|
528,307 |
|
|
|
505,019 |
|
|
|
6.0 |
% |
|
|
10.9 |
% |
Federal Reserve Bank
advances |
|
|
- |
|
|
|
11,431 |
|
|
|
- |
|
|
|
(100.0 |
)% |
|
- % |
|
Federal Home Loan Bank of
Boston advances |
|
|
60,024 |
|
|
|
61,895 |
|
|
|
52,013 |
|
|
|
(3.0 |
)% |
|
|
15.4 |
% |
Mortgagors' escrow
accounts |
|
|
1,924 |
|
|
|
2,338 |
|
|
|
2,074 |
|
|
|
(17.7 |
)% |
|
|
(7.2 |
)% |
Post-employment benefit
obligations |
|
|
2,235 |
|
|
|
2,382 |
|
|
|
2,329 |
|
|
|
(6.2 |
)% |
|
|
(4.0 |
)% |
Other liabilities |
|
|
12,888 |
|
|
|
14,900 |
|
|
|
12,495 |
|
|
|
(13.5 |
)% |
|
|
3.1 |
% |
Total liabilities |
|
|
637,329 |
|
|
|
621,253 |
|
|
|
573,930 |
|
|
|
2.6 |
% |
|
|
11.0 |
% |
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
53 |
|
|
|
54 |
|
|
|
55 |
|
|
|
(1.9 |
)% |
|
|
(3.6 |
)% |
Additional paid-in capital |
|
|
48,613 |
|
|
|
50,937 |
|
|
|
50,832 |
|
|
|
(4.6 |
)% |
|
|
(4.4 |
)% |
Retained earnings |
|
|
55,801 |
|
|
|
51,689 |
|
|
|
30,939 |
|
|
|
8.0 |
% |
|
|
80.4 |
% |
ESOP-Unearned compensation |
|
|
(3,709 |
) |
|
|
(3,756 |
) |
|
|
(3,897 |
) |
|
|
(1.3 |
)% |
|
|
(4.8 |
)% |
Accumulated other comprehensive income, net of tax |
|
|
101 |
|
|
|
895 |
|
|
|
1,027 |
|
|
|
(88.7 |
)% |
|
|
(90.2 |
)% |
Total stockholders' equity |
|
|
100,859 |
|
|
|
99,819 |
|
|
|
78,956 |
|
|
|
1.0 |
% |
|
|
27.7 |
% |
Total liabilities and stockholders' equity |
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
652,886 |
|
|
|
2.4 |
% |
|
|
13.1 |
% |
Randolph Bancorp, Inc.Consolidated Balance Sheet Trend(Dollars
in thousands)(Unaudited)
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
54,950 |
|
|
$ |
13,774 |
|
|
$ |
49,091 |
|
|
$ |
76,003 |
|
|
$ |
21,245 |
|
Certificates of deposit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
490 |
|
|
|
490 |
|
Securities available for sale,
at fair value |
|
|
54,148 |
|
|
|
55,366 |
|
|
|
55,551 |
|
|
|
54,462 |
|
|
|
55,465 |
|
Loans held for sale, at fair
value |
|
|
93,176 |
|
|
|
119,112 |
|
|
|
87,805 |
|
|
|
61,673 |
|
|
|
58,781 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
239,190 |
|
|
|
235,648 |
|
|
|
235,955 |
|
|
|
246,236 |
|
|
|
250,006 |
|
Home equity |
|
|
49,073 |
|
|
|
48,166 |
|
|
|
48,097 |
|
|
|
43,493 |
|
|
|
43,503 |
|
Commercial real estate |
|
|
146,930 |
|
|
|
143,893 |
|
|
|
141,862 |
|
|
|
134,750 |
|
|
|
126,608 |
|
Construction |
|
|
29,975 |
|
|
|
31,050 |
|
|
|
32,064 |
|
|
|
35,181 |
|
|
|
35,327 |
|
Total real estate loans |
|
|
465,168 |
|
|
|
458,757 |
|
|
|
457,978 |
|
|
|
459,660 |
|
|
|
455,444 |
|
Commercial and industrial |
|
|
23,869 |
|
|
|
20,259 |
|
|
|
20,388 |
|
|
|
22,940 |
|
|
|
9,030 |
|
Consumer |
|
|
8,724 |
|
|
|
10,289 |
|
|
|
11,696 |
|
|
|
13,435 |
|
|
|
15,344 |
|
Total loans |
|
|
497,761 |
|
|
|
489,305 |
|
|
|
490,062 |
|
|
|
496,035 |
|
|
|
479,818 |
|
Allowance for loan losses |
|
|
(6,563 |
) |
|
|
(6,784 |
) |
|
|
(6,597 |
) |
|
|
(6,059 |
) |
|
|
(4,996 |
) |
Net deferred loan costs and
fees, and purchase premiums |
|
|
785 |
|
|
|
1,123 |
|
|
|
1,083 |
|
|
|
962 |
|
|
|
1,404 |
|
Loans, net |
|
|
491,983 |
|
|
|
483,644 |
|
|
|
484,548 |
|
|
|
490,938 |
|
|
|
476,226 |
|
Federal Home Loan Bank of
Boston stock, at cost |
|
|
3,576 |
|
|
|
3,576 |
|
|
|
3,797 |
|
|
|
4,072 |
|
|
|
2,873 |
|
Accrued interest
receivable |
|
|
1,501 |
|
|
|
1,562 |
|
|
|
1,654 |
|
|
|
1,760 |
|
|
|
1,397 |
|
Mortgage servicing rights,
net |
|
|
14,744 |
|
|
|
12,377 |
|
|
|
10,944 |
|
|
|
8,094 |
|
|
|
7,488 |
|
Premises and equipment,
net |
|
|
4,709 |
|
|
|
4,781 |
|
|
|
5,133 |
|
|
|
5,313 |
|
|
|
5,667 |
|
Bank-owned life insurance |
|
|
8,662 |
|
|
|
8,622 |
|
|
|
8,577 |
|
|
|
8,532 |
|
|
|
8,486 |
|
Foreclosed real estate,
net |
|
|
132 |
|
|
|
132 |
|
|
|
132 |
|
|
|
132 |
|
|
|
132 |
|
Other assets |
|
|
10,607 |
|
|
|
18,126 |
|
|
|
15,736 |
|
|
|
12,572 |
|
|
|
14,636 |
|
Total assets |
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
722,968 |
|
|
$ |
724,041 |
|
|
$ |
652,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
