Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
RNDB), the holding company for Envision Bank (the “Bank”), today
announced net income of $3.1 million, or $0.64 per basic share and
$0.62 per diluted share, for the three months ended September 30,
2021 compared to net income of $1.6 million, or $0.32 per basic and
$0.31 per diluted share, for the three months ended June 30, 2021
and net income of $10.3 million, or $2.01 per basic and diluted
share, for the three months ended September 30, 2020. Excluding
one-time events of $139,000 in severance expenses and $190,000 in
other outsourcing expenses, net income on a non-GAAP basis was $3.4
million, or $0.67 per diluted share, for the three months ended
September 30, 2021. Excluding one-time events of $145,000 in
severance expenses, $71,000 in other outsourcing expenses, and
$29,000 in losses on disposals of fixed assets, net income on a
non-GAAP basis was $1.8 million, or $0.34 per diluted share, for
the three months ended June 30, 2021. Excluding $22,000 of
operating expenses related to addressing the COVID-19 pandemic, net
income on a non-GAAP basis for the three months ended September 30,
2020 was $10.3 million, or $2.01 per diluted share.
For the nine months ended September 30, 2021,
net income was $8.8 million, or $1.78 per basic share and $1.71 per
diluted share, compared to net income of $14.7 million, or $2.86
per basic and diluted share, for the nine months ended September
30, 2020. Net income on a non-GAAP basis, excluding certain
nonrecurring items, was $9.3 million, or $1.80 per diluted share,
for the nine months ended September 30, 2021, compared to net
income on a non-GAAP basis, excluding other certain nonrecurring
items, of $16.0 million, or $3.12 per diluted share, for the nine
months ended September 30, 2020.
The Company announced that its Board of
Directors declared a regular quarterly dividend of $0.15 per common
share. The dividend will be payable on or about November 23, 2021,
to shareholders of record as of November 9, 2021.
Additionally, the Company announced today a new
share repurchase program to purchase up to 510,000 shares of its
common stock, representing approximately 10.0% of the Company’s
outstanding common stock. Repurchases under this program may be
made in open market transactions. The timing and actual number of
shares repurchased will depend on a variety of factors including
price, corporate and regulatory requirements, market conditions,
and other corporate liquidity requirements and priorities. The
repurchase program does not obligate the Company to purchase any
particular number of shares. The repurchase program will expire on
October 29, 2022, and may be suspended or terminated at any
time.
At September 30, 2021, total assets amounted to
$751.1 million, compared to $744.1 million at June 30,
2021, an increase of $7.0 million, or 0.9%. Total loans
increased by $23.6 million, or 4.3%, to $570.0 million at September
30, 2021 from $546.4 million at June 30, 2021, and loans held for
sale increased by $1.1 million to $75.4 million at September 30,
2021 from $74.3 million at June 30, 2021. Compared to September 30,
2020, total assets grew $28.1 million, or 3.9% from $723.0 million.
The growth from the prior year period was driven by an increase in
total loans of $80.0 million, or 16.3%, partially offset by a
decrease in loans held for sale of $12.4 million and a decrease in
cash and cash equivalents of $36.3 million.
William M. Parent, President and Chief Executive
Officer, stated, “The third quarter was a strong quarter for our
Company, as our local economy continued to progress to more normal
post pandemic operations. Strong loan growth, net interest margin
expansion, net interest income growth, improved credit metrics and
mortgage banking income drove strong earnings contributions across
our organization. Our decision to initiate a regular quarterly
dividend reflects the continued improvement in our operating
performance and our optimism for what lies ahead for our Company.
This dividend also complements our share buyback program, which,
along with continued organic growth, gives us versatility to deploy
our excess capital in a balanced and effective manner.”
Third Quarter Operating
ResultsNet interest income increased by $777,000, or
14.9%, to $6.0 million for the three months ended September 30,
2021 from $5.2 million for the three months ended June 30, 2021.
This increase was primarily due to $318,000 of fee accretion earned
from the Small Business Administration’s Paycheck Protection
Program (“SBA PPP”), commercial real estate loan growth, and a
decrease in the rates paid on term certificates of deposit. The
yield earned on interest-earning assets increased by 33 basis
points from the prior quarter, and the rate paid on
interest-bearing liabilities improved by 6 basis points from the
prior quarter. Accordingly, the net interest margin increased by 38
basis points, to 3.38% in the third quarter from 3.00% in the
second quarter.
Net interest income increased by $1.3 million,
or 28.0%, to $6.0 million for the three months ended September 30,
2021 from $4.7 million in the same period in the prior year.
Relative to the prior year quarter, the net interest margin
increased by 57 basis points to 3.38%, from 2.81%. The improvement
reflects average loan growth of $82.1 million from the prior year
quarter, while the cost of interest-bearing liabilities decreased
by 38 basis points, and the yield on interest-earning assets
increased by 25 basis points between periods.
The Company recognized a credit for loan losses
of $90,000 for the quarter ended September 30, 2021, driven by
changes in the qualitative factors related to the impact of the
COVID-19 pandemic used in the Company’s calculation, along with
improvements in overall credit quality trends, which were partially
offset by total loan growth of $23.6 million from the prior
quarter. The allowance for loan losses was 1.13%, 1.19% and 1.34%
of total loans at September 30, 2021, June 30, 2021 and September
30, 2020, respectively, and was 427.7%, 101.9% and 67.2% of
non-performing assets at September 30, 2021, June 30, 2021 and
September 30, 2020, respectively.
Non-interest income increased $1.3 million, or
19.6%, to $8.1 million for the quarter ended September 30, 2021
from $6.8 million in the quarter ended June 30, 2021, due to an
increase of $1.5 million in the net gain on loan origination and
sale activities, partially offset by a decrease in net mortgage
servicing fees of $107,000. Sold mortgages totaled $260.5 million
in the third quarter of 2021, compared to $342.8 million in the
second quarter of 2021. The third quarter of 2021 ended with a
mortgage pipeline of $158.1 million, compared to a pipeline of
$139.7 million at the end of the second quarter of 2021. The
stabilization of the mortgage banking pipeline was a key
contributor to the improvement in the gain on loan origination and
sale activities from the prior quarter. Mortgage servicing fees
decreased $107,000, or 28.1%, to $274,000 for the third quarter of
2021 from $381,000 in the second quarter of 2021 as a result of
expenses paid to the bank’s new mortgage sub-servicer of $252,000
for the last two months of the quarter, partially offset by a
positive fair value adjustment of $38,000 in the third quarter of
2021, compared to a provision of $65,000 for the second quarter of
2021, based on an increase in mortgage interest rates, and a
decrease in the monthly amortization of mortgage servicing rights
from the prior quarter, which reflects slower prepayment
speeds.
Non-interest income decreased
$11.7 million, or 59.0%, to $8.1 million for the quarter
ended September 30, 2021 from $19.9 million for the quarter
ended September 30, 2020, principally due to a decrease of
$10.9 million in the net gain on loan origination and sale
activities, and a decrease of $906,000 in net mortgage servicing
fees. Sold mortgage loans totaled $260.5 million in the third
quarter of 2021, compared to sold mortgage loans of $410.4 million
during the third quarter of 2020. The third quarter of 2021 ended
with a mortgage pipeline of $158.1 million, compared to a pipeline
of $418.9 million at the end of the third quarter of 2020. Mortgage
servicing fees decreased $906,000 in the quarter ended September
30, 2021, principally due to a positive valuation adjustment of
mortgage servicing rights of $1.1 million in the quarter ended
September 30, 2020.
Non-interest expenses decreased $768,000, or
7.2%, to $9.9 million in the quarter ended September 30, 2021 from
$10.6 million in the quarter ended June 30, 2021. The decrease was
due to a decrease in salaries and employee benefits expense of
$929,000, or 12.7%, primarily attributed to lower commissions and
incentives associated with a normalization of residential loan
production and by reductions in headcount related to the bank’s
outsourcing of mortgage loan servicing, partially offset by
$190,000 of one-time conversion expenses related to the new
mortgage loan sub-servicer included in other non-interest
expenses.
Non-interest expenses decreased $1.2 million to
$9.9 million in the quarter ended September 30, 2021 from
$11.1 million in the quarter ended September 30, 2020. The
decrease is principally due to a decrease in salaries and employee
benefits of $1.5 million, primarily attributed to lower commissions
and incentives associated with a normalization of residential loan
production and reduced headcount, partially offset by a $253,000
increase in other non-interest expenses, which included one-time
conversion expenses for the bank’s new mortgage loan sub-servicer,
as well as increases related to fees and stock-based compensation
paid to new members of the Company’s Board of Directors.
The income tax expense was $1.2 million for the
three months ended September 30, 2021 compared to income tax
benefit of $162,000 for the three months ended June 30, 2021 and
income tax expense of $2.7 million for the three months ended
September 30, 2020. During the three months ended June 30, 2021,
the Company reversed a valuation allowance on its charitable
contribution carryforwards totaling $531,000. The remaining income
tax expense for 2021 is expected to reflect an effective tax rate
of 28.5%.
Year-to-Date Operating
ResultsNet interest income increased by $2.4 million, or
17.6%, to $16.3 million, for the nine months ended September 30,
2021 from $13.8 million for the nine months ended September 30,
2020. The change reflects the shortening and downward pricing of
deposit liabilities, and to a lesser extent, loan growth. The
composition of our deposit base improved as the average balance of
savings and NOW accounts for the nine months ended September 30,
2021 increased $35.9 million, or 23.2%, and $12.9 million, or
23.7%, respectively, from the nine months ended September 30, 2020,
while the average balance of our term certificates decreased $54.4
million, or 34.1%, from the prior year. The activity resulted in a
58 basis point decrease in the cost of interest-bearing
liabilities. Average loan growth of $53.7 million, or 9.7% from the
prior year more than offset a 23 basis point decline in loan
yields.
The Company recognized a credit for loan losses
of $330,000 for the nine months ended September 30, 2021 compared
to a provision of $2.3 million in the prior year period. At
September 30, 2021, improvements to qualitative factors related to
the impact of the COVID-19 pandemic, the economic outlook, and
credit quality trends all helped to generate the credit for loan
losses, partially offset by provisions for loan growth.
Non-interest income decreased $12.4 million, or
31.2%, to $27.4 million for the nine months ended September
30, 2021 from $39.8 million in the nine months ended September
30, 2020, principally due to a decrease of $15.7 million in
the net gain on loan origination and sale activities. Mortgage
loans sold were $1.1 billion in the first nine months of 2021,
unchanged from the first nine months of 2020. Net gain on loan
origination and sale activities decreased, as a result of both
lower loan sale margins and the impact of a shrinking mortgage
banking pipeline during the nine months ended September 30, 2021,
compared to an increasing mortgage banking pipeline during the nine
months ended September 30, 2020. Mortgage servicing fees increased
$2.9 million in the first nine months of 2021 to $1.4 million from
a loss of $1.4 million in the first nine months of 2020, primarily
due to positive fair value adjustments of $395,000 in the first
nine months of 2021 and impairment charges of $2.0 million in the
first nine months of 2020.
