QUINCY, Mass., July 27, 2022 (GLOBE NEWSWIRE) --
Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
RNDB), the holding company for Envision Bank (the “Bank”), today
announced net income of $248,000, or $0.05 per basic and diluted
share, for the three months ended June 30, 2022 compared to a net
loss of $235,000, or $0.05 per basic and diluted share, for the
three months ended March 31, 2022 and net income of $1.6 million,
or $0.32 per basic share and $0.31 per diluted share, for the three
months ended June 30, 2021. Excluding $357,000 in merger expenses,
net income on a non-GAAP basis was $605,000, or $0.12 per diluted
share, for the three months ended June 30, 2022. Excluding $240,000
in severance expenses, $588,000 in merger expenses, and $290,000
for the reversal of a cease use liability, net income on a non-GAAP
basis was $318,000, or $0.06 per diluted share, for the three
months ended March 31, 2022. Excluding $145,000 in severance
expenses, $71,000 in other outsourcing expenses, and $29,000 in
losses on disposals of fixed assets, net income on a non-GAAP basis
was $1.8 million, or $0.34 per diluted share, for the three months
ended June 30, 2021. Please see the tables attached hereto for a
reconciliation of these and other non-GAAP financial measures.
For the six months ended June 30, 2022, net
income was $13,000 or $0.00 per basic and diluted share, compared
to net income of $5.7 million, or $1.14 per basic share and $1.10
per diluted share, for the six months ended June 30, 2021. Net
income on a non-GAAP basis, excluding certain nonrecurring items,
was $923,000, or $0.18 per diluted share, for the six months ended
June 30, 2022, compared to net income on a non-GAAP basis,
excluding other certain nonrecurring items, of $5.9 million, or
$1.15 per diluted share, for the six months ended June 30, 2021.
Please see the tables attached hereto for a reconciliation of these
and other non-GAAP financial measures.
At June 30, 2022, total assets amounted to
$774.8 million, compared to $770.3 million at March 31,
2022, an increase of $4.5 million, or 0.6%. Total loans
increased by $78.1 million, or 13.3%, to $662.9 million at June 30,
2022 from $584.8 million at March 31, 2022, and loans held for sale
decreased by $13.0 million to $9.7 million at June 30, 2022 from
$22.7 million at March 31, 2022. Cash and cash equivalents
decreased to $14.9 million at June 30, 2022, a decrease of $56.2
million, or 79.0% from $71.1 million as of March 31, 2022, as a
result of loan growth and a decrease in Federal Home Loan Bank of
Boston (“FHLB”) borrowings of $12.1 million, partially offset by a
decrease in loans held for sale. Compared to June 30, 2021, total
assets grew $30.6 million, or 4.1%, from $744.1 million. The growth
from the prior year period was driven by an increase in total loans
of $116.5 million, or 21.3%, partially offset by a decrease in
loans held for sale of $64.5 million, or 86.9% and a decrease in
cash and cash equivalents of $20.0 million, or 57.3%.
William M. Parent, President and Chief Executive
Officer, stated, “During the quarter, we were pleased to obtain
shareholder approval for the proposed merger with Hometown
Financial Group, Inc. (“Hometown”). We are excited to be joining
Hometown and becoming part of a larger organization. I want to
thank our employees for their dedication and hard work during this
time of transition as we maintain a business-as-usual environment
for our customers.”
Second Quarter Operating
Results
Net interest income increased by $744,000, or 14.1%, to $6.0
million for the three months ended June 30, 2022 from $5.3 million
for the three months ended March 31, 2022. This increase was
primarily due to a 16.6% increase in average balances of 1-4 family
residential loans and a 14 basis point improvement in the average
yield earned on these loans. The yield earned on interest-earning
assets increased by 53 basis points from the prior quarter, and the
rate paid on interest-bearing liabilities decreased by 1 basis
point from the prior quarter. The net interest margin increased by
53 basis points to 3.39% for the second quarter from 2.86% for the
first quarter.
Net interest income increased by $812,000, or
15.6%, to $6.0 million for the three months ended June 30, 2022,
from $5.2 million in the same period in the prior year. Relative to
the prior year quarter, the net interest margin increased by 38
basis points to 3.39% from 3.01%. The improvement reflects average
loan growth of $41.3 million from the prior year quarter and an
increase of 18 basis points in the average yield earned on loans,
while the cost of interest-bearing liabilities decreased by 10
basis points.