118,623 |
|
|
$ |
96,731 |
|
|
$ |
93,352 |
|
|
$ |
89,014 |
|
|
$ |
65,017 |
|
Savings accounts |
|
|
192,712 |
|
|
|
185,481 |
|
|
|
175,316 |
|
|
|
165,234 |
|
|
|
144,980 |
|
NOW accounts |
|
|
62,772 |
|
|
|
53,530 |
|
|
|
47,032 |
|
|
|
48,014 |
|
|
|
39,598 |
|
Money market accounts |
|
|
78,236 |
|
|
|
77,393 |
|
|
|
74,874 |
|
|
|
75,827 |
|
|
|
67,220 |
|
Term certificates |
|
|
75,690 |
|
|
|
83,444 |
|
|
|
94,438 |
|
|
|
104,905 |
|
|
|
102,253 |
|
Brokered |
|
|
32,225 |
|
|
|
31,728 |
|
|
|
37,273 |
|
|
|
55,972 |
|
|
|
85,951 |
|
Total deposits |
|
|
560,258 |
|
|
|
528,307 |
|
|
|
522,285 |
|
|
|
538,966 |
|
|
|
505,019 |
|
Federal Reserve Bank
advances |
|
|
- |
|
|
|
11,431 |
|
|
|
15,318 |
|
|
|
15,010 |
|
|
|
- |
|
Federal Home Loan Bank of
Boston advances |
|
|
60,024 |
|
|
|
61,895 |
|
|
|
66,903 |
|
|
|
71,944 |
|
|
|
52,013 |
|
Mortgagors' escrow
accounts |
|
|
1,924 |
|
|
|
2,338 |
|
|
|
1,959 |
|
|
|
1,824 |
|
|
|
2,074 |
|
Post-employment benefit
obligations |
|
|
2,235 |
|
|
|
2,382 |
|
|
|
2,289 |
|
|
|
2,319 |
|
|
|
2,329 |
|
Other liabilities |
|
|
12,888 |
|
|
|
14,900 |
|
|
|
19,276 |
|
|
|
9,449 |
|
|
|
12,495 |
|
Total liabilities |
|
|
637,329 |
|
|
|
621,253 |
|
|
|
628,030 |
|
|
|
639,512 |
|
|
|
573,930 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
53 |
|
|
|
54 |
|
|
|
55 |
|
|
|
55 |
|
|
|
55 |
|
Additional paid-in capital |
|
|
48,613 |
|
|
|
50,937 |
|
|
|
51,201 |
|
|
|
51,013 |
|
|
|
50,832 |
|
Retained earnings |
|
|
55,801 |
|
|
|
51,689 |
|
|
|
46,415 |
|
|
|
36,130 |
|
|
|
30,939 |
|
ESOP-Unearned compensation |
|
|
(3,709 |
) |
|
|
(3,756 |
) |
|
|
(3,803 |
) |
|
|
(3,850 |
) |
|
|
(3,897 |
) |
Accumulated other comprehensive income, net of tax |
|
|
101 |
|
|
|
895 |
|
|
|
1,070 |
|
|
|
1,181 |
|
|
|
1,027 |
|
Total stockholders' equity |
|
|
100,859 |
|
|
|
99,819 |
|
|
|
94,938 |
|
|
|
84,529 |
|
|
|
78,956 |
|
Total liabilities and stockholders' equity |
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
722,968 |
|
|
$ |
724,041 |
|
|
$ |
652,886 |
|
Randolph Bancorp, Inc.Consolidated Statements of
Operations(Dollars in thousands except per share
amounts)(Unaudited)
|
|
Three Months Ended |
|
|
% Change |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Mar 2021 vs. |
|
|
Mar 2021 vs. |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
Dec 2020 |
|
|
Mar 2020 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,508 |
|
|
$ |
5,532 |
|
|
$ |
5,620 |
|
|
|
(0.4 |
)% |
|
|
(2.0 |
)% |
Other interest and dividend income |
|
|
253 |
|
|
|
296 |
|
|
|
433 |
|
|
|
(14.5 |
)% |
|
|
(41.6 |
)% |
Total interest and dividend income |
|
|
5,761 |
|
|
|
5,828 |
|
|
|
6,053 |
|
|
|
(1.1 |
)% |
|
|
(4.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
670 |
|
|
|
788 |
|
|
|
1,628 |
|
|
|
(15.0 |
)% |
|
|
(58.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,091 |
|
|
|
5,040 |
|
|
|
4,425 |
|
|
|
1.0 |
% |
|
|
15.1 |
% |
Provision (credit) for loan
losses |
|
|
(213 |
) |
|
|
215 |
|
|
|
724 |
|
|
|
(199.1 |
)% |
|
|
(129.4 |
)% |
Net interest income after
provision (credit) for loan losses |
|
|
5,304 |
|
|
|
4,825 |
|
|
|
3,701 |
|
|
|
9.9 |
% |
|
|
43.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
367 |
|
|
|
381 |
|
|
|
306 |
|
|
|
(3.7 |
)% |
|
|
19.9 |
% |
Gain on loan origination and sale activities, net |
|
|
10,993 |
|
|
|
14,620 |
|
|
|
7,144 |
|
|
|
(24.8 |
)% |
|
|
53.9 |
% |
Mortgage servicing fees, net |
|
|
779 |
|
|
|
275 |
|
|
|
(1,254 |
) |
|
|
183.3 |
% |
|
|
(162.1 |
)% |
Other |
|
|
284 |
|
|
|
311 |
|
|
|
255 |
|
|
|
(8.7 |
)% |
|
|
11.4 |
% |
Total non-interest income |
|
|
12,423 |
|
|
|
15,587 |
|
|
|
6,451 |
|
|
|
(20.3 |
)% |
|
|
92.6 |
% |
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,437 |
|
|
|
8,722 |
|
|
|
8,126 |
|
|
|
(3.3 |
)% |
|
|
3.8 |
% |
Occupancy and equipment |
|
|
744 |
|
|
|
1,150 |
|
|
|
698 |
|
|
|
(35.3 |
)% |
|
|
6.6 |
% |
Professional fees |
|
|
561 |
|
|
|
389 |
|
|
|
405 |
|
|
|
44.2 |
% |
|
|
38.5 |
% |