Non-interest expenses decreased $952,000, or
2.9%, to $32.4 million for the nine months ended September 30,
2021 from $33.4 million for the nine months ended September
30, 2020. Non-interest expenses in the first nine months of 2020
included one-time charges of $1,375,000 related to the retirement
of senior executives as well as $229,000 of COVID-19
pandemic-related expenses. Occupancy and equipment expenses
decreased $316,000 in the first nine months of 2021 over the prior
year period, as the Company migrated to a hybrid work environment
and reduced its overall real estate footprint by closing six loan
production offices, a lending center office, and by reducing the
office space for the bank’s main administrative office since the
prior year, and a reduction in COVID-19 pandemic related spending.
These decreases were partially offset by increases in other
non-interest expenses of $1.1 million, related to one-time
conversion expenses for the bank’s new mortgage sub-servicer,
increases to board fees and stock-based compensation paid to new
members of the bank’s Board of Directors, and the bank’s provision
for unfunded commitments for commercial real estate and commercial
construction originations.
Income tax expenses decreased to $2.7 million
for the nine months ended September 30, 2021 from $3.3 million for
the nine months ended September 30, 2020. The current period
included a reversal of a charitable contribution carryforward
valuation allowance, and the prior period included the utilization
of net operating loss carryforwards.
Balance SheetAt September 30,
2021, total assets amounted to $751.1 million, compared to $744.1
million at June 30, 2021, an increase of $7.0 million, or 0.9%. A
$24.0 million increase in net loans from the prior quarter was
partially offset by a $22.0 million decrease in cash and cash
equivalents. Net loan growth of 4.4% was driven by commercial real
estate growth of $17.4 million, or 10.4%, and home equity and
construction loan growth of $5.6 million and $5.4 million,
respectively. Deposits increased by $1.4 million in the quarter,
including an increase of $9.4 million in non-interest bearing
deposits. In addition, the Company increased borrowings by $12.9
million in the quarter.
Total assets at September 30, 2021 increased
$28.1 million, or 3.9% from $723.0 million at September 30, 2020.
Contributing to asset growth was a $80.1 million increase in net
loans to $564.6 million at September 30, 2021 from $484.5 million
at September 30, 2020. Cash and cash equivalents decreased by
$36.2 million, or 73.8%, to $12.9 million at September 30,
2021 from $49.1 million at September 30, 2020, mainly to fund
growth in net loans. Commercial real estate loans increased by
$43.2 million, or 30.5%, as we focus on diversifying our loan mix.
The increase in total assets from the prior year quarter was also
funded by continued deposit growth. Retail deposits totaled
$523.3 million at September 30, 2021, increasing by
$38.3 million, or 7.9%, from $485.0 million at September 30,
2020. Driving the growth in retail deposits was customers’ receipt
of government stimulus and our focus on deposit gathering. Federal
Home Loan Bank of Boston (“FHLBB”) advances decreased by
$4.0 million to $62.9 million at September 30, 2021, from
$66.9 million at September 30, 2020, and Federal Reserve Bank
advances decreased by $15.3 million.
Total stockholders’ equity was $100.6 million at
September 30, 2021 compared to $100.7 million at June 30, 2021. The
decrease of $113,000 reflects share repurchases during the period
of $3.4 million, partially offset by net income of $3.1
million.
Total stockholders’ equity was $100.6 million at
September 30, 2021 compared to $94.9 million at September 30, 2020.
The increase of $5.7 million relates mainly to net income from
the previous twelve months of $14.1 million, partially offset
by share repurchases of $8.8 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 SBA PPP, for
which we funded $26.2 million of SBA PPP Loans through
September 30, 2021, and granting payment deferrals for residential
mortgage, home equity and certain commercial borrowers who were
current in their payments at the time the deferral was requested.
Depending on the circumstances of the borrowers, the forbearance
calls for a reduced or full deferral of payment. Please refer to
the Loan Payment Deferrals and COVID-19 Highly Impacted Sectors for
statistics on loan payment deferrals and the commercial loan
sectors we believe could continue to be exposed to the economic
impact of the COVID-19 pandemic.
About Randolph Bancorp,
Inc.Randolph Bancorp, Inc. is the holding company for
Envision Bank and its Envision Mortgage Division. Envision Bank is
a full-service community bank with five retail branch locations,
loan operations centers in North Attleboro and Quincy,
Massachusetts, three loan production offices located in
Massachusetts and one loan production office in Southern New
Hampshire.
Forward Looking
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. We may also make forward-looking
statements in other documents we file with the Securities and
Exchange Commission (“SEC”), in our annual reports to shareholders,
in press releases and other written materials, and in oral
statements made by our officers, directors or employees. You can
identify forward-looking statements by the use of the words
“believe”, “expect”, “anticipate”, “intend”, “estimate”, “assume”,
“outlook”, “will”, “should”, and other expressions that predict or
indicate future events and trends and which do not relate to
historical matters. Forward-looking statements involve risks and
uncertainties. The Company’s actual results could differ materially
from those projected in the forward-looking statements as a result
of, among others, the negative impacts and disruptions of the
COVID-19 pandemic and the measures taken to contain its spread on
the Company’s employees, customers, business operations, credit
quality, financial position, liquidity and results of operations;
changes in the general business and economic conditions on a
national basis and in the local markets in which the Company
operates, including changes that adversely affect borrowers’
ability to service and repay the Company’s loans; changes in
consumer behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; reputational
risk relating to the Company’s participation in the SBA PPP and
other pandemic-related legislative and regulatory initiatives and
programs; turbulence in the capital and debt markets and the impact
of such conditions on the Company’s business activities; and the
risk factors described in the Company’s Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q as filed with the SEC. The
Company does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Non-GAAP Financial 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, non-interest
income to total income and, where applicable, as adjusted for
non-recurring items. These non-GAAP financial measures provide
information for investors to effectively analyze financial trends
of on-going business activities, and to enhance comparability with
peers across the financial services sector.
| |
| |
| Randolph Bancorp,
Inc.Consolidated Balance Sheet(Dollars in
thousands)(Unaudited) |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
| |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
Sep 2021 vs. |
|
Sep 2021 vs. |
| |
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
Jun 2021 |
|
Sep 2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
12,876 |
|
|
$ |
34,876 |
|
|
$ |
49,091 |
|
|
|
(63.1 |
)% |
|
|
(73.8 |
)% |
| Securities available for sale,
at fair value |
|
|
51,725 |
|
|
|
50,212 |
|
|
|
55,551 |
|
|
|
3.0 |
% |
|
|
(6.9 |
)% |
| Loans held for sale, at fair
value |
|
|
75,400 |
|
|
|
74,277 |
|
|
|
87,805 |
|
|
|
1.5 |
% |
|
|
(14.1 |
)% |
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