The Company recognized a provision for loan
losses of $269,000 for the quarter ended June 30, 2022, driven by
loan growth of $78.1 million from the prior quarter. The allowance
for loan losses as a percentage of total loans was 1.00%, 1.09% and
1.19% at June 30, 2022, March 31, 2022 and June 30, 2021,
respectively, and was 237.4%, 237.2% and 101.9% of non-performing
assets at June 30, 2022, March 31, 2022 and June 30, 2021,
respectively.
Non-interest income decreased $367,000, or
16.7%, to $1.8 million for the quarter ended June 30, 2022 from
$2.2 million in the quarter ended March 31, 2022, due to a decrease
of $780,000 in the net gain on loan origination and sale
activities. Sold mortgages totaled $56.8 million in the second
quarter of 2022, compared to $129.9 million in the first quarter of
2022. The second quarter of 2022 ended with a mortgage pipeline of
$10.9 million, compared to a pipeline of $42.7 million at the end
of the first quarter of 2022, and loans held for sale were $9.7
million as of June 30, 2022, compared to $22.7 million as of March
31, 2022. The decrease in the mortgage banking pipeline and loans
held for sale, reflecting rising interest rates and lower margins
on loans sold, contributed to the erosion in the gain on loan
origination and sale activities from the prior quarter. Mortgage
servicing fees increased $161,000, or 46.3%, to $509,000 for the
second quarter of 2022 from $348,000 in the first quarter of 2022
because of a positive fair value adjustment of $286,000 in the
second quarter of 2022, compared to a positive fair value
adjustment of $135,000 for the first quarter of 2022, given
declining prepayment speeds.
Non-interest income decreased $5.0 million,
or 73.2%, to $1.8 million for the quarter ended June 30, 2022,
from $6.8 million for the quarter ended June 30, 2021,
principally due to a decrease of $5.3 million in the net gain
on loan origination and sale activities. Sold mortgage loans
totaled $56.8 million in the second quarter of 2022, compared
to sold mortgage loans of $342.8 million during the second
quarter of 2021. The second quarter of 2022 ended with a mortgage
pipeline of $10.9 million, compared to a pipeline of $139.7 million
at the end of the second quarter of 2021. Mortgage servicing fees
increased $128,000 in the quarter ended June 30, 2022, principally
due to a positive valuation adjustment to mortgage servicing rights
of $286,000 in the quarter ended June 30, 2022.
Non-interest expenses decreased $1.2 million, or
14.0%, to $7.5 million in the quarter ended June 30, 2022 from $8.7
million in the quarter ended March 31, 2022. The decrease was due
to a decrease in salaries and employee benefits expense of
$740,000, or 14.4%, primarily attributed to lower headcount and the
absence of severance expenses related to the reduction in force in
the mortgage banking operation completed in the quarter ended March
31, 2022. In addition, professional fees and other non-interest
expenses decreased by $707,000 from the prior quarter.
Non-interest expenses decreased $3.1 million to
$7.5 million in the quarter ended June 30, 2022 from
$10.6 million in the quarter ended June 30, 2021. The decrease
was principally due to a decrease in salaries and employee benefits
of $2.9 million, primarily attributed to lower commissions and
incentives associated with lower residential loan production and
reduced headcount.
The income tax benefit was $165,000 for the
three months ended June 30, 2022, compared to $1.1 million for the
three months ended March 31, 2022 and $162,000 for the three months
ended June 30, 2021.
Year-to-Date Operating
Results
Net interest income increased by $1.0 million, or 9.6%, to $11.3
million for the six months ended June 30, 2022 from $10.3 million
for the six months ended June 30, 2021. The change reflects loan
growth and higher average yields earned on loans, as well as the
downward pricing and improved composition of funding liabilities.
An increase in the average balance of loans of $16.9 million, or
2.8%, and an 11 basis point improvement in loan yields contributed
to a $678,000 improvement in total interest and dividend income.