Marketing |
|
|
170 |
|
|
|
231 |
|
|
|
152 |
|
|
|
(26.4 |
)% |
|
|
11.8 |
% |
FDIC insurance |
|
|
54 |
|
|
|
51 |
|
|
|
56 |
|
|
|
5.9 |
% |
|
|
(3.6 |
)% |
Other non-interest expenses |
|
|
1,985 |
|
|
|
2,384 |
|
|
|
1,522 |
|
|
|
(16.7 |
)% |
|
|
30.4 |
% |
Total non-interest expenses |
|
|
11,951 |
|
|
|
12,927 |
|
|
|
10,959 |
|
|
|
(7.6 |
)% |
|
|
9.1 |
% |
Income (loss) before income
taxes |
|
|
5,776 |
|
|
|
7,485 |
|
|
|
(807 |
) |
|
|
(22.8 |
)% |
|
|
(815.7 |
)% |
Income tax expense |
|
|
1,664 |
|
|
|
2,211 |
|
|
|
11 |
|
|
|
(24.7 |
)% |
|
|
15027.3 |
% |
Net income (loss) |
|
$ |
4,112 |
|
|
$ |
5,274 |
|
|
$ |
(818 |
) |
|
|
(22.0 |
)% |
|
|
(602.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.81 |
|
|
$ |
1.03 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.78 |
|
|
$ |
1.01 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
5,056,165 |
|
|
|
5,135,069 |
|
|
|
5,158,294 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
5,254,907 |
|
|
|
5,244,414 |
|
|
|
5,158,294 |
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Consolidated Statements of Operations
Trend(Dollars in thousands except per share amounts)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,508 |
|
|
$ |
5,532 |
|
|
$ |
5,337 |
|
|
$ |
5,723 |
|
|
$ |
5,620 |
|
Other interest and dividend income |
|
|
253 |
|
|
|
296 |
|
|
|
311 |
|
|
|
336 |
|
|
|
433 |
|
Total interest and dividend income |
|
|
5,761 |
|
|
|
5,828 |
|
|
|
5,648 |
|
|
|
6,059 |
|
|
|
6,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
670 |
|
|
|
788 |
|
|
|
979 |
|
|
|
1,326 |
|
|
|
1,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,091 |
|
|
|
5,040 |
|
|
|
4,669 |
|
|
|
4,733 |
|
|
|
4,425 |
|
Provision (credit) for loan
losses |
|
|
(213 |
) |
|
|
215 |
|
|
|
546 |
|
|
|
1,068 |
|
|
|
724 |
|
Net interest income after
provision (credit) for loan losses |
|
|
5,304 |
|
|
|
4,825 |
|
|
|
4,123 |
|
|
|
3,665 |
|
|
|
3,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
367 |
|
|
|
381 |
|
|
|
330 |
|
|
|
266 |
|
|
|
306 |
|
Gain on loan origination and sale activities, net |
|
|
10,993 |
|
|
|
14,620 |
|
|
|
18,102 |
|
|
|
14,370 |
|
|
|
7,144 |
|
Mortgage servicing fees, net |
|
|
779 |
|
|
|
275 |
|
|
|
1,180 |
|
|
|
(1,354 |
) |
|
|
(1,254 |
) |
Other |
|
|
284 |
|
|
|
311 |
|
|
|
262 |
|
|
|
217 |
|
|
|
255 |
|
Total non-interest income |
|
|
12,423 |
|
|
|
15,587 |
|
|
|
19,874 |
|
|
|
13,499 |
|
|
|
6,451 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,437 |
|
|
|
8,722 |
|
|
|
7,911 |
|
|
|
8,402 |
|
|
|
8,126 |
|
Occupancy and equipment |
|
|
744 |
|
|
|
1,150 |
|
|
|
859 |
|
|
|
838 |
|
|
|
698 |
|
Professional fees |
|
|
561 |
|
|
|
389 |
|
|
|
253 |
|
|
|
230 |
|
|
|
405 |
|
Marketing |
|
|
170 |
|
|
|
231 |
|
|
|
154 |
|
|
|
152 |
|
|
|
152 |
|
FDIC insurance |
|
|
54 |
|
|
|
51 |
|
|
|
41 |
|
|
|
39 |
|
|
|
56 |
|
Other non-interest expenses |
|
|
1,985 |
|
|
|
2,384 |
|
|
|
1,833 |
|
|
|
1,718 |
|
|
|
1,522 |
|
Total non-interest expenses |
|
|
11,951 |
|
|
|
12,927 |
|
|
|
11,051 |
|
|
|
11,379 |
|
|
|
10,959 |
|
Income (loss) before income
taxes |
|
|
5,776 |
|
|
|
7,485 |
|
|
|
12,946 |
|
|
|
5,785 |
|
|
|
(807 |
) |
Income tax expense |
|
|
1,664 |
|
|
|
2,211 |
|
|
|
2,661 |
|
|
|
594 |
|
|
|
11 |
|
Net income (loss) |
|
$ |
4,112 |
|
|
$ |
5,274 |
|
|
$ |
10,285 |
|
|
$ |
5,191 |
|
|
$ |
(818 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.81 |
|
|
$ |
1.03 |
|
|
$ |
2.01 |
|
|
$ |
1.02 |
|
|
$ |
(0.16 |
) |
Diluted |
|
$ |
0.78 |
|
|
$ |
1.01 |
|
|
$ |
2.01 |
|
|
$ |
1.02 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
5,056,165 |
|
|
|
5,135,069 |
|
|
|
5,120,367 |
|
|
|
5,092,490 |
|
|
|
5,158,294 |
|
Diluted |
|
|
5,254,907 |
|
|
|
5,244,414 |
|
|
|
5,120,367 |
|
|
|
5,092,490 |
|
|
|
5,158,294 |
|
Randolph Bancorp, Inc.Average Balances/Yields(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
March 31, 2020 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate |
|
|
Balance |
|
|
Paid |
|
|
Rate |
|
|
Balance |