265,561 |
|
|
|
263,992 |
|
|
|
235,955 |
|
|
|
0.6 |
% |
|
|
12.5 |
% |
|
Home equity |
|
|
56,124 |
|
|
|
50,555 |
|
|
|
48,097 |
|
|
|
11.0 |
% |
|
|
16.7 |
% |
|
Commercial real estate |
|
|
185,100 |
|
|
|
167,691 |
|
|
|
141,862 |
|
|
|
10.4 |
% |
|
|
30.5 |
% |
|
Construction |
|
|
34,479 |
|
|
|
29,140 |
|
|
|
32,064 |
|
|
|
18.3 |
% |
|
|
7.5 |
% |
|
Total real estate loans |
|
|
541,264 |
|
|
|
511,378 |
|
|
|
457,978 |
|
|
|
5.8 |
% |
|
|
18.2 |
% |
|
Commercial and industrial |
|
|
19,896 |
|
|
|
25,826 |
|
|
|
20,388 |
|
|
|
(23.0 |
)% |
|
|
(2.4 |
)% |
|
Consumer |
|
|
8,860 |
|
|
|
9,194 |
|
|
|
11,696 |
|
|
|
(3.6 |
)% |
|
|
(24.2 |
)% |
| Total loans |
|
|
570,020 |
|
|
|
546,398 |
|
|
|
490,062 |
|
|
|
4.3 |
% |
|
|
16.3 |
% |
| Allowance for loan losses |
|
|
(6,432 |
) |
|
|
(6,523 |
) |
|
|
(6,597 |
) |
|
|
(1.4 |
)% |
|
|
(2.5 |
)% |
| Net deferred loan costs and
fees, and purchase premiums |
|
|
1,031 |
|
|
|
785 |
|
|
|
1,083 |
|
|
|
31.3 |
% |
|
|
(4.8 |
)% |
| Loans, net |
|
|
564,619 |
|
|
|
540,660 |
|
|
|
484,548 |
|
|
|
4.4 |
% |
|
|
16.5 |
% |
| Federal Home Loan Bank of
Boston stock, at cost |
|
|
3,239 |
|
|
|
2,855 |
|
|
|
3,797 |
|
|
|
13.5 |
% |
|
|
(14.7 |
)% |
| Accrued interest
receivable |
|
|
1,763 |
|
|
|
1,523 |
|
|
|
1,654 |
|
|
|
15.8 |
% |
|
|
6.6 |
% |
| Mortgage servicing rights,
net |
|
|
15,402 |
|
|
|
15,375 |
|
|
|
10,944 |
|
|
|
0.2 |
% |
|
|
40.7 |
% |
| Premises and equipment,
net |
|
|
6,462 |
|
|
|
5,115 |
|
|
|
5,133 |
|
|
|
26.3 |
% |
|
|
25.9 |
% |
| Bank-owned life insurance |
|
|
8,744 |
|
|
|
8,703 |
|
|
|
8,577 |
|
|
|
0.5 |
% |
|
|
1.9 |
% |
| Foreclosed real estate,
net |
|
|
- |
|
|
|
- |
|
|
|
132 |
|
|
- |
% |
|
|
(100.0 |
)% |
| Other assets |
|
|
10,867 |
|
|
|
10,546 |
|
|
|
15,736 |
|
|
|
3.0 |
% |
|
|
(30.9 |
)% |
|
Total assets |
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
722,968 |
|
|
|
0.9 |
% |
|
|
3.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
134,058 |
|
|
$ |
124,683 |
|
|
$ |
93,352 |
|
|
|
7.5 |
% |
|
|
43.6 |
% |
|
Savings accounts |
|
|
188,346 |
|
|
|
190,584 |
|
|
|
175,316 |
|
|
|
(1.2 |
)% |
|
|
7.4 |
% |
|
NOW accounts |
|
|
53,804 |
|
|
|
51,059 |
|
|
|
47,032 |
|
|
|
5.4 |
% |
|
|
14.4 |
% |
|
Money market accounts |
|
|
73,562 |
|
|
|
73,967 |
|
|
|
74,874 |
|
|
|
(0.5 |
)% |
|
|
(1.8 |
)% |
|
Term certificates |
|
|
73,519 |
|
|
|
74,631 |
|
|
|
94,438 |
|
|
|
(1.5 |
)% |
|
|
(22.2 |
)% |
|
Interest bearing brokered |
|
|
50,116 |
|
|
|
57,059 |
|
|
|
37,273 |
|
|
|
(12.2 |
)% |
|
|
34.5 |
% |
|
Total deposits |
|
|
573,405 |
|
|
|
571,983 |
|
|
|
522,285 |
|
|
|
0.2 |
% |
|
|
9.8 |
% |
| Federal Reserve Bank
advances |
|
|
- |
|
|
|
- |
|
|
|
15,318 |
|
|
- |
% |
|
|
(100.0 |
)% |
| Federal Home Loan Bank of
Boston advances |
|
|
62,900 |
|
|
|
50,016 |
|
|
|
66,903 |
|
|
|
25.8 |
% |
|
|
(6.0 |
)% |
| Mortgagors' escrow
accounts |
|
|
1,905 |
|
|
|
1,783 |
|
|
|
1,959 |
|
|
|
6.8 |
% |
|
|
(2.8 |
)% |
| Post-employment benefit
obligations |
|
|
2,182 |
|
|
|
2,226 |
|
|
|
2,289 |
|
|
|
(2.0 |
)% |
|
|
(4.7 |
)% |
| Other liabilities |
|
|
10,108 |
|
|
|
17,424 |
|
|
|
19,276 |
|
|
|
(42.0 |
)% |
|
|
(47.6 |
)% |
|
Total liabilities |
|
|
650,500 |
|
|
|
643,432 |
|
|
|
628,030 |
|
|
|
1.1 |
% |
|
|
3.6 |
% |
| Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
50 |
|
|
|
52 |
|
|
|
55 |
|
|
|
(3.8 |
)% |
|
|
(9.1 |
)% |
|
Additional paid-in capital |
|
|
43,574 |
|
|
|
46,740 |
|
|
|
51,201 |
|
|
|
(6.8 |
)% |
|
|
(14.9 |
)% |
|
Retained earnings |
|
|
60,504 |
|
|
|
57,378 |
|
|
|
46,415 |
|
|
|
5.4 |
% |
|
|
30.4 |
% |
|
ESOP-Unearned compensation |
|
|
(3,615 |
) |
|
|
(3,662 |
) |
|
|
(3,803 |
) |
|
|
(1.3 |
)% |
|
|
(4.9 |
)% |
|
Accumulated other comprehensive income, net of tax |
|
|
84 |
|
|
|
202 |
|
|
|
1,070 |
|
|
|
(58.4 |
)% |
|
|
(92.1 |
)% |
|
Total stockholders' equity |
|
|
100,597 |
|
|
|
100,710 |
|
|
|
94,938 |
|
|
|
(0.1 |
)% |
|
|
6.0 |
% |
|
Total liabilities and stockholders' equity |
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
722,968 |
|
|
|
0.9 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Consolidated Balance Sheet Trend(Dollars in
thousands)(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
| |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
12,876 |
|
|
$ |
34,876 |
|
|
$ |
54,950 |
|
|
$ |
13,774 |
|
|
$ |
49,091 |
|
| Securities available for sale,
at fair value |
|
|
51,725 |
|
|
|
50,212 |
|
|
|
54,148 |
|
|
|
55,366 |
|
|
|
55,551 |
|
| Loans held for sale, at fair
value |
|
|
75,400 |
|
|
|
74,277 |
|
|
|
93,176 |
|
|
|
119,112 |
|
|
|
87,805 |
|
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
265,561 |
|
|
|
263,992 |
|
|
|
239,190 |
|
|
|
235,648 |
|
|
|
235,955 |
|
|
Home equity |
|
|
56,124 |
|
|
|
50,555 |
|
|
|
49,073 |
|
|
|
48,166 |
|
|
|
48,097 |
|
|
Commercial real estate |
|
|
185,100 |
|
|
|
167,691 |
|
|
|
146,930 |
|
|
|
143,893 |
|
|
|
141,862 |
|
|
Construction |
|
|
34,479 |
|
|
|
29,140 |
|
|
|
29,975 |
|
|
|
31,050 |
|
|
|
32,064 |
|
|
Total real estate loans |
|
|
541,264 |
|
|
|
511,378 |
|
|
|
465,168 |
|
|
|
458,757 |
|
|
|
457,978 |
|
|
Commercial and industrial |
|
|
19,896 |
|
|
|
25,826 |
|
|
|
23,869 |
|
|
|
20,259 |
|
|
|
20,388 |
|
|
Consumer |
|
|
8,860 |
|
|
|
9,194 |
|
|
|
8,724 |
|
|
|
10,289 |
|
|
|
11,696 |
|
| Total loans |
|
|
570,020 |
|
|
|
546,398 |
|
|
|
497,761 |
|
|
|
489,305 |
|
|
|
490,062 |
|
| Allowance for loan losses |
|
|
(6,432 |
) |
|
|
(6,523 |
) |
|
|
(6,563 |
) |
|
|
(6,784 |
) |
|
|
(6,597 |
) |
| Net deferred loan costs and
fees, and purchase premiums |
|
|
1,031 |
|
|
|
785 |
|
|
|
785 |
|
|
|
1,123 |
|
|
|
1,083 |
|
| Loans, net |
|
|
564,619 |
|
|
|
540,660 |
|
|
|
491,983 |
|
|
|
483,644 |
|
|
|
484,548 |
|
| Federal Home Loan Bank of
Boston stock, at cost |
|
|
3,239 |
|
|
|
2,855 |
|
|
|
3,576 |
|
|
|
3,576 |
|
|
|
3,797 |
|
| Accrued interest
receivable |
|
|
1,763 |
|
|
|
1,523 |
|
|
|
1,501 |
|
|
|
1,562 |
|
|
|
1,654 |
|
| Mortgage servicing rights,
net |
|
|
15,402 |
|
|
|
15,375 |
|
|
|
14,744 |
|
|
|
12,377 |
|
|
|
10,944 |
|
| Premises and equipment,
net |
|
|
6,462 |
|
|
|
5,115 |
|
|
|
4,709 |
|
|
|
4,781 |
|
|
|
5,133 |
|
| Bank-owned life insurance |
|
|
8,744 |
|
|
|
8,703 |
|
|
|
8,662 |
|
|
|
8,622 |
|
|
|
8,577 |
|
| Foreclosed real estate,
net |
|
|
- |
|
|
|
- |
|
|
|
132 |
|
|
|
132 |
|
|
|
132 |
|
| Other assets |
|
|
10,867 |
|
|
|
10,546 |
|
|
|
10,607 |
|
|
|
18,126 |
|
|
|
15,736 |
|
|
Total assets |
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
722,968 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
134,058 |
|
|
$ |
124,683 |
|
|
$ |
118,623 |
|
|
$ |
96,731 |
|
|
$ |
93,352 |
|
|
Savings accounts |
|
|
188,346 |
|
|
|
190,584 |
|
|
|
192,712 |
|
|
|
185,481 |
|
|
|
175,316 |
|
|
NOW accounts |
|
|
53,804 |
|
|
|
51,059 |
|
|
|
62,772 |
|
|
|
53,530 |
|
|
|
47,032 |
|
|
Money market accounts |
|
|
73,562 |
|
|
|
73,967 |
|
|
|
78,236 |
|
|
|
77,393 |
|
|
|
74,874 |
|
|
Term certificates |
|
|
73,519 |
|
|
|
74,631 |
|
|
|
75,690 |
|
|
|
83,444 |
|
|
|
94,438 |
|
|
Interest bearing brokered |
|
|
50,116 |
|
|
|
57,059 |
|
|
|
32,225 |
|
|
|
31,728 |
|
|
|
37,273 |
|
|
Total deposits |
|
|
573,405 |
|
|
|
571,983 |
|
|
|
560,258 |
|
|
|
528,307 |
|
|
|
522,285 |
|
| Federal Reserve Bank
advances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,431 |
|
|
|
15,318 |
|
| Federal Home Loan Bank of
Boston advances |
|
|
62,900 |
|
|
|
50,016 |
|
|
|
60,024 |
|
|
|
61,895 |
|
|
|
66,903 |
|
| Mortgagors' escrow
accounts |
|
|
1,905 |
|
|
|
1,783 |
|
|
|
1,924 |
|
|
|
2,338 |
|
|
|
1,959 |
|
| Post-employment benefit
obligations |
|
|
2,182 |
|
|
|
2,226 |
|
|
|
2,235 |
|
|
|
2,382 |
|
|
|
2,289 |
|
| Other liabilities |
|
|
10,108 |
|
|
|
17,424 |
|
|
|
12,888 |
|
|
|
14,900 |
|
|
|
19,276 |
|
|
Total liabilities |
|
|
650,500 |
|
|
|
643,432 |
|
|
|
637,329 |
|
|
|
621,253 |
|
|
|
628,030 |
|
| Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
50 |
|
|
|
52 |
|
|
|
53 |
|
|
|
54 |
|
|
|
55 |
|
|
Additional paid-in capital |
|
|
43,574 |
|
|
|
46,740 |
|
|
|
48,613 |
|
|
|
50,937 |
|
|
|
51,201 |
|
|
Retained earnings |
|
|
60,504 |
|
|
|
57,378 |
|
|
|
55,801 |
|
|
|
51,689 |
|
|
|
46,415 |
|
|
ESOP-Unearned compensation |
|
|
(3,615 |
) |
|
|
(3,662 |
) |
|
|
(3,709 |
) |
|
|
(3,756 |
) |
|
|
(3,803 |
) |
|
Accumulated other comprehensive income, net of tax |
|
|
84 |
|
|
|
202 |
|
|
|
101 |
|
|
|
895 |
|
|
|
1,070 |
|
|
Total stockholders' equity |
|
|
100,597 |
|
|
|
100,710 |
|
|
|
100,859 |
|
|
|
99,819 |
|
|
|
94,938 |
|
|
Total liabilities and stockholders' equity |
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
738,188 |
|
|
$ |
721,072 |
|
|
$ |
722,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Consolidated Statements of Operations(Dollars in thousands
except per share amounts)(Unaudited) |
| |
| |
|
Three Months Ended |
|
|
% Change |
| |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
Sep 2021 vs. |
|
|
Sep 2021 vs. |
| |
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
Jun 2021 |
|
|
Sep 2020 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,226 |
|
|
$ |
5,505 |
|
|
$ |
5,337 |
|
|
|
13.1 |
% |
|
|
|
16.7 |
% |
|
Other interest and dividend income |
|
|
227 |
|
|
|
237 |
|
|
|
311 |
|
|
|
(4.2 |
)% |
|
|
|
(27.0 |
)% |
|
Total interest and dividend income |
|
|
6,453 |
|
|
|
5,742 |
|
|
|
5,648 |
|
|
|
12.4 |
% |
|
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
477 |
|
|
|
543 |
|
|
|
979 |
|
|
|
(12.2 |
)% |
|
|
|
(51.3 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
5,976 |
|
|
|
5,199 |
|
|
|
4,669 |
|
|
|
14.9 |
% |
|
|
|
28.0 |
% |
| Provision (credit) for loan
losses |
|
|
(90 |
) |
|
|
(27 |
) |
|
|
546 |
|
|
|
233.3 |
% |
|
|
|
(116.5 |
)% |
| Net interest income after
provision (credit) for loan losses |
|
|
6,066 |
|
|
|
5,226 |
|
|
|
4,123 |
|
|
|
16.1 |
% |
|
|
|
47.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
410 |
|
|
|
419 |
|
|
|
330 |
|
|
|
(2.1 |
)% |
|
|
|
24.2 |
% |
|
Gain on loan origination and sale activities, net |
|
|
7,229 |
|
|
|
5,740 |
|
|
|
18,102 |
|
|
|
25.9 |
% |
|
|
|
(60.1 |
)% |
|
Mortgage servicing fees, net |
|
|
274 |
|
|
|
381 |
|
|
|
1,180 |
|
|
|
(28.1 |
)% |
|
|
|
(76.8 |
)% |
|
Other |
|
|
236 |
|
|
|
276 |
|
|
|
262 |
|
|
|
(14.5 |
)% |
|
|
|
(9.9 |
)% |
|
Total non-interest income |
|
|
8,149 |
|
|
|
6,816 |
|
|
|
19,874 |
|
|
|
19.6 |
% |
|
|
|
(59.0 |
)% |
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,381 |
|
|
|
7,310 |
|
|
|
7,911 |
|
|
|
(12.7 |
)% |
|
|
|
(19.3 |
)% |
|
Occupancy and equipment |
|
|
714 |
|
|
|
621 |
|
|
|
859 |
|
|
|
15.0 |
% |
|
|
|
(16.9 |
)% |
|
Professional fees |
|
|
490 |
|
|
|
323 |
|
|
|
253 |
|
|
|
51.7 |
% |
|
|
|
93.7 |
% |
|
Marketing |
|
|
134 |
|
|
|
200 |
|
|
|
154 |
|
|
|
(33.0 |
)% |
|
|
|
(13.0 |
)% |
|
FDIC insurance |
|
|
54 |
|
|
|
54 |
|
|
|
41 |
|
|
|
0.0 |
% |
|
|
|
31.7 |
% |
|
Other non-interest expenses |
|
|
2,086 |
|
|
|
2,119 |
|
|
|
1,833 |
|
|
|
(1.6 |
)% |
|
|
|
13.8 |
% |
|
Total non-interest expenses |
|
|
9,859 |
|
|
|
10,627 |
|
|
|
11,051 |
|
|
|
(7.2 |
)% |
|
|
|
(10.8 |
)% |
| Income before income
taxes |
|
|
4,356 |
|
|
|
1,415 |
|
|
|
12,946 |
|
|
|
207.8 |
% |
|
|
|
(66.4 |
)% |
| Income tax expense
(benefit) |
|
|
1,230 |
|
|
|
(162 |
) |
|
|
2,661 |
|
|
|
(859.3 |
)% |
|
|
|
(53.8 |
)% |
| Net income |
|
$ |
3,126 |
|
|
$ |
1,577 |
|
|
$ |
10,285 |
|
|
|
98.2 |
% |
|
|
|
(69.6 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.64 |
|
|
$ |
0.32 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.62 |
|
|
$ |
0.31 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,869,155 |
|
|
|
4,921,182 |
|
|
|
5,120,367 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
5,074,676 |
|
|
|
5,135,582 |
|
|
|
5,120,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Consolidated Statements of Operations(Dollars in thousands
except per share amounts)(Unaudited) |
| |
| |
|
Year to Date |
|
|
% Change |
| |
|
September 30, |
|
|
September 30, |
|
|
Sep 2021 vs. |
| |
|
2021 |
|
|
2020 |
|
|
Sep 2020 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
17,239 |
|
|
$ |
16,680 |
|
|
|
3.4 |
% |
|
Other interest and dividend income |
|
|
717 |
|
|
|
1,080 |
|
|
|
(33.6 |
)% |
|
Total interest and dividend income |
|
|
17,956 |
|
|
|
17,760 |
|
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
1,690 |
|
|
|
3,933 |
|
|
|
(57.0 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
16,266 |
|
|
|
13,827 |
|
|
|
17.6 |
% |
| Provision (credit) for loan
losses |
|
|
(330 |
) |
|
|
2,338 |
|
|
|
(114.1 |
)% |
| Net interest income after
provision (credit) for loan losses |
|
|
16,596 |
|
|
|
11,489 |
|
|
|
44.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
1,196 |
|
|
|
902 |
|
|
|
32.6 |
% |
|
Gain on loan origination and sale activities, net |
|
|
23,962 |
|
|
|
39,616 |
|
|
|
(39.5 |
)% |
|
Mortgage servicing fees, net |
|
|
1,434 |
|
|
|
(1,428 |
) |
|
|
(200.4 |
)% |
|
Other |
|
|
796 |
|
|
|
734 |
|
|
|
8.4 |
% |
|
Total non-interest income |
|
|
27,388 |
|
|
|
39,824 |
|
|
|
(31.2 |
)% |
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
22,128 |
|
|
|
24,439 |
|
|
|
(9.5 |
)% |
|
Occupancy and equipment |
|
|
2,079 |
|
|
|
2,395 |
|
|
|
(13.2 |
)% |
|
Professional fees |
|
|
1,374 |
|
|
|
888 |
|
|
|
54.7 |
% |
|
Marketing |
|
|
504 |
|
|
|
458 |
|
|
|
10.0 |
% |
|
FDIC insurance |
|
|
162 |
|
|
|
136 |
|
|
|
19.1 |
% |
|
Other non-interest expenses |
|
|
6,190 |
|
|
|
5,073 |
|
|
|
22.0 |
% |
|
Total non-interest expenses |
|
|
32,437 |
|
|
|
33,389 |
|
|
|
(2.9 |
)% |
| Income before income
taxes |
|
|
11,547 |
|
|
|
17,924 |
|
|
|
(35.6 |
)% |
| Income tax expense |
|
|
2,732 |
|
|
|
3,266 |
|
|
|
(16.4 |
)% |
| Net income |
|
$ |
8,815 |
|
|
$ |
14,658 |
|
|
|
(39.9 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.78 |
|
|
$ |
2.86 |
|
|
|
|
|
|
Diluted |
|
$ |
1.71 |
|
|
$ |
2.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,948,137 |
|
|
|
5,123,705 |
|
|
|
|
|
|
Diluted |
|
|
5,153,548 |
|
|
|
5,126,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Consolidated Statements of Operations Trend(Dollars in
thousands except per share amounts)(Unaudited) |
| |
|
Three Months Ended |
|
| |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
| |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,226 |
|
|
$ |
5,505 |
|
|
$ |
5,508 |
|
|
$ |
5,532 |
|
|
$ |
5,337 |
|
|
Other interest and dividend income |
|
|
227 |
|
|
|
237 |
|
|
|
253 |
|
|
|
296 |
|
|
|
311 |
|
|
Total interest and dividend income |
|
|
6,453 |
|
|
|
5,742 |
|
|
|
5,761 |
|
|
|
5,828 |
|
|
|
5,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
477 |
|
|
|
543 |
|
|
|
670 |
|
|
|
788 |
|
|
|
979 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
5,976 |
|
|
|
5,199 |
|
|
|
5,091 |
|
|
|
5,040 |
|
|
|
4,669 |
|
| Provision (credit) for loan
losses |
|
|
(90 |
) |
|
|
(27 |
) |
|
|
(213 |
) |
|
|
215 |
|
|
|
546 |
|
| Net interest income after
provision (credit) for loan losses |
|
|
6,066 |
|
|
|
5,226 |
|
|
|
5,304 |
|
|
|
4,825 |
|
|
|
4,123 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
410 |
|
|
|
419 |
|
|
|
367 |
|
|
|
381 |
|
|
|
330 |
|
|
Gain on loan origination and sale activities, net |
|
|
7,229 |
|
|
|
5,740 |
|
|
|
10,993 |
|
|
|
14,620 |
|
|
|
18,102 |
|
|
Mortgage servicing fees, net |
|
|
274 |
|
|
|
381 |
|
|
|
779 |
|
|
|
275 |
|
|
|
1,180 |
|
|
Other |
|
|
236 |
|
|
|
276 |
|
|
|
284 |
|
|
|
311 |
|
|
|
262 |
|
|
Total non-interest income |
|
|
8,149 |
|
|
|
6,816 |
|
|
|
12,423 |
|
|
|
15,587 |
|
|
|
19,874 |
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
6,381 |
|
|
|
7,310 |
|
|
|
8,437 |
|
|
|
8,722 |
|
|
|
7,911 |
|
|
Occupancy and equipment |
|
|
714 |
|
|
|
621 |
|
|
|
744 |
|
|
|
1,150 |
|
|
|
859 |
|
|
Professional fees |
|
|
490 |
|
|
|
323 |
|
|
|
561 |
|
|
|
389 |
|
|
|
253 |