The composition of our funding base improved with an increase of
$21.3 million, or 18.4%, in the average balance of non-interest
bearing deposits and a decrease of $21.5 million, or 35.1%, in the
average balance of borrowings. The composition change contributed
to a 15 basis point decrease in the cost of interest-bearing
liabilities.
The Company recognized a provision for loan
losses of $340,000 for the six months ended June 30, 2022 compared
to a credit for loan losses of $240,000 in the prior year period.
For the six months ended June 30, 2022, loan growth was the primary
contributor to the provision for loan losses.
Non-interest income decreased $15.2 million, or
79.1%, to $4.0 million for the six months ended June 30, 2022
from $19.2 million in the prior year period, principally due
to a decrease of $15.0 million in the net gain on loan
origination and sale activities, and a decrease in mortgage
servicing fees, net, of $303,000. Mortgage loans sold were $186.6
million during the six months ended June 30, 2022, compared to
$846.0 million during the prior year period. Net gain on loan
origination and sale activities decreased as a result of both lower
volume and margin on loan sales and the impact of a shrinking
mortgage banking pipeline during the first six months of 2022.
Mortgage servicing fees decreased $303,000 for the six months ended
June 30, 2022 to $857,000 from $1.2 million for the six months
ended June 30, 2021, primarily due to the recording of sub-servicer
expenses during the six months ended June 30, 2022 of $620,000.
Non-interest expenses decreased $6.4 million, or
28.3%, to $16.2 million for the six months ended June 30, 2022
from $22.6 million for the six months ended June 30, 2021.
Salaries and benefits decreased $6.2 million, or 39.2%, to $9.6
million, as a result of lower commissions and incentives associated
with a normalization of residential loan production and reduced
headcount. Included in salaries and benefits were severance
expenses of $240,000 and $254,000 in the six months ended June 30,
2022 and 2021, respectively, relating to a reduction in force in
the mortgage banking operation in 2022 and the outsourcing of
residential loan servicing in 2021. Occupancy and equipment
expenses decreased $441,000 as compared to the prior year period,
as the Company migrated to a hybrid work environment and reduced
its overall real estate footprint by closing six loan production
offices and reducing the office space for the Bank’s headquarters
and loan operations since the prior year, and decreased COVID-19
pandemic related spending.
The income tax benefit was $1.2 million for the
six months ended June 30, 2022 compared to income tax expense of
$1.5 million for the six months ended June 30, 2021. Non-qualified
stock option exercises during the six months ended June 30, 2022
contributed to the income tax benefit, in addition to the pre-tax
loss generated during the period.
Balance Sheet
At June 30, 2022, total assets amounted to $774.8 million, compared
to $770.3 million at March 31, 2022, an increase of $4.5 million,
or 0.6%. A $78.1 million increase in total loans from the prior
quarter was partially offset by a $13.0 million decrease in loans
held for sale and a $56.2 million decrease in total cash and cash
equivalents. Deposits increased by $16.7 million, or 2.7%, in the
quarter, whereas FHLB advances decreased by $12.1 million, or
26.8%.
Total assets at June 30, 2022 increased $30.6
million, or 4.1%, from $744.1 million at June 30, 2021.
Contributing to asset growth was an increase of $117.0 million in
net loans to $657.6 million at June 30, 2022 from $540.7 million at
June 30, 2021. Commercial real estate loans increased by $21.6
million, or 12.9%, as we focused on diversifying our loan mix. Cash
and cash equivalents decreased by $20.0 million, or 57.3%, to
$14.9 million at June 30, 2022 from $34.9 million at June 30, 2021,
principally due to loan growth. FHLB advances decreased by
$17.1 million to $32.9 million at June 30, 2022, from
$50.0 million at June 30, 2021.
Total stockholders’ equity was $89.3 million at
June 30, 2022 compared to $88.5 million at March 31, 2022. The
increase of $800,000 reflects net income of $248,000 and earned
ESOP compensation and the commitment of ESOP shares to be released
of $946,000, and net proceeds from the exercise of stock options of
$272,000, partially offset by other comprehensive losses, of
$915,000.
Total stockholders’ equity was $89.3 million at
June 30, 2022 compared to $100.7 million at June 30, 2021. The
decrease of $11.4 million relates mainly to share repurchases
of $4.9 million and dividend payments of $12.0 million, partially
offset by net income from the previous twelve months of
$3.9 million.