|
|
Paid |
|
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
594,021 |
|
|
$ |
5,508 |
|
|
|
3.71 |
% |
|
$ |
580,002 |
|
|
$ |
5,532 |
|
|
|
3.82 |
% |
|
$ |
531,141 |
|
|
$ |
5,620 |
|
|
|
4.23 |
% |
Investment securities(2)
(3) |
|
57,818 |
|
|
|
247 |
|
|
|
1.71 |
% |
|
|
58,329 |
|
|
|
290 |
|
|
|
1.99 |
% |
|
|
58,799 |
|
|
|
379 |
|
|
|
2.58 |
% |
Interest-earning deposits |
|
35,492 |
|
|
|
7 |
|
|
|
0.08 |
% |
|
|
30,573 |
|
|
|
8 |
|
|
|
0.10 |
% |
|
|
18,458 |
|
|
|
56 |
|
|
|
1.21 |
% |
Total interest-earning assets |
|
687,331 |
|
|
|
5,762 |
|
|
|
3.35 |
% |
|
|
668,904 |
|
|
|
5,830 |
|
|
|
3.49 |
% |
|
|
608,398 |
|
|
|
6,055 |
|
|
|
3.98 |
% |
Noninterest-earning
assets |
|
42,045 |
|
|
|
|
|
|
|
|
|
|
|
45,015 |
|
|
|
|
|
|
|
|
|
|
|
31,774 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
729,376 |
|
|
|
|
|
|
|
|
|
|
$ |
713,919 |
|
|
|
|
|
|
|
|
|
|
$ |
640,172 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
190,313 |
|
|
|
98 |
|
|
|
0.21 |
% |
|
|
181,653 |
|
|
|
142 |
|
|
|
0.31 |
% |
|
|
134,843 |
|
|
|
284 |
|
|
|
0.84 |
% |
NOW accounts |
|
69,511 |
|
|
|
48 |
|
|
|
0.28 |
% |
|
|
59,005 |
|
|
|
43 |
|
|
|
0.29 |
% |
|
|
39,049 |
|
|
|
51 |
|
|
|
0.52 |
% |
Money market accounts |
|
75,994 |
|
|
|
54 |
|
|
|
0.28 |
% |
|
|
75,106 |
|
|
|
62 |
|
|
|
0.33 |
% |
|
|
78,394 |
|
|
|
197 |
|
|
|
1.01 |
% |
Term certificates |
|
96,978 |
|
|
|
238 |
|
|
|
0.98 |
% |
|
|
112,260 |
|
|
|
293 |
|
|
|
1.04 |
% |
|
|
188,654 |
|
|
|
893 |
|
|
|
1.89 |
% |
Total interest-bearing deposits |
|
432,796 |
|
|
|
438 |
|
|
|
0.40 |
% |
|
|
428,024 |
|
|
|
540 |
|
|
|
0.50 |
% |
|
|
440,940 |
|
|
|
1,425 |
|
|
|
1.29 |
% |
FHLBB and FRB advances |
|
70,857 |
|
|
|
232 |
|
|
|
1.31 |
% |
|
|
77,584 |
|
|
|
247 |
|
|
|
1.27 |
% |
|
|
47,102 |
|
|
|
203 |
|
|
|
1.72 |
% |
Total interest-bearing liabilities |
|
503,653 |
|
|
|
670 |
|
|
|
0.53 |
% |
|
|
505,608 |
|
|
|
787 |
|
|
|
0.62 |
% |
|
|
488,042 |
|
|
|
1,628 |
|
|
|
1.33 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
106,929 |
|
|
|
|
|
|
|
|
|
|
|
94,540 |
|
|
|
|
|
|
|
|
|
|
|
62,718 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing
liabilities |
|
15,375 |
|
|
|
|
|
|
|
|
|
|
|
13,539 |
|
|
|
|
|
|
|
|
|
|
|
9,549 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
625,957 |
|
|
|
|
|
|
|
|
|
|
|
613,687 |
|
|
|
|
|
|
|
|
|
|
|
560,309 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
103,419 |
|
|
|
|
|
|
|
|
|
|
|
100,232 |
|
|
|
|
|
|
|
|
|
|
|
79,863 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
729,376 |
|
|
|
|
|
|
|
|
|
|
$ |
713,919 |
|
|
|
|
|
|
|
|
|
|
$ |
640,172 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
5,092 |
|
|
|
|
|
|
|
|
|
|
$ |
5,043 |
|
|
|
|
|
|
|
|
|
|
$ |
4,427 |
|
|
|
|
|
Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
|
|
|
|
|
2.65 |
% |
Net interest-earning
assets(5) |
$ |
183,678 |
|
|
|
|
|
|
|
|
|
|
$ |
163,296 |
|
|
|
|
|
|
|
|
|
|
$ |
120,356 |
|
|
|
|
|
|
|
|
|
Net interest margin(6) |
|
|
|
|
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
|
|
|
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning
assets to interest-bearing liabilities |
|
136.47 |
% |
|
|
|
|
|
|
|
|
|
|
132.30 |
% |
|
|
|
|
|
|
|
|
|
|
124.66 |
% |
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest received on
such loans.(2) Includes carrying value of securities classified as
available-for-sale and FHLBB stock.(3) Includes tax equivalent
adjustments for municipal securities, based on a statutory tax rate
of 21%, of $1,000, $1,000 and $2,000 for the three months ended
March 31, 2021, December 31, 2020 and March 31, 2020,
respectively.(4) Interest rate spread represents the difference
between the yield on average interest-earning assets and the cost
of average interest-bearing liabilities.(5) Net interest-earning
assets represent total interest-earning assets less total
interest-bearing liabilities.(6) Net interest margin represents net
interest income divided by average total interest-earning
assets.