|
|
Marketing |
|
|
134 |
|
|
|
200 |
|
|
|
170 |
|
|
|
231 |
|
|
|
154 |
|
|
FDIC insurance |
|
|
54 |
|
|
|
54 |
|
|
|
54 |
|
|
|
51 |
|
|
|
41 |
|
|
Other non-interest expenses |
|
|
2,086 |
|
|
|
2,119 |
|
|
|
1,985 |
|
|
|
2,384 |
|
|
|
1,833 |
|
|
Total non-interest expenses |
|
|
9,859 |
|
|
|
10,627 |
|
|
|
11,951 |
|
|
|
12,927 |
|
|
|
11,051 |
|
| Income before income
taxes |
|
|
4,356 |
|
|
|
1,415 |
|
|
|
5,776 |
|
|
|
7,485 |
|
|
|
12,946 |
|
| Income tax expense
(benefit) |
|
|
1,230 |
|
|
|
(162 |
) |
|
|
1,664 |
|
|
|
2,211 |
|
|
|
2,661 |
|
| Net income |
|
$ |
3,126 |
|
|
$ |
1,577 |
|
|
$ |
4,112 |
|
|
$ |
5,274 |
|
|
$ |
10,285 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.64 |
|
|
$ |
0.32 |
|
|
$ |
0.81 |
|
|
$ |
1.03 |
|
|
$ |
2.01 |
|
|
Diluted |
|
$ |
0.62 |
|
|
$ |
0.31 |
|
|
$ |
0.78 |
|
|
$ |
1.01 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,869,155 |
|
|
|
4,921,182 |
|
|
|
5,056,165 |
|
|
|
5,135,069 |
|
|
|
5,120,367 |
|
|
Diluted |
|
|
5,074,676 |
|
|
|
5,135,582 |
|
|
|
5,254,907 |
|
|
|
5,244,414 |
|
|
|
5,120,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Average Balances/Yields(Dollars in thousands)(Unaudited) |
| |
| |
Three Months Ended |
|
| |
September 30, 2021 |
|
|
June 30, 2021 |
|
|
September 30, 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) |
$ |
641,443 |
|
|
$ |
6,226 |
|
|
|
3.88 |
% |
|
$ |
592,750 |
|
|
$ |
5,505 |
|
|
|
3.71 |
% |
|
$ |
559,370 |
|
|
$ |
5,337 |
|
|
|
3.82 |
% |
| Investment securities(2)
(3) |
|
54,229 |
|
|
|
224 |
|
|
|
1.65 |
% |
|
|
55,376 |
|
|
|
229 |
|
|
|
1.65 |
% |
|
|
57,211 |
|
|
|
305 |
|
|
|
2.13 |
% |
| Interest-earning deposits |
|
11,002 |
|
|
|
4 |
|
|
|
0.15 |
% |
|
|
43,888 |
|
|
|
8 |
|
|
|
0.07 |
% |
|
|
48,949 |
|
|
|
7 |
|
|
|
0.06 |
% |
|
Total interest-earning assets |
|
706,674 |
|
|
|
6,454 |
|
|
|
3.65 |
% |
|
|
692,014 |
|
|
|
5,742 |
|
|
|
3.32 |
% |
|
|
665,530 |
|
|
|
5,649 |
|
|
|
3.40 |
% |
| Noninterest-earning
assets |
|
44,614 |
|
|
|
|
|
|
|
|
|
|
|
40,257 |
|
|
|
|
|
|
|
|
|
|
|
41,037 |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
751,288 |
|
|
|
|
|
|
|
|
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
|
$ |
706,567 |
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings accounts |
|
189,254 |
|
|
|
76 |
|
|
|
0.16 |
% |
|
|
192,434 |
|
|
|
89 |
|
|
|
0.18 |
% |
|
|
170,762 |
|
|
|
172 |
|
|
|
0.40 |
% |
| NOW accounts |
|
61,951 |
|
|
|
23 |
|
|
|
0.15 |
% |
|
|
69,730 |
|
|
|
38 |
|
|
|
0.22 |
% |
|
|
57,646 |
|
|
|
41 |
|
|
|
0.28 |
% |
| Money market accounts |
|
73,662 |
|
|
|
41 |
|
|
|
0.22 |
% |
|
|
72,469 |
|
|
|
43 |
|
|
|
0.24 |
% |
|
|
72,369 |
|
|
|
75 |
|
|
|
0.41 |
% |
| Term certificates |
|
113,787 |
|
|
|
160 |
|
|
|
0.56 |
% |
|
|
104,604 |
|
|
|
176 |
|
|
|
0.67 |
% |
|
|
131,053 |
|
|
|
442 |
|
|
|
1.35 |
% |
|
Total interest-bearing deposits |
|
438,654 |
|
|
|
300 |
|
|
|
0.27 |
% |
|
|
439,237 |
|
|
|
346 |
|
|
|
0.32 |
% |
|
|
431,830 |
|
|
|
730 |
|
|
|
0.68 |
% |
| FHLBB and FRB advances |
|
64,047 |
|
|
|
178 |
|
|
|
1.11 |
% |
|
|
51,502 |
|
|
|
198 |
|
|
|
1.54 |
% |
|
|
82,639 |
|
|
|
249 |
|
|
|
1.21 |
% |
|
Total interest-bearing liabilities |
|
502,701 |
|
|
|
478 |
|
|
|
0.38 |
% |
|
|
490,739 |
|
|
|
544 |
|
|
|
0.44 |
% |
|
|
514,469 |
|
|
|
979 |
|
|
|
0.76 |
% |
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing
deposits |
|
126,165 |
|
|
|
|
|
|
|
|
|
|
|
124,656 |
|
|
|
|
|
|
|
|
|
|
|
88,394 |
|
|
|
|
|
|
|
|
|
| Other noninterest-bearing
liabilities |
|
19,021 |
|
|
|
|
|
|
|
|
|
|
|
13,606 |
|
|
|
|
|
|
|
|
|
|
|
12,724 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
647,887 |
|
|
|
|
|
|
|
|
|
|
|
629,001 |
|
|
|
|
|
|
|
|
|
|
|
615,587 |
|
|
|
|
|
|
|
|
|
| Total stockholders'
equity |
|
103,401 |
|
|
|
|
|
|
|
|
|
|
|
103,270 |
|
|
|
|
|
|
|
|
|
|
|
90,980 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
751,288 |
|
|
|
|
|
|
|
|
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
|
$ |
706,567 |
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
5,976 |
|
|
|
|
|
|
|
|
|
|
$ |
5,198 |
|
|
|
|
|
|
|
|
|
|
$ |
4,670 |
|
|
|
|
|
| Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
3.27 |
% |
|
|
|
|
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
|
|
|
|
2.64 |
% |
| Net interest-earning
assets(5) |
$ |
203,973 |
|
|
|
|
|
|
|
|
|
|
$ |
201,275 |
|
|
|
|
|
|
|
|
|
|
$ |
151,061 |
|
|
|
|
|
|
|
|
|
| Net interest margin(6) |
|
|
|
|
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
2.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of interest-earning
assets to interest-bearing liabilities |
|
140.58 |
% |
|
|
|
|
|
|
|
|
|
|
141.01 |
% |
|
|
|
|
|
|
|
|
|
|
129.36 |
% |
|
|
|
|
|
|
|
|
(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 $1,000 for the three months ended
September 30, 2021, June 30, 2021 and September 30, 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/Yields(Dollars in
thousands)(Unaudited) |
|
|
Year to Date |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
| |
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) |
$ |
609,579 |
|
|
$ |
17,239 |
|
|
|
3.77 |
% |
|
$ |
555,838 |
|
|
$ |
16,680 |
|
|
|
4.00 |
% |
|
Investment securities(2) (3) |
|
55,795 |
|
|
|
701 |
|
|
|
1.68 |
% |
|
|
58,201 |
|
|
|
1,016 |
|
|
|
2.33 |
% |
|
Interest-earning deposits |
|
30,037 |
|
|
|
19 |
|
|
|
0.08 |
% |
|
|
30,177 |
|
|
|
68 |
|
|
|
0.30 |
% |
|
Total interest-earning assets |
|
695,411 |
|
|
|
17,959 |
|
|
|
3.44 |
% |
|
|
644,216 |
|
|
|
17,764 |
|
|
|
3.68 |
% |
|
Noninterest-earning assets |
|
42,312 |
|
|
|
|
|
|
|
|
|
|
|
37,509 |
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
737,723 |
|
|
|
|
|
|
|
|
|
|
$ |
681,725 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
190,663 |
|
|
|
261 |
|
|
|
0.18 |
% |
|
|
154,736 |
|
|
|
689 |
|
|
|
0.59 |
% |
|
NOW accounts |
|
67,036 |
|
|
|
109 |
|
|
|
0.22 |
% |
|
|
54,185 |
|
|
|
142 |
|
|
|
0.35 |
% |
|
Money market accounts |
|
74,033 |
|
|
|
138 |
|
|
|
0.25 |
% |
|
|
70,712 |
|
|
|
394 |
|
|
|
0.74 |
% |
|
Term certificates |
|
105,184 |
|
|
|
574 |
|
|
|
0.73 |
% |
|
|
159,540 |
|
|
|
2,012 |
|
|
|
1.68 |
% |
|
Total interest-bearing deposits |
|
436,916 |
|
|
|
1,082 |
|
|
|
0.33 |
% |
|
|
439,173 |
|
|
|
3,237 |
|
|
|
0.98 |
% |
|
FHLBB and FRB advances |
|
62,110 |
|
|
|
608 |
|
|
|
1.31 |
% |
|
|
69,672 |
|
|
|
696 |
|
|
|
1.33 |
% |
|
Total interest-bearing liabilities |
|
499,026 |
|
|
|
1,690 |
|
|
|
0.45 |
% |
|
|
508,845 |
|
|
|
3,933 |
|
|
|
1.03 |
% |
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
119,320 |
|
|
|
|
|
|
|
|
|
|
|
76,397 |
|
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
16,014 |
|
|
|
|
|
|
|
|
|
|
|
11,996 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
634,360 |
|
|
|
|
|
|
|
|
|
|
|
597,238 |
|
|
|
|
|
|
|
|
|
| Total
stockholders' equity |
|
103,363 |
|
|
|
|
|
|
|
|
|
|
|
84,487 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
737,723 |
|
|
|
|
|
|
|
|
|
|
$ |
681,725 |
|
|
|
|
|
|
|
|
|
| Net
interest income |
|
|
|
|
$ |
16,269 |
|
|
|
|
|
|
|
|
|
|
$ |
13,831 |
|
|
|
|
|
|
Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
|
|
|
2.65 |
% |
| Net
interest-earning assets(5) |
$ |
196,385 |
|
|
|
|
|
|
|
|
|
|
$ |
135,371 |
|
|
|
|
|
|
|
|
|
| Net
interest margin(6) |
|
|
|
|
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio
of interest-earning assets to interest-bearing liabilities |
|
139.35 |
% |
|
|
|
|
|
|
|
|
|
|
126.60 |
% |
|
|
|
|
|
|
|
|
(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 $3,000 and $4,000 for the nine months ended September
30, 2021 and 2020, respectively.(4) Interest rate spread represents
the difference between the yield on average interest-earning assets
and the cost of average interest-bearing liabilities.(5) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities.(6) Net interest margin
represents net interest income divided by average total
interest-earning assets.