Proposed Transaction with Hometown
Financial
On March 28, 2022, the Company and
Hometown Financial Group, Inc. (“Hometown”) entered into an
Agreement and Plan of Merger (the “merger agreement”) pursuant to
which, through a series of transactions, Hometown will acquire the
Company (the “merger”) in a cash transaction for total
consideration valued at approximately $146.5 million. Under
the terms of the merger agreement, Company shareholders will
receive $27.00 for each share of Company common stock. The
shareholders of the Company approved the proposed merger at a
special meeting of shareholders held on June 29, 2022. The merger
is expected to close in the fourth quarter of 2022 and is subject
to regulatory approvals and customary closing conditions.
About Randolph Bancorp,
Inc.
Randolph Bancorp, Inc. is the holding company for Envision Bank and
its Envision Mortgage Division. Envision Bank is a full-service
community bank with five retail branch locations, loan operations
centers in North Attleboro and Quincy, Massachusetts, three loan
production offices located in Massachusetts and one loan production
office in Southern New Hampshire.
Forward Looking Statements
Certain statements contained in this press release that are not
historical facts may constitute forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are intended to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
We may also make forward-looking statements in other documents we
file with the SEC, in our annual reports to shareholders, in press
releases and other written materials, and in oral statements made
by our officers, directors or employees. You can identify
forward-looking statements by the use of the words “believe”,
“expect”, “anticipate”, “intend”, “estimate”, “assume”, “outlook”,
“will”, “should”, and other expressions that predict or indicate
future events and trends and which do not relate to historical
matters. Forward-looking statements involve risks and
uncertainties. The Company’s actual results could differ materially
from those projected in the forward-looking statements as a result
of, among others, failure to obtain necessary regulatory approvals
for the proposed transaction with Hometown; failure to satisfy any
of the conditions to the proposed transaction with Hometown on a
timely basis or at all or other delays in completing the merger;
the risk that the merger agreement may be terminated in certain
circumstances; the outcome of any legal proceedings that may be
instituted against the Company and/or others related to the merger
agreement or the merger; disruptions to the Company’s business as a
result of the announcement and pendency of the merger; the
reputational risks and the reaction of Randolph’s customers to the
proposed transaction; ongoing disruptions due to the COVID-19
pandemic and the measures taken to contain its spread on the
Company’s employees, customers, business operations, credit
quality, financial position, liquidity and results of operations;
changes in the general business and economic conditions on a
national basis and in the local markets in which the Company
operates, including changes that adversely affect borrowers’
ability to service and repay the Company’s loans; changes in
interest rates; competition; inflation; changes in consumer
behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; reputational
risk relating to the Company’s participation in pandemic-related
legislative and regulatory initiatives and programs; ongoing
turbulence in the capital and debt markets and the impact of such
conditions on the Company’s business activities; and the risk
factors described in the Company’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the SEC. The Company
does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statements are made.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, such as
return on average assets, return on average equity, the efficiency
ratio, profit percentage, tangible book value per share,
non-interest income to total income and, where applicable, as
adjusted for non-recurring items. These non-GAAP financial measures
provide information for investors to effectively analyze financial
trends of on-going business activities, and to enhance
comparability with peers across the financial services sector.
Randolph Bancorp, Inc.