Randolph Bancorp, Inc.Average Balances Trend(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
594,021 |
|
|
$ |
580,002 |
|
|
$ |
559,370 |
|
|
$ |
576,964 |
|
|
$ |
531,141 |
|
Investment securities |
|
|
57,818 |
|
|
|
58,329 |
|
|
|
57,211 |
|
|
|
58,119 |
|
|
|
58,799 |
|
Interest-earning deposits |
|
|
35,492 |
|
|
|
30,573 |
|
|
|
48,949 |
|
|
|
22,918 |
|
|
|
18,458 |
|
Total interest-earning assets |
|
|
687,331 |
|
|
|
668,904 |
|
|
|
665,530 |
|
|
|
658,001 |
|
|
|
608,398 |
|
Non-interest earning assets |
|
|
42,045 |
|
|
|
45,015 |
|
|
|
41,037 |
|
|
|
40,156 |
|
|
|
31,774 |
|
Total assets |
|
$ |
729,376 |
|
|
$ |
713,919 |
|
|
$ |
706,567 |
|
|
$ |
698,157 |
|
|
$ |
640,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
190,313 |
|
|
$ |
181,653 |
|
|
$ |
170,762 |
|
|
$ |
158,427 |
|
|
$ |
134,843 |
|
NOW accounts |
|
|
69,511 |
|
|
|
59,005 |
|
|
|
57,646 |
|
|
|
46,593 |
|
|
|
39,049 |
|
Money market accounts |
|
|
75,994 |
|
|
|
75,106 |
|
|
|
72,369 |
|
|
|
71,396 |
|
|
|
78,394 |
|
Term certificates |
|
|
96,978 |
|
|
|
112,260 |
|
|
|
131,053 |
|
|
|
159,224 |
|
|
|
188,654 |
|
Total interest-bearing deposits |
|
|
432,796 |
|
|
|
428,024 |
|
|
|
431,830 |
|
|
|
435,640 |
|
|
|
440,940 |
|
FHLBB and FRB advances |
|
|
70,857 |
|
|
|
77,584 |
|
|
|
82,639 |
|
|
|
79,133 |
|
|
|
47,102 |
|
Total interest-bearing liabilities |
|
|
503,653 |
|
|
|
505,608 |
|
|
|
514,469 |
|
|
|
514,773 |
|
|
|
488,042 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
106,929 |
|
|
|
94,540 |
|
|
|
88,394 |
|
|
|
77,947 |
|
|
|
62,718 |
|
Other noninterest-bearing liabilities |
|
|
15,375 |
|
|
|
13,539 |
|
|
|
12,724 |
|
|
|
22,893 |
|
|
|
9,549 |
|
Total liabilities |
|
|
625,957 |
|
|
|
613,687 |
|
|
|
615,587 |
|
|
|
615,613 |
|
|
|
560,309 |
|
Total stockholders' equity |
|
|
103,419 |
|
|
|
100,232 |
|
|
|
90,980 |
|
|
|
82,544 |
|
|
|
79,863 |
|
Total liabilities and stockholders' equity |
|
$ |
729,376 |
|
|
$ |
713,919 |
|
|
$ |
706,567 |
|
|
$ |
698,157 |
|
|
$ |
640,172 |
|
Randolph Bancorp, Inc.Average Balances Trend(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
3.71 |
% |
|
|
3.82 |
% |
|
|
3.82 |
% |
|
|
3.97 |
% |
|
|
4.23 |
% |
Investment securities |
|
|
1.71 |
% |
|
|
1.99 |
% |
|
|
2.13 |
% |
|
|
2.28 |
% |
|
|
2.58 |
% |
Interest-earning deposits |
|
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
|
|
1.21 |
% |
Total interest-earning assets |
|
|
3.35 |
% |
|
|
3.49 |
% |
|
|
3.40 |
% |
|
|
3.68 |
% |
|
|
3.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.21 |
% |
|
|
0.31 |
% |
|
|
0.40 |
% |
|
|
0.59 |
% |
|
|
0.84 |
% |
NOW accounts |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.28 |
% |
|
|
0.43 |
% |
|
|
0.52 |
% |
Money market accounts |
|
|
0.28 |
% |
|
|
0.33 |
% |
|
|
0.41 |
% |
|
|
0.68 |
% |
|
|
1.01 |
% |
Term certificates |
|
|
0.98 |
% |
|
|
1.04 |
% |
|
|
1.35 |
% |
|
|
1.70 |
% |
|
|
1.89 |
% |
Total interest-bearing deposits |
|
|
0.40 |
% |
|
|
0.50 |
% |
|
|
0.68 |
% |
|
|
0.99 |
% |
|
|
1.29 |
% |
FHLBB and FRB advances |
|
|
1.31 |
% |
|
|
1.27 |
% |
|
|
1.21 |
% |
|
|
1.23 |
% |
|
|
1.72 |
% |
Total interest-bearing liabilities |
|
|
0.53 |
% |
|
|
0.62 |
% |
|
|
0.76 |
% |
|
|
1.03 |
% |
|
|
1.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.82 |
% |
|
|
2.87 |
% |
|
|
2.64 |
% |
|
|
2.65 |
% |
|
|
2.65 |
% |
Net interest rate margin |
|
|
2.96 |
% |
|
|
3.02 |
% |
|
|
2.81 |
% |
|
|
2.88 |
% |
|
|
2.91 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
136.47 |
% |
|
|
132.30 |
% |
|
|
129.36 |
% |
|
|
127.82 |
% |
|
|
124.66 |
% |
Randolph Bancorp, Inc.Rate/Volume Analysis(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, 2021 vs. December 31,
2020 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
135 |
|
|
$ |
(159 |
) |
|
$ |
(24 |
) |
Investment securities |
|
|
(3 |
) |
|
|
(40 |
) |
|
|
(43 |
) |
Interest-earning deposits |
|
|
1 |
|
|
|
(1 |
) |
|
|
- |
|
Total interest-earning assets |
|
|
133 |
|
|
|
(200 |
) |
|
|
(67 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
6 |
|
|
|
(50 |
) |
|
|
(44 |
) |
NOW accounts |
|
|
7 |
|
|
|
(2 |
) |
|
|
5 |
|
Money market accounts |
|
|
1 |
|
|
|
(9 |
) |
|
|
(8 |
) |
Term certificates |
|
|
(39 |
) |
|
|