| |
| Randolph Bancorp,
Inc.Average Balances Trend(Dollars in thousands)(Unaudited) |
| |
|
Three Months Ended |
| |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
| |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
641,443 |
|
|
$ |
592,750 |
|
|
$ |
594,021 |
|
|
$ |
580,002 |
|
|
$ |
559,370 |
|
Investment securities |
|
|
54,229 |
|
|
|
55,376 |
|
|
|
57,818 |
|
|
|
58,329 |
|
|
|
57,211 |
|
Interest-earning deposits |
|
|
11,002 |
|
|
|
43,888 |
|
|
|
35,492 |
|
|
|
30,573 |
|
|
|
48,949 |
|
Total interest-earning assets |
|
|
706,674 |
|
|
|
692,014 |
|
|
|
687,331 |
|
|
|
668,904 |
|
|
|
665,530 |
|
Non-interest earning assets |
|
|
44,614 |
|
|
|
40,257 |
|
|
|
42,045 |
|
|
|
45,015 |
|
|
|
41,037 |
|
Total assets |
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
$ |
729,376 |
|
|
$ |
713,919 |
|
|
$ |
706,567 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
189,254 |
|
|
$ |
192,434 |
|
|
$ |
190,313 |
|
|
$ |
181,653 |
|
|
$ |
170,762 |
|
NOW accounts |
|
|
61,951 |
|
|
|
69,730 |
|
|
|
69,511 |
|
|
|
59,005 |
|
|
|
57,646 |
|
Money market accounts |
|
|
73,662 |
|
|
|
72,469 |
|
|
|
75,994 |
|
|
|
75,106 |
|
|
|
72,369 |
|
Term certificates |
|
|
113,787 |
|
|
|
104,604 |
|
|
|
96,978 |
|
|
|
112,260 |
|
|
|
131,053 |
|
Total interest-bearing deposits |
|
|
438,654 |
|
|
|
439,237 |
|
|
|
432,796 |
|
|
|
428,024 |
|
|
|
431,830 |
|
FHLBB and FRB advances |
|
|
64,047 |
|
|
|
51,502 |
|
|
|
70,857 |
|
|
|
77,584 |
|
|
|
82,639 |
|
Total interest-bearing liabilities |
|
|
502,701 |
|
|
|
490,739 |
|
|
|
503,653 |
|
|
|
505,608 |
|
|
|
514,469 |
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
126,165 |
|
|
|
124,656 |
|
|
|
106,929 |
|
|
|
94,540 |
|
|
|
88,394 |
|
Other noninterest-bearing liabilities |
|
|
19,021 |
|
|
|
13,606 |
|
|
|
15,375 |
|
|
|
13,539 |
|
|
|
12,724 |
|
Total liabilities |
|
|
647,887 |
|
|
|
629,001 |
|
|
|
625,957 |
|
|
|
613,687 |
|
|
|
615,587 |
|
Total stockholders' equity |
|
|
103,401 |
|
|
|
103,270 |
|
|
|
103,419 |
|
|
|
100,232 |
|
|
|
90,980 |
|
Total liabilities and stockholders' equity |
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
$ |
729,376 |
|
|
$ |
713,919 |
|
|
$ |
706,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Average Yield
Trend(Dollars in thousands)(Unaudited) |
| |
|
Three Months Ended |
|
| |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
| |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
|
3.88 |
% |
|
|
3.71 |
% |
|
|
3.71 |
% |
|
|
3.82 |
% |
|
|
3.82 |
% |
|
Investment securities |
|
|
1.65 |
% |
|
|
1.65 |
% |
|
|
1.71 |
% |
|
|
1.99 |
% |
|
|
2.13 |
% |
|
Interest-earning deposits |
|
|
0.15 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.06 |
% |
|
Total interest-earning assets |
|
|
3.65 |
% |
|
|
3.32 |
% |
|
|
3.35 |
% |
|
|
3.49 |
% |
|
|
3.40 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.16 |
% |
|
|
0.18 |
% |
|
|
0.21 |
% |
|
|
0.31 |
% |
|
|
0.40 |
% |
|
NOW accounts |
|
|
0.15 |
% |
|
|
0.22 |
% |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.28 |
% |
|
Money market accounts |
|
|
0.22 |
% |
|
|
0.24 |
% |
|
|
0.28 |
% |
|
|
0.33 |
% |
|
|
0.41 |
% |
|
Term certificates |
|
|
0.56 |
% |
|
|
0.67 |
% |
|
|
0.98 |
% |
|
|
1.04 |
% |
|
|
1.35 |
% |
|
Total interest-bearing deposits |
|
|
0.27 |
% |
|
|
0.32 |
% |
|
|
0.40 |
% |
|
|
0.50 |
% |
|
|
0.68 |
% |
|
FHLBB and FRB advances |
|
|
1.11 |
% |
|
|
1.54 |
% |
|
|
1.31 |
% |
|
|
1.27 |
% |
|
|
1.21 |
% |
|
Total interest-bearing liabilities |
|
|
0.38 |
% |
|
|
0.44 |
% |
|
|
0.53 |
% |
|
|
0.62 |
% |
|
|
0.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
3.27 |
% |
|
|
2.88 |
% |
|
|
2.82 |
% |
|
|
2.87 |
% |
|
|
2.64 |
% |
|
Net interest rate margin |
|
|
3.38 |
% |
|
|
3.00 |
% |
|
|
2.96 |
% |
|
|
3.02 |
% |
|
|
2.81 |
% |
|
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
140.58 |
% |
|
|
141.01 |
% |
|
|
136.47 |
% |
|
|
132.30 |
% |
|
|
129.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Rate/Volume Analysis(Dollars in thousands)(Unaudited) |
| |
| |
|
Three Months Ended |
|
| |
|
September 30, 2021 vs. June 30,
2021 |
|
| |
|
Increase (Decrease) |
|
|
Total |
|
| |
|
Due to Changes in |
|
|
Increase |
|
| |
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
463 |
|
|
$ |
258 |
|
|
$ |
721 |
|
|
Investment securities |
|
|
(5 |
) |
|
|
- |
|
|
|
(5 |
) |
|
Interest-earning deposits |
|
|
(9 |
) |
|
|
4 |
|
|
|
(5 |
) |
|
Total interest-earning assets |
|
|
449 |
|
|
|
262 |
|
|
|
711 |
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
(2 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
|
NOW accounts |
|
|
(4 |
) |
|
|
(11 |
) |
|
|
(15 |
) |
|
Money market accounts |
|
|
1 |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
Term certificates |
|
|
14 |
|
|
|
(30 |
) |
|
|
(16 |
) |
|
Total interest-bearing deposits |
|
|
9 |
|
|
|
(55 |
) |
|
|
(46 |
) |
|
FHLBB and FRB advances |
|
|
42 |
|
|
|
(62 |
) |
|
|
(20 |
) |
|
Total interest-bearing liabilities |
|
|
51 |
|
|
|
(117 |
) |
|
|
(66 |
) |
|
Change in net interest income |
|
$ |
398 |
|
|
$ |
379 |
|
|
$ |
777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
September 30, 2021 vs. 2020 |
|
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
803 |
|
|
$ |
86 |
|
|
$ |
889 |
|
|
Investment securities |
|
|
(15 |
) |
|
|
(66 |
) |
|
|
(81 |
) |
|
Interest-earning deposits |
|
|
(9 |
) |
|
|
6 |
|
|
|
(3 |
) |
|
Total interest-earning assets |
|
|
779 |
|
|
|
26 |
|
|
|
805 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
17 |
|
|
|
(113 |
) |
|
|
(96 |
) |
|
NOW accounts |
|
|
3 |
|
|
|
(21 |
) |
|
|
(18 |
) |
|
Money market accounts |
|
|
1 |
|
|
|
(35 |
) |
|
|
(34 |
) |
|
Term certificates |
|
|
(52 |
) |
|
|
(230 |
) |
|
|
(282 |
) |
|
Total interest-bearing deposits |
|
|
(31 |
) |
|
|
(399 |
) |
|
|
(430 |
) |
|
FHLBB and FRB advances |
|
|
(52 |
) |
|
|
(20 |
) |
|
|
(72 |
) |
|
Total interest-bearing liabilities |
|
|
(83 |
) |
|
|
(419 |
) |
|
|
(502 |
) |
|
Change in net interest income |
|
$ |
862 |
|
|
$ |
445 |
|
|
$ |
1,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Rate/Volume Analysis(Dollars in thousands)(Unaudited) |
| |
|
Year to Date |
|
| |
|
September 30, 2021 vs. 2020 |
|
| |
|
Increase (Decrease) |
|
|
Total |
|
| |
|
Due to Changes in |
|
|
Increase |
|
| |
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
751 |
|
|
$ |
(192 |
) |
|
$ |
559 |
|
|
Investment securities |
|
|
(40 |
) |
|
|
(276 |
) |
|
|
(316 |
) |
|
Interest-earning deposits |
|
|
- |
|
|
|
(48 |
) |
|
|
(48 |
) |
|
Total interest-earning assets |
|
|
711 |
|
|
|
(516 |
) |
|
|
195 |
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
(27 |
) |
|
|
(399 |
) |
|
|
(426 |
) |
|
NOW accounts |
|
|
1 |
|
|
|
(34 |
) |
|
|
(33 |
) |
|
Money market accounts |
|
|
(5 |
) |
|
|
(251 |
) |
|
|
(256 |
) |
|
Term certificates |
|
|
(541 |
) |
|
|
(897 |
) |
|
|
(1,438 |
) |
|
Total interest-bearing deposits |
|
|
(572 |
) |
|
|
(1,581 |
) |
|
|
(2,153 |
) |
|
FHLBB and FRB advances |
|
|
(77 |
) |
|
|
(13 |
) |
|
|
(90 |
) |
|
Total interest-bearing liabilities |
|
|
(649 |
) |
|
|
(1,594 |
) |
|
|
(2,243 |
) |
|
Change in net interest income |
|
$ |
1,360 |
|
|
$ |
1,078 |
|
|
$ |
2,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Segment Information(Dollars in thousands)(Unaudited) |
| |
| |
|
For the Three Months Ended September 30,
2021 |
|
| |
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
|
Net interest income |
|
$ |
5,243 |
|
|
$ |
733 |
|
|
$ |
5,976 |
|
| Provision (credit) for loan
losses |
|
|
(90 |
) |
|
|
- |
|
|
|
(90 |
) |
| Net interest income after
provision (credit) for loan losses |
|
|
5,333 |
|
|
|
733 |
|
|
|
6,066 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
394 |
|
|
|
16 |
|
|
|
410 |
|
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
7,925 |
|
|
|
7,925 |
|
|
Mortgage servicing fees, net |
|
|
(222 |
) |
|
|
496 |
|
|
|
274 |
|
|
Other |
|
|
105 |
|
|
|
131 |
|
|
|
236 |
|
|
Total non-interest income |
|
|
277 |
|
|
|
8,568 |
|
|
|
8,845 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,742 |
|
|
|
4,639 |
|
|
|
6,381 |
|
|
Occupancy and equipment |
|
|
473 |
|
|
|
241 |
|
|
|
714 |
|
|
Other non-interest expenses |
|
|
1,046 |
|
|
|
1,718 |
|
|
|
2,764 |
|
|
Total non-interest expenses |
|
|
3,261 |
|
|
|
6,598 |
|
|
|
9,859 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and
elimination of inter-segment profit |
|
$ |
2,349 |
|
|
$ |
2,703 |
|
|
|
5,052 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(696 |
) |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
4,356 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
|
|
|
|
|
|
|
|
1,230 |
|
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
3,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment
profit. |
|
| |
|
The information above was derived from the internal management
reporting system used to measure performance of the segments.