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
Jun 2022 vs. |
|
|
Jun 2022 vs. |
|
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Mar 2022 |
|
|
Jun 2021 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,891 |
|
|
$ |
71,072 |
|
|
$ |
34,876 |
|
|
|
(79.0 |
)% |
|
|
(57.3 |
)% |
Securities available for sale,
at fair value |
|
|
47,142 |
|
|
|
48,836 |
|
|
|
50,212 |
|
|
|
(3.5 |
)% |
|
|
(6.1 |
)% |
Loans held for sale, at fair
value |
|
|
9,736 |
|
|
|
22,698 |
|
|
|
74,277 |
|
|
|
(57.1 |
)% |
|
|
(86.9 |
)% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
354,922 |
|
|
|
271,755 |
|
|
|
263,992 |
|
|
|
30.6 |
% |
|
|
34.4 |
% |
Home equity |
|
|
65,210 |
|
|
|
58,501 |
|
|
|
50,555 |
|
|
|
11.5 |
% |
|
|
29.0 |
% |
Commercial real estate |
|
|
189,334 |
|
|
|
199,255 |
|
|
|
167,691 |
|
|
|
(5.0 |
)% |
|
|
12.9 |
% |
Construction |
|
|
33,877 |
|
|
|
32,544 |
|
|
|
29,140 |
|
|
|
4.1 |
% |
|
|
16.3 |
% |
Total real estate loans |
|
|
643,343 |
|
|
|
562,055 |
|
|
|
511,378 |
|
|
|
14.5 |
% |
|
|
25.8 |
% |
Commercial and industrial |
|
|
13,162 |
|
|
|
15,478 |
|
|
|
25,826 |
|
|
|
(15.0 |
)% |
|
|
(49.0 |
)% |
Consumer |
|
|
6,353 |
|
|
|
7,267 |
|
|
|
9,194 |
|
|
|
(12.6 |
)% |
|
|
(30.9 |
)% |
Total loans |
|
|
662,858 |
|
|
|
584,800 |
|
|
|
546,398 |
|
|
|
13.3 |
% |
|
|
21.3 |
% |
Allowance for loan losses |
|
|
(6,602 |
) |
|
|
(6,357 |
) |
|
|
(6,523 |
) |
|
|
3.9 |
% |
|
|
1.2 |
% |
Net deferred loan costs and
fees, and purchase premiums |
|
|
1,362 |
|
|
|
1,148 |
|
|
|
785 |
|
|
|
18.6 |
% |
|
|
73.5 |
% |
Loans, net |
|
|
657,618 |
|
|
|
579,591 |
|
|
|
540,660 |
|
|
|
13.5 |
% |
|
|
21.6 |
% |
Federal Home Loan Bank of
Boston stock, at cost |
|
|
1,778 |
|
|
|
2,734 |
|
|
|
2,855 |
|
|
|
(35.0 |
)% |
|
|
(37.7 |
)% |
Accrued interest
receivable |
|
|
1,699 |
|
|
|
1,434 |
|
|
|
1,523 |
|
|
|
18.5 |
% |
|
|
11.6 |
% |
Mortgage servicing rights,
net |
|
|
15,093 |
|
|
|
15,378 |
|
|
|
15,375 |
|
|
|
(1.9 |
)% |
|
|
(1.8 |
)% |
Premises and equipment,
net |
|
|
7,669 |
|
|
|
7,718 |
|
|
|
5,115 |
|
|
|
(0.6 |
)% |
|
|
49.9 |
% |
Bank-owned life insurance |
|
|
8,865 |
|
|
|
8,824 |
|
|
|
8,703 |
|
|
|
0.5 |
% |
|
|
1.9 |
% |
Other assets |
|
|
10,262 |
|
|
|
11,999 |
|
|
|
10,546 |
|
|
|
(14.5 |
)% |
|
|
(2.7 |
)% |
Total assets |
|
$ |
774,753 |
|
|
$ |
770,284 |
|
|
$ |
744,142 |
|
|
|
0.6 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
146,635 |
|
|
$ |
142,793 |
|
|
$ |
124,683 |
|
|
|
2.7 |
% |
|
|
17.6 |
% |
Savings accounts |
|
|
195,107 |
|
|
|
196,145 |
|
|
|
190,584 |
|
|
|
(0.5 |
)% |
|
|
2.4 |
% |
NOW accounts |
|
|
51,928 |
|
|
|
53,329 |
|
|
|
51,059 |
|
|
|
(2.6 |
)% |
|
|
1.7 |
% |