(16 |
) |
|
|
(55 |
) |
Total interest-bearing deposits |
|
|
(25 |
) |
|
|
(77 |
) |
|
|
(102 |
) |
FHLBB and FRB advances |
|
|
(22 |
) |
|
|
6 |
|
|
|
(16 |
) |
Total interest-bearing liabilities |
|
|
(47 |
) |
|
|
(71 |
) |
|
|
(118 |
) |
Change in net interest income |
|
$ |
180 |
|
|
$ |
(129 |
) |
|
$ |
51 |
|
|
|
Three Months Ended |
|
|
|
March 31, 2021 vs. 2020 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
623 |
|
|
$ |
(735 |
) |
|
$ |
(112 |
) |
Investment securities |
|
|
(6 |
) |
|
|
(126 |
) |
|
|
(132 |
) |
Interest-earning deposits |
|
|
27 |
|
|
|
(75 |
) |
|
|
(48 |
) |
Total interest-earning assets |
|
|
644 |
|
|
|
(936 |
) |
|
|
(292 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
85 |
|
|
|
(271 |
) |
|
|
(186 |
) |
NOW accounts |
|
|
28 |
|
|
|
(31 |
) |
|
|
(3 |
) |
Money market accounts |
|
|
(6 |
) |
|
|
(137 |
) |
|
|
(143 |
) |
Term certificates |
|
|
(329 |
) |
|
|
(326 |
) |
|
|
(655 |
) |
Total interest-bearing deposits |
|
|
(222 |
) |
|
|
(765 |
) |
|
|
(987 |
) |
FHLBB and FRB advances |
|
|
85 |
|
|
|
(56 |
) |
|
|
29 |
|
Total interest-bearing liabilities |
|
|
(137 |
) |
|
|
(821 |
) |
|
|
(958 |
) |
Change in net interest income |
|
$ |
781 |
|
|
$ |
(115 |
) |
|
$ |
666 |
|
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended March 31,
2021 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
4,201 |
|
|
$ |
890 |
|
|
$ |
5,091 |
|
Provision (credit) for loan
losses |
|
|
(213 |
) |
|
|
- |
|
|
|
(213 |
) |
Net interest income after
provision for loan losses |
|
|
4,414 |
|
|
|
890 |
|
|
|
5,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
340 |
|
|
|
27 |
|
|
|
367 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
11,674 |
|
|
|
11,674 |
|
Mortgage servicing fees, net |
|
|
(94 |
) |
|
|
873 |
|
|
|
779 |
|
Other |
|
|
151 |
|
|
|
133 |
|
|
|
284 |
|
Total non-interest income |
|
|
397 |
|
|
|
12,707 |
|
|
|
13,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,802 |
|
|
|
6,635 |
|
|
|
8,437 |
|
Occupancy and equipment |
|
|
443 |
|
|
|
301 |
|
|
|
744 |
|
Other non-interest expenses |
|
|
1,087 |
|
|
|
1,683 |
|
|
|
2,770 |
|
Total non-interest expenses |
|
|
3,332 |
|
|
|
8,619 |
|
|
|
11,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and
elimination of inter-segment profit |
|
$ |
1,479 |
|
|
$ |
4,978 |
|
|
|
6,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(681 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
5,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
1,664 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
4,112 |
|
(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,
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.Randolph Bancorp,
Inc.Segment Information(Dollars in thousands)(Unaudited)
|
|
For the Three Months Ended March 31,
2020 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
3,994 |
|
|
$ |
431 |
|
|
$ |
4,425 |
|
Provision for loan losses |
|
|
724 |
|
|
|
- |
|
|
|
724 |
|
Net interest income after
credit for loan losses |
|
|
3,270 |
|
|
|
431 |
|
|
|
3,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
273 |
|
|
|
33 |
|
|
|
306 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
7,472 |
|
|
|
7,472 |
|
Mortgage servicing fees, net |
|
|
(87 |
) |
|
|
(1,167 |
) |
|
|
(1,254 |
) |
Other |
|
|
140 |
|
|
|
115 |
|
|
|
255 |
|
Total non-interest income |
|
|
326 |
|
|
|
6,453 |
|
|
|
6,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,098 |
|
|
|
5,028 |
|
|
|
8,126 |
|
Occupancy and equipment |
|
|
404 |
|
|
|
294 |
|
|
|
698 |
|
Other non-interest expenses |
|
|
1,145 |
|
|
|
990 |
|
|
|
2,135 |
|
Total non-interest expenses |
|
|
4,647 |
|
|
|
6,312 |
|
|
|
10,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
(1,051 |
) |
|
$ |
572 |
|
|
|
(479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(328 |
) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
(807 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
11 |
|
Net loss |
|
|
|
|
|
|
|
|
|
$ |
(818 |
) |
(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.Reconciliation of GAAP to Non-GAAP Net
Income (in thousands)(Unaudited)
|
|
Quarter Ended |
|
|
|
March 31, 2021 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
5,776 |
|
|
$ |
1,664 |
|
|
$ |