| |
| Randolph Bancorp,
Inc.Segment Information(Dollars in thousands)(Unaudited) |
| |
| |
|
For the Three Months Ended June 30, 2021 |
|
| |
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
|
Net interest income |
|
$ |
4,535 |
|
|
$ |
664 |
|
|
$ |
5,199 |
|
| Provision (credit) for loan
losses |
|
|
(27 |
) |
|
|
- |
|
|
|
(27 |
) |
| Net interest income after
provision (credit) for loan losses |
|
|
4,562 |
|
|
|
664 |
|
|
|
5,226 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
393 |
|
|
|
26 |
|
|
|
419 |
|
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
6,558 |
|
|
|
6,558 |
|
|
Mortgage servicing fees, net |
|
|
(94 |
) |
|
|
475 |
|
|
|
381 |
|
|
Other |
|
|
158 |
|
|
|
118 |
|
|
|
276 |
|
|
Total non-interest income |
|
|
457 |
|
|
|
7,177 |
|
|
|
7,634 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,746 |
|
|
|
5,564 |
|
|
|
7,310 |
|
|
Occupancy and equipment |
|
|
407 |
|
|
|
214 |
|
|
|
621 |
|
|
Other non-interest expenses |
|
|
1,265 |
|
|
|
1,431 |
|
|
|
2,696 |
|
|
Total non-interest expenses |
|
|
3,418 |
|
|
|
7,209 |
|
|
|
10,627 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and
elimination of inter-segment profit |
|
$ |
1,601 |
|
|
$ |
632 |
|
|
|
2,233 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(818 |
) |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
1,415 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense
(benefit) |
|
|
|
|
|
|
|
|
|
|
(162 |
) |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
1,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment
profit. |
|
|
|
|
The information above was derived from the internal management
reporting system used to measure performance of the segments.
| |
| Randolph Bancorp,
Inc.Segment Information(Dollars in thousands)(Unaudited) |
| |
|
For the Three Months Ended September 30,
2020 |
|
| |
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
|
Net interest income |
|
$ |
4,032 |
|
|
$ |
637 |
|
|
$ |
4,669 |
|
| Provision for loan losses |
|
|
546 |
|
|
|
- |
|
|
|
546 |
|
| Net interest income after
provision for loan losses |
|
|
3,486 |
|
|
|
637 |
|
|
|
4,123 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
309 |
|
|
|
21 |
|
|
|
330 |
|
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
18,459 |
|
|
|
18,459 |
|
|
Mortgage servicing fees, net |
|
|
(98 |
) |
|
|
1,278 |
|
|
|
1,180 |
|
|
Other |
|
|
93 |
|
|
|
169 |
|
|
|
262 |
|
|
Total non-interest income |
|
|
304 |
|
|
|
19,927 |
|
|
|
20,231 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,959 |
|
|
|
5,952 |
|
|
|
7,911 |
|
|
Occupancy and equipment |
|
|
437 |
|
|
|
422 |
|
|
|
859 |
|
|
Other non-interest expenses |
|
|
1,084 |
|
|
|
1,197 |
|
|
|
2,281 |
|
|
Total non-interest expenses |
|
|
3,480 |
|
|
|
7,571 |
|
|
|
11,051 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and
elimination of inter-segment profit |
|
$ |
310 |
|
|
$ |
12,993 |
|
|
|
13,303 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(357 |
) |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
12,946 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
|
|
|
|
|
|
|
|
2,661 |
|
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
10,285 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine Months Ended September 30,
2021 |
|
| |
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
|
Net interest income |
|
$ |
13,978 |
|
|
$ |
2,288 |
|
|
$ |
16,266 |
|
| Provision (credit) for loan
losses |
|
|
(330 |
) |
|
|
- |
|
|
|
(330 |
) |
| Net interest income after
provision (credit) for loan losses |
|
|
14,308 |
|
|
|
2,288 |
|
|
|
16,596 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
1,125 |
|
|
|
71 |
|
|
|
1,196 |
|
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
26,157 |
|
|
|
26,157 |
|
|
Mortgage servicing fees, net |
|
|
(409 |
) |
|
|
1,843 |
|
|
|
1,434 |
|
|
Other |
|
|
412 |
|
|
|
384 |
|
|
|
796 |
|
|
Total non-interest income |
|
|
1,128 |
|
|
|
28,455 |
|
|
|
29,583 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,290 |
|
|
|
16,838 |
|
|
|
22,128 |
|
|
Occupancy and equipment |
|
|
1,325 |
|
|
|
754 |
|
|
|
2,079 |
|
|
Other non-interest expenses |
|
|
3,395 |
|
|
|
4,835 |
|
|
|
8,230 |
|
|
Total non-interest expenses |
|
|
10,010 |
|
|
|
22,427 |
|
|
|
32,437 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes and
elimination of inter-segment profit |
|
$ |
5,426 |
|
|
$ |
8,316 |
|
|
|
13,742 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(2,195 |
) |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
11,547 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
|
|
|
|
|
|
|
|
2,732 |
|
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
8,815 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine Months Ended September 30,
2020 |
|
| |
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
|
Net interest income |
|
$ |
11,970 |
|
|
$ |
1,857 |
|
|
$ |
13,827 |
|
| Provision for loan losses |
|
|
2,338 |
|
|
|
- |
|
|
|
2,338 |
|
| Net interest income after
provision for loan losses |
|
|
9,632 |
|
|
|
1,857 |
|
|
|
11,489 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
827 |
|
|
|
75 |
|
|
|
902 |
|
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
40,667 |
|
|
|
40,667 |
|
|
Mortgage servicing fees, net |
|
|
(281 |
) |
|
|
(1,147 |
) |
|
|
(1,428 |
) |
|
Other |
|
|
318 |
|
|
|
416 |
|
|
|
734 |
|
|
Total non-interest income |
|
|
864 |
|
|
|
40,011 |
|
|
|
40,875 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits (2) |
|
|
6,983 |
|
|
|
17,456 |
|
|
|
24,439 |
|
|
Occupancy and equipment |
|
|
1,305 |
|
|
|
1,090 |
|
|
|
2,395 |
|
|
Other non-interest expenses |
|
|
3,286 |
|
|
|
3,269 |
|
|
|
6,555 |
|
|
Total non-interest expenses |
|
|
11,574 |
|
|
|
21,815 |
|
|
|
33,389 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
(1,078 |
) |
|
$ |
20,053 |
|
|
|
18,975 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(1,051 |
) |
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
17,924 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
|
|
|
|
|
|
|
|
3,266 |
|
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
14,658 |
|
|
(1) |
Before elimination of inter-segment profit. |
| (2) |
Salaries and benefits include
the severance and vested stock acceleration costs related to the
retirement of the CEO and CFO of the Bank. The total cost of this
event was $1.38 million, of which $1.03 million was allocated to
the Bank segment and the remainder, $344,000, was allocated to the
mortgage segment. |
| |
|
The information above was derived from the internal management
reporting system used to measure performance of the segments.
| |
|
| Randolph Bancorp,
Inc.Reconciliation of GAAP to Non-GAAP Net Income (in thousands,
except per share amounts)Unaudited |
|
| |
|
| |
|
|
|
Quarter Ended |
|
| |
|
|
|
September 30, 2021 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
4,356 |
|
|
$ |
1,230 |
|
|
$ |
3,126 |
|
|
$ |
0.62 |
|
|
Accrued severance expenses |
|
Non-interest expense |
|
|
139 |
|
|
|
40 |
|
|
|
99 |
|
|
|
0.02 |
|
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
190 |
|
|
|
54 |
|
|
|
136 |
|
|
|
0.03 |
|
| Non-GAAP basis |
|
|
|
$ |
4,685 |
|
|
$ |
1,324 |
|
|
$ |
3,361 |
|
|
$ |
0.67 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Quarter Ended |
|
| |
|
|
|
June 30, 2021 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision (credit) forIncome Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
1,415 |
|
|
$ |
(162 |
) |
|
$ |
1,577 |
|
|
$ |
0.31 |
|
|
Loss on disposal of fixed assets |
|
Non-interest income |
|
|
29 |
|
|
|
8 |
|
|
|
21 |
|
|
|
- |
|
|
Accrued severance expenses |
|
Non-interest expense |
|
|
145 |
|
|
|
41 |
|
|
|
104 |
|
|
|
0.02 |
|
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
71 |
|
|
|
20 |
|
|
|
51 |
|
|
|
0.01 |
|
| Non-GAAP basis |
|
|
|
$ |
1,660 |
|
|
$ |
(93 |
) |
|
$ |
1,753 |
|
|
$ |
0.34 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Quarter Ended |
|
| |
|
|
|
March 31, 2021 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
5,776 |
|
|
$ |
1,664 |
|
|
$ |
4,112 |
|
|
$ |
0.78 |
|
|
Accrued severance expenses |
|
Non-interest expense |
|
|
109 |
|
|
|
31 |
|
|
|
78 |
|
|
|
0.01 |
|
| Non-GAAP basis |
|
|
|
$ |
5,885 |
|
|
$ |
1,695 |
|
|
$ |
4,190 |
|
|
$ |
0.79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Quarter Ended |
|
| |
|
|
|
December 31, 2020 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
7,485 |
|
|
$ |
2,211 |
|
|
$ |
5,274 |
|
|
$ |
1.01 |
|
|
Residential lending office closure |
|
Non-interest expense |
|
|
294 |
|
|
|
63 |
|
|
|
231 |
|
|
|
0.04 |
|
|
COVID-19 related expenses |
|
Non-interest expense |
|
|
69 |
|
|
|
15 |
|
|
|
54 |
|
|
|
0.01 |
|
| Non-GAAP basis |
|
|
|
$ |
7,848 |
|
|
$ |
2,289 |
|
|
$ |
5,559 |
|
|
$ |
1.06 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Quarter Ended |
|
| |
|
|
|
September 30, 2020 |
|
|
Adjustments |
|
Income Statement Section |
|
Income (Loss) Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
12,946 |
|
|
$ |
2,661 |
|
|
$ |
10,285 |
|
|
$ |
2.01 |
|
|
COVID-19 related expenses |
|
Non-interest expense |
|
|
22 |
|
|
|
4 |
|
|
|
18 |
|
|
|
- |
|
| Non-GAAP basis |
|
|
|
$ |
12,968 |
|
|
$ |
2,665 |
|
|
$ |
10,303 |
|
|
$ |
2.01 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.Reconciliation of GAAP to Non-GAAP Net Income (in thousands,