Money market accounts |
|
|
98,331 |
|
|
|
92,769 |
|
|
|
73,967 |
|
|
|
6.0 |
% |
|
|
32.9 |
% |
Term certificates |
|
|
102,002 |
|
|
|
106,515 |
|
|
|
74,631 |
|
|
|
(4.2 |
)% |
|
|
36.7 |
% |
Interest bearing brokered |
|
|
47,361 |
|
|
|
33,128 |
|
|
|
57,059 |
|
|
|
43.0 |
% |
|
|
(17.0 |
)% |
Total deposits |
|
|
641,364 |
|
|
|
624,679 |
|
|
|
571,983 |
|
|
|
2.7 |
% |
|
|
12.1 |
% |
Federal Home Loan Bank of
Boston advances |
|
|
32,946 |
|
|
|
45,000 |
|
|
|
50,016 |
|
|
|
(26.8 |
)% |
|
|
(34.1 |
)% |
Mortgagors' escrow
accounts |
|
|
2,546 |
|
|
|
2,773 |
|
|
|
1,783 |
|
|
|
(8.2 |
)% |
|
|
42.8 |
% |
Post-employment benefit
obligations |
|
|
2,055 |
|
|
|
2,064 |
|
|
|
2,226 |
|
|
|
(0.4 |
)% |
|
|
(7.7 |
)% |
Other liabilities |
|
|
6,564 |
|
|
|
7,290 |
|
|
|
17,424 |
|
|
|
(10.0 |
)% |
|
|
(62.3 |
)% |
Total liabilities |
|
|
685,475 |
|
|
|
681,806 |
|
|
|
643,432 |
|
|
|
0.5 |
% |
|
|
6.5 |
% |
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
52 |
|
|
|
52 |
|
|
|
52 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Additional paid-in capital |
|
|
45,501 |
|
|
|
44,904 |
|
|
|
46,740 |
|
|
|
1.3 |
% |
|
|
(2.7 |
)% |
Retained earnings |
|
|
49,290 |
|
|
|
49,042 |
|
|
|
57,378 |
|
|
|
0.5 |
% |
|
|
(14.1 |
)% |
ESOP-Unearned compensation |
|
|
(2,651 |
) |
|
|
(3,521 |
) |
|
|
(3,662 |
) |
|
|
(24.7 |
)% |
|
|
(27.6 |
)% |
Accumulated other comprehensive income (loss), net of tax |
|
|
(2,914 |
) |
|
|
(1,999 |
) |
|
|
202 |
|
|
|
45.8 |
% |
|
|
(1542.6 |
)% |
Total stockholders' equity |
|
|
89,278 |
|
|
|
88,478 |
|
|
|
100,710 |
|
|
|
0.9 |
% |
|
|
(11.4 |
)% |
Total liabilities and stockholders' equity |
|
$ |
774,753 |
|
|
$ |
770,284 |
|
|
$ |
744,142 |
|
|
|
0.6 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Consolidated Balance Sheet Trend
(Dollars in thousands)
(Unaudited)
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,891 |
|
|
$ |
71,072 |
|
|
$ |
115,449 |
|
|
$ |
12,876 |
|
|
$ |
34,876 |
|
Securities available for sale,
at fair value |
|
|
47,142 |
|
|
|
48,836 |
|
|
|
51,666 |
|
|
|
51,725 |
|
|
|
50,212 |
|
Loans held for sale, at fair
value |
|
|
9,736 |
|
|
|
22,698 |
|
|
|
44,766 |
|
|
|
75,400 |
|
|
|
74,277 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
354,922 |
|
|
|
271,755 |
|
|
|
236,364 |
|
|
|
265,561 |
|
|
|
263,992 |
|
Home equity |
|
|
65,210 |
|
|
|
58,501 |
|
|
|
57,295 |
|
|
|
56,124 |
|
|
|
50,555 |
|
Commercial real estate |
|
|
189,334 |
|
|
|
199,255 |
|
|
|
197,423 |
|
|
|
185,100 |
|
|
|
167,691 |
|
Construction |
|
|
33,877 |
|
|
|
32,544 |
|
|
|
33,961 |
|
|
|
34,479 |
|
|
|
29,140 |
|
Total real estate loans |
|
|
643,343 |
|
|
|
562,055 |
|
|
|
525,043 |
|
|
|
541,264 |