4,112 |
|
|
$ |
0.78 |
|
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued severance expenses |
|
|
109 |
|
|
|
31 |
|
|
|
78 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
$ |
5,885 |
|
|
$ |
1,695 |
|
|
$ |
4,190 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
COVID-19 related expenses |
|
|
69 |
|
|
|
15 |
|
|
|
54 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
$ |
7,848 |
|
|
$ |
2,289 |
|
|
$ |
5,559 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
September 30, 2020 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
12,946 |
|
|
$ |
2,661 |
|
|
$ |
10,285 |
|
|
$ |
2.01 |
|
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 related expenses |
|
|
22 |
|
|
|
4 |
|
|
|
18 |
|
|
|
- |
|
Non-GAAP basis |
|
$ |
12,968 |
|
|
$ |
2,665 |
|
|
$ |
10,303 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
June 30, 2020 |
|
|
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Common Share (diluted) |
|
GAAP basis |
|
$ |
5,785 |
|
|
$ |
594 |
|
|
$ |
5,191 |
|
|
$ |
1.02 |
|
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 related expenses |
|
|
189 |
|
|
|
- |
|
|
|
189 |
|
|
|
0.04 |
|
Non-GAAP basis |
|
$ |
5,974 |
|
|
$ |
594 |
|
|
$ |
5,380 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
March 31, 2020 |
|
|
|
Income (Loss) Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income (Loss) |
|
|
Earnings (Loss) per Common Share (diluted) |
|
GAAP basis |
|
$ |
(807 |
) |
|
$ |
11 |
|
|
$ |
(818 |
) |
|
$ |
(0.16 |
) |
Non-interest expense
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement salary and benefits compensation |
|
|
692 |
|
|
$ |
- |
|
|
|
692 |
|
|
|
0.13 |
|
Accelerated vesting of stock-based compensation |
|
|
683 |
|
|
$ |
- |
|
|
|
683 |
|
|
|
0.13 |
|
COVID-19 related expenses |
|
|
18 |
|
|
$ |
- |
|
|
|
18 |
|
|
|
- |
|
Non-GAAP basis |
|
$ |
586 |
|
|
$ |
11 |
|
|
$ |
575 |
|
|
$ |
0.10 |
|
Randolph Bancorp, Inc. Selected Financial
Highlights(Unaudited)
|
|
At or for the Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
2.26 |
% |
|
|
2.95 |
% |
|
|
5.82 |
% |
|
|
2.97 |
% |
|
|
(0.51 |
%) |
Non-GAAP (2) |
|
|
2.30 |
% |
|
|
3.11 |
% |
|
|
5.83 |
% |
|
|
3.08 |
% |
|
|
0.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity: (1,
6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
15.90 |
% |
|
|
21.05 |
% |
|
|
45.22 |
% |
|
|
25.16 |
% |
|
|
(4.10 |
%) |
Non-GAAP (2) |
|
|
16.21 |
% |
|
|
22.18 |
% |
|
|
45.30 |
% |
|
|
26.07 |
% |
|
|
2.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.96 |
% |
|
|
3.02 |
% |
|
|
2.81 |
% |
|
|
2.88 |
% |
|
|
2.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
70.93 |
% |
|
|
75.57 |
% |
|
|
80.98 |
% |
|
|
74.04 |
% |
|
|
59.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit percentage (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
31.76 |
% |
|
|
37.33 |
% |
|
|
54.97 |
% |
|
|
37.59 |
% |
|
|
(0.76 |
%) |
Non-GAAP (2) |
|
|
32.39 |
% |
|
|
39.09 |
% |
|
|
55.06 |
% |
|
|
38.62 |
% |
|
|
12.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
68.24 |
% |
|
|
62.67 |
% |
|
|
45.03 |
% |
|
|
62.41 |
% |
|
|
100.76 |
% |
Non-GAAP (2) |
|
|
67.61 |
% |
|
|
60.91 |
% |
|
|
44.94 |
% |
|
|
61.38 |
% |
|
|
87.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average
assets (3) |
|
|
13.81 |
% |
|
|
13.85 |
% |
|
|
13.28 |
% |
|
|
11.93 |
% |
|
|
12.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets (4) |
|
|
1.14 |
% |
|
|
1.01 |
% |
|
|
1.38 |
% |
|
|
0.47 |
% |
|
|
0.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.32 |
% |
|
|
1.39 |
% |
|
|
1.35 |
% |
|
|
1.22 |
% |
|
|
1.04 |
% |
Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans (4) |
|
|
1.36 |
% |
|
|
1.41 |
% |
|
|
1.39 |
% |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of non-performing assets |
|
|
78.99 |
% |
|
|
94.58 |
% |
|
|
67.21 |
% |
|
|
179.31 |
% |
|
|
146.64 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
|
|
77.75 |
% |
|
|
92.87 |
% |
|
|
66.31 |
% |
|
|
186.60 |
% |
|
|
152.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share
(8) |
|
$ |
18.80 |
|
|
$ |
18.16 |
|
|
$ |
17.18 |
|
|
$ |
15.43 |
|
|
$ |
14.44 |
|
Outstanding shares |
|
|
5,364,240 |
|
|
|
5,495,514 |
|
|
|
5,524,390 |
|
|
|
5,479,884 |
|
|
|