except per share amounts)(Unaudited) |
| |
|
|
|
Year to Date |
|
| |
|
|
|
September 30, 2021 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
11,547 |
|
|
$ |
2,732 |
|
|
$ |
8,815 |
|
|
$ |
1.71 |
|
|
Loss on disposal of fixed assets |
|
Non-interest income |
|
|
29 |
|
|
|
8 |
|
|
|
21 |
|
|
|
- |
|
|
Accrued severance expenses |
|
Non-interest expense |
|
|
393 |
|
|
|
113 |
|
|
|
280 |
|
|
|
0.05 |
|
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
261 |
|
|
|
75 |
|
|
|
186 |
|
|
|
0.04 |
|
| Non-GAAP basis |
|
|
|
$ |
12,230 |
|
|
$ |
2,928 |
|
|
$ |
9,302 |
|
|
$ |
1.80 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Year to Date |
|
| |
|
|
|
September 30, 2020 |
|
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income (Loss) |
|
|
Earnings per Share (diluted) |
|
|
GAAP basis |
|
|
|
$ |
17,924 |
|
|
$ |
3,266 |
|
|
$ |
14,658 |
|
|
$ |
2.86 |
|
|
Retirement salary and benefits compensation |
|
Non-interest expense |
|
|
692 |
|
|
|
126 |
|
|
|
566 |
|
|
|
0.11 |
|
|
Accelerated vesting of stock-based compensation |
|
Non-interest expense |
|
|
683 |
|
|
|
124 |
|
|
|
559 |
|
|
|
0.11 |
|
|
COVID-19 related expenses |
|
Non-interest expense |
|
|
229 |
|
|
|
42 |
|
|
|
187 |
|
|
|
0.04 |
|
| Non-GAAP basis |
|
|
|
$ |
19,528 |
|
|
$ |
3,558 |
|
|
$ |
15,970 |
|
|
$ |
3.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc. Selected Financial Highlights(Unaudited) |
| |
| |
|
At or for the Three Months Ended |
|
| |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
| |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
1.66 |
% |
|
|
0.86 |
% |
|
|
2.26 |
% |
|
|
2.95 |
% |
|
|
5.82 |
% |
|
Non-GAAP (2) |
|
|
1.79 |
% |
|
|
0.96 |
% |
|
|
2.30 |
% |
|
|
3.11 |
% |
|
|
5.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average equity: (1,
6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
12.09 |
% |
|
|
6.11 |
% |
|
|
15.90 |
% |
|
|
21.05 |
% |
|
|
45.22 |
% |
|
Non-GAAP (2) |
|
|
13.00 |
% |
|
|
6.79 |
% |
|
|
16.21 |
% |
|
|
22.18 |
% |
|
|
45.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin |
|
|
3.38 |
% |
|
|
3.00 |
% |
|
|
2.96 |
% |
|
|
3.02 |
% |
|
|
2.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
57.69 |
% |
|
|
56.73 |
% |
|
|
70.93 |
% |
|
|
75.57 |
% |
|
|
80.98 |
% |
|
Non-GAAP (2) |
|
|
57.69 |
% |
|
|
56.83 |
% |
|
|
70.93 |
% |
|
|
75.57 |
% |
|
|
80.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit percentage (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
30.20 |
% |
|
|
11.55 |
% |
|
|
31.76 |
% |
|
|
37.33 |
% |
|
|
54.97 |
% |
|
Non-GAAP (2) |
|
|
32.53 |
% |
|
|
13.56 |
% |
|
|
32.39 |
% |
|
|
39.09 |
% |
|
|
55.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio: (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
69.80 |
% |
|
|
88.45 |
% |
|
|
68.24 |
% |
|
|
62.67 |
% |
|
|
45.03 |
% |
|
Non-GAAP (2) |
|
|
67.47 |
% |
|
|
86.44 |
% |
|
|
67.61 |
% |
|
|
60.91 |
% |
|
|
44.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital to average
assets (3) |
|
|
13.38 |
% |
|
|
13.72 |
% |
|
|
13.81 |
% |
|
|
13.85 |
% |
|
|
13.28 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing assets as a
percentage of total assets (4) |
|
|
0.20 |
% |
|
|
0.86 |
% |
|
|
1.14 |
% |
|
|
1.01 |
% |
|
|
1.38 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.13 |
% |
|
|
1.19 |
% |
|
|
1.32 |
% |
|
|
1.39 |
% |
|
|
1.34 |
% |
| Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans (4) |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.36 |
% |
|
|
1.41 |
% |
|
|
1.39 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses as a
percentage of non-performing assets |
|
|
427.66 |
% |
|
|
101.89 |
% |
|
|
78.99 |
% |
|
|
94.58 |
% |
|
|
67.21 |
% |
| Allowance for loan losses as a
percentage of non-performing loans |
|
|
427.66 |
% |
|
|
101.89 |
% |
|
|
77.75 |
% |
|
|
92.87 |
% |
|
|
66.31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible book value per share
(8) |
|
$ |
19.71 |
|
|
$ |
19.16 |
|
|
$ |
18.80 |
|
|
$ |
18.16 |
|
|
$ |
17.18 |
|
| Outstanding shares |
|
|
5,103,619 |
|
|
|
5,254,522 |
|
|
|
5,364,240 |
|
|
|
5,495,514 |
|
|
|
5,524,390 |
|
|
(1) |
|
Annualized for
quarterly periods presented. |
| (2) |
|
See page 22 – 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 $26,000, $28,000, $31,000, $33,000, and
$36,000 at September 30, 2021, June 30, 2021, March 31, 2021,
December 31, 2020, and September 30, 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. Selected Financial Highlights(Unaudited) |
| |
|
|
|
| |
|
At or for the Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2021 |
|
2020 |
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
1.59 |
% |
|
|
2.87 |
% |
|
Non-GAAP (2) |
|
|
1.68 |
% |
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
| Return on average equity: (1,
6) |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
11.37 |
% |
|
|
23.13 |
% |
|
Non-GAAP (2) |
|
|
12.00 |
% |
|
|
25.20 |
% |
|
|
|
|
|
|
|
|
|
|
| Net interest margin |
|
|
3.12 |
% |
|
|
2.86 |
% |
| |
|
|
|
|
|
|
|
|
| Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
62.74 |
% |
|
|
74.23 |
% |
|
Non-GAAP (2) |
|
|
62.76 |
% |
|
|
74.23 |
% |
|
|
|
|
|
|
|
|
|
|
| Profit percentage (9) |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
25.70 |
% |
|
|
37.77 |
% |
|
Non-GAAP (2) |
|
|
27.24 |
% |
|
|
40.76 |
% |
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio: (7) |
|
|
|
|
|
|
|
|
|
GAAP |
|
|
74.30 |
% |
|
|
62.23 |
% |
|
Non-GAAP (2) |
|
|
72.76 |
% |
|
|
59.24 |
% |
|
|
|
|
|
|
|
|
|
|
| Tier 1 capital to average
assets (3) |
|
|
13.38 |
% |
|
|
13.28 |
% |
| |
|
|
|
|
|
|
|
|
| Non-performing assets as a
percentage of total assets (4) |
|
|
0.20 |
% |
|
|
1.38 |
% |
| |
|
|
|
|
|
|
|
|
| Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.13 |
% |
|
|
1.34 |
% |
| Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans (4) |
|
|
1.14 |
% |
|
|
1.39 |
% |
| |
|
|
|
|
|
|
|
|
| Allowance for loan losses as a
percentage of non-performing assets |
|
|
427.66 |
% |
|
|
67.21 |
% |
| Allowance for loan losses as a
percentage of non-performing loans |
|
|
427.66 |
% |
|
|
66.31 |
% |
| |
|
|
|
|
|
|
|
|
| Tangible book value per share
(8) |
|
$ |
19.71 |
|
|
$ |
17.18 |
|
| Outstanding shares |
|
|
5,103,619 |
|
|
|
5,524,390 |
|
|
(1) |
|
Annualized for
quarterly periods presented. |
| (2) |
|
See page 23 – 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 $26,000 and $36,000 at September 30,
2021 and September 30, 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 September 30, 2021 |
|
|
|
|
Commercial loans |
|
|
Residential and consumer loans |
|
|
Residential loans serviced for others |
|
|
|
|
(Dollars in thousands) |
|
|
Balance outstanding |
|
$ |
215,235 |
|
|
$ |
354,786 |
|
|
$ |
1,961,939 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| COVID-19 related loan payment
deferrals: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans in COVID-19-related loan payment deferral |
|
$ |
- |
|
|
$ |
1,770 |
|
|
$ |
5,220 |
|
|
Loans in deferral as a percentage of category loans |
|
|
0.0 |
% |
|
|
0.5 |
% |
|
|
0.3 |
% |
|
Loans with suspended payment |
|
$ |
- |
|
|
$ |
1,770 |
|
|
$ |
1,927 |
|
|
Loans with reduced payment |
|
|
- |
|
|
|
- |
|
|
|
3,293 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans which obtained a
COVID-19-related payment deferral but |
|
|
|
|
|
|
|
|
|
|
|
|
|
have since resumed payment |
|
$ |
37,742 |
|
|
$ |
17,185 |
|
|
$ |
62,416 |
|
|
Loans reinstated (borrower paid any unpaid principal and
interest) |
|
|
26,769 |
|
|
|
2,453 |
|
|
|
4,825 |
|
|
Loans on a repayment plan |
|
|
- |
|
|
|
- |
|
|
|
1,328 |
|
|
Loans which resumed payment but deferred principal and/or |
|
|
|
|
|
|
|
|
|
|
|
|
|
interest payments to maturity |
|
|
3,543 |
|
|
|
8,843 |
|
|
|
33,992 |
|
|
Loans which were paid off completely |
|
|
7,430 |
|
|
|
5,889 |
|
|
|
22,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Randolph Bancorp,
Inc.COVID-19 Supplemental Disclosure(Unaudited) |
| |
| COVID-19
Highly Impacted Sectors |
| |
| |
|
As of September 30, 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 |
|
$ |
1,054 |
|
|
$ |
1,054 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,054 |
|
$ |
- |
|
$ |
- |
| Hotels/hospitality |
|
|
9,549 |
|
|
|
9,491 |
|
|
|
58 |
|
|
|
- |
|
|
|
58 |
|
|
9,491 |
|
|
- |
| Restaurants/food service |
|
|
2,564 |
|
|
|
1,497 |
|
|
|
1,067 |
|
|
|
- |
|
|
|
2,564 |
|
|
- |
|
|
- |
| Retail/shopping center |
|
|
21,887 |
|
|
|
14,407 |
|
|
|
- |
|
|
|
3,662 |
|
|
|
16,458 |
|
|
1,612 |
|
|
- |
| Other sectors (2) |
|
|
11,385 |
|
|
|
8,703 |
|
|
|
77 |
|
|
|
300 |
|
|
|
9,081 |
|
|
- |
|
|
- |
|
Total loans in COVID-19 impacted sectors |
|
$ |
40,316 |
|
|
$ |
35,152 |
|
|
$ |
1,202 |
|
|
$ |
3,962 |
|
|
$ |
29,215 |
|
$ |
11,103 |
|
$ |
- |
| Percentage of commercial loans
outstanding |
|
18.7 |
% |
|
19.0 |
% |
|
6.0 |
% |
|
38.7 |
% |
|
|
|
|
|
|
|
|
|
| Commercial loans
outstanding |
|
$ |
215,236 |
|
|
$ |
185,100 |
|
|
$ |
19,896 |
|
|
$ |
10,240 |
|
|
|
|
|
|
|
|
|
|
| Loan to value secured by real
estate (3) |
|
|
|
|
53.8 |
% |
|
|
|
|
63.6 |
% |
|
|
|
|
|
|
|
|
|
|
(1) |
This disclosure focuses on industries with balances that are
significant to the portfolio at September 30, 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