5,466,344 |
|
(1) Annualized for quarterly periods presented.(2) See page 16 –
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 $31,000, $33,000, $36,000, $38,000, and
$41,000 at March 31, 2021, December 31, 2020, September 30, 2020,
June 30, 2020, and March 31, 2020, respectively, divided by
outstanding shares at period end.(9) This non-GAAP measure
represents net interest income plus noninterest income less
non-interest expense divided by net interest income plus
non-interest income.Randolph Bancorp, Inc.COVID-19 Supplemental
Disclosure(Unaudited)
Loan Payment Deferrals
|
|
As of March 31, 2021 |
|
|
|
Commercial loans |
|
|
Residential and consumer loans |
|
|
Residential loans serviced for others |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Balance outstanding |
|
$ |
182,277 |
|
|
$ |
315,485 |
|
|
$ |
1,940,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 related loan payment
deferrals: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Loans in COVID-19-related loan payment deferral |
|
$ |
6,241 |
|
|
$ |
4,777 |
|
|
$ |
11,544 |
|
Loans in deferral as a percentage of category loans |
|
|
3.4 |
% |
|
|
1.5 |
% |
|
|
0.6 |
% |
Loans with suspended payment |
|
$ |
6,241 |
|
|
$ |
4,543 |
|
|
$ |
4,657 |
|
Loans with reduced payment |
|
|
- |
|
|
|
234 |
|
|
|
6,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans which obtained a
COVID-19-related payment deferral but |
|
|
|
|
|
|
|
|
|
|
|
|
have since resumed payment |
|
$ |
31,954 |
|
|
$ |
15,602 |
|
|
$ |
54,450 |
|
Loans reinstated (borrower paid any unpaid principal and
interest) |
|
|
- |
|
|
|
2,253 |
|
|
|
6,353 |
|
Loans on a repayment plan |
|
|
- |
|
|
|
- |
|
|
|
1,354 |
|
Loans which resumed payment but deferred principal and/or |
|
|
|
|
|
|
|
|
|
|
|
|
interest payments to maturity (2) |
|
|
26,197 |
|
|
|
8,713 |
|
|
|
36,811 |
|
Loans which were paid off completely |
|
|
5,757 |
|
|
|
4,636 |
|
|
|
9,932 |
|
(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 March 31, 2021 |
|
|
|
Exposure Balance |
|
|
Exposure by Risk Weighting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
Real |
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
with |
|
|
|
|
|
|
|
Estate |
|
|
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred |
|
Industry (1) |
|
Total |
|
|
Secured |
|
|
Industrial |
|
|
Construction |
|
|
Pass |
|
|
Criticized |
|
|
Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Group home/care facility |
|
$ |
1,079 |
|
|
|
$ |
1,079 |
|
|
|
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
1,079 |
|
|
$ |
- |
|
|
$ |
- |
|
Hotels/hospitality |
|
|
9,635 |
|
|
|
|
9,566 |
|
|
|
|
69 |
|
|
|
|
- |
|
|
|
|
69 |
|
|
|
9,566 |
|
|
|
3,543 |
|
Restaurants/food service |
|
|
2,713 |
|
|
|
|
1,554 |
|
|
|
|
1,159 |
|
|
|
|
- |
|
|
|
|
2,713 |
|
|
|
- |
|
|
|
- |
|
Retail/shopping center |
|
|
21,887 |
|
|
|
|
17,211 |
|
|
|
|
- |
|
|
|
|
4,675 |
|
|
|
|
20,261 |
|
|
|
1,626 |
|
|
|
1,006 |
|
Other sectors (2) |
|
|
11,385 |
|
|
|
|
10,972 |
|
|
|
|
113 |
|
|
|
|
300 |
|
|
|
|
9,383 |
|
|
|
2,002 |
|
|
|
1,692 |
|
Total loans in COVID-19 impacted sectors |
|
$ |
46,698 |
|
|
|
$ |
40,382 |
|
|
|
$ |
1,341 |
|
|
|
$ |
4,975 |
|
|
|
$ |
33,505 |
|
|
$ |
13,194 |
|
|
$ |
6,241 |
|
Percentage of commercial loans
outstanding |
|
25.6 |
% |
|
|
27.5 |
% |
|
|
5.6 |
% |
|
|
43.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
outstanding |
|
$ |
182,277 |
|
|
|
$ |
146,930 |
|
|
|
$ |
23,869 |
|
|
|
$ |
11,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to value secured by real
estate (3) |
|
|
|
|
|
47.5 |
% |
|
|
|
|
|
|
66.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This disclosure focuses on industries with balances that are
significant to the portfolio at March 31, 2021 and omits industries
affected by the COVID-19 pandemic (oil and gas, transportation,
etc.) to which the Company has minimal or no exposure. This
disclosure also excludes SBA PPP Loans, given their government
guarantee.(2) Includes customers operating in various sectors which
have been impacted by COVID-19.(3) Loan to value secured by real
estate equals the exposure balance divided by the most recent
appraised value.
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