|
|
|
511,378 |
|
Commercial and industrial |
|
|
13,162 |
|
|
|
15,478 |
|
|
|
17,242 |
|
|
|
19,896 |
|
|
|
25,826 |
|
Consumer |
|
|
6,353 |
|
|
|
7,267 |
|
|
|
7,552 |
|
|
|
8,860 |
|
|
|
9,194 |
|
Total loans |
|
|
662,858 |
|
|
|
584,800 |
|
|
|
549,837 |
|
|
|
570,020 |
|
|
|
546,398 |
|
Allowance for loan losses |
|
|
(6,602 |
) |
|
|
(6,357 |
) |
|
|
(6,289 |
) |
|
|
(6,432 |
) |
|
|
(6,523 |
) |
Net deferred loan costs and
fees, and purchase premiums |
|
|
1,362 |
|
|
|
1,148 |
|
|
|
1,073 |
|
|
|
1,031 |
|
|
|
785 |
|
Loans, net |
|
|
657,618 |
|
|
|
579,591 |
|
|
|
544,621 |
|
|
|
564,619 |
|
|
|
540,660 |
|
Federal Home Loan Bank of
Boston stock, at cost |
|
|
1,778 |
|
|
|
2,734 |
|
|
|
2,940 |
|
|
|
3,239 |
|
|
|
2,855 |
|
Accrued interest
receivable |
|
|
1,699 |
|
|
|
1,434 |
|
|
|
1,500 |
|
|
|
1,763 |
|
|
|
1,523 |
|
Mortgage servicing rights,
net |
|
|
15,093 |
|
|
|
15,378 |
|
|
|
15,616 |
|
|
|
15,402 |
|
|
|
15,375 |
|
Premises and equipment,
net |
|
|
7,669 |
|
|
|
7,718 |
|
|
|
7,684 |
|
|
|
6,462 |
|
|
|
5,115 |
|
Bank-owned life insurance |
|
|
8,865 |
|
|
|
8,824 |
|
|
|
8,784 |
|
|
|
8,744 |
|
|
|
8,703 |
|
Other assets |
|
|
10,262 |
|
|
|
11,999 |
|
|
|
10,252 |
|
|
|
10,867 |
|
|
|
10,546 |
|
Total assets |
|
$ |
774,753 |
|
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
146,635 |
|
|
$ |
142,793 |
|
|
$ |
145,666 |
|
|
$ |
134,058 |
|
|
$ |
124,683 |
|
Savings accounts |
|
|
195,107 |
|
|
|
196,145 |
|
|
|
191,712 |
|
|
|
188,346 |
|
|
|
190,584 |
|
NOW accounts |
|
|
51,928 |
|
|
|
53,329 |
|
|
|
53,996 |
|
|
|
53,804 |
|
|
|
51,059 |
|
Money market accounts |
|
|
98,331 |
|
|
|
92,769 |
|
|
|
90,544 |
|
|
|
73,562 |
|
|
|
73,967 |
|
Term certificates |
|
|
102,002 |
|
|
|
106,515 |
|
|
|
106,112 |
|
|
|
73,519 |
|
|
|
74,631 |
|
Interest bearing brokered |
|
|
47,361 |
|
|
|
33,128 |
|
|
|
50,117 |
|
|
|
50,116 |
|
|
|
57,059 |
|
Total deposits |
|
|
641,364 |
|
|
|
624,679 |
|
|
|
638,147 |
|
|
|
573,405 |
|
|
|
571,983 |
|
Federal Home Loan Bank of
Boston advances |
|
|
32,946 |
|
|
|
45,000 |
|
|
|
50,000 |
|
|
|
62,900 |
|
|
|
50,016 |
|
Mortgagors' escrow
accounts |
|
|
2,546 |
|
|
|
2,773 |
|
|
|
2,128 |
|
|
|
1,905 |
|
|
|
1,783 |
|
Post-employment benefit
obligations |
|
|
2,055 |
|
|
|
2,064 |
|
|
|
2,222 |
|
|
|
2,182 |
|
|
|
2,226 |
|
Other liabilities |
|
|
6,564 |
|
|
|
7,290 |
|
|
|
9,878 |
|
|
|
10,108 |
|
|
|
17,424 |
|
Total liabilities |
|
|
685,475 |
|
|
|
681,806 |
|
|
|
702,375 |
|
|
|
650,500 |
|
|
|
643,432 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
52 |
|
|
|
52 |
|
|
|
50 |
|
|
|
50 |
|
|
|
52 |
|
Additional paid-in capital |
|
|
45,501 |
|
|
|
44,904 |
|
|
|
44,078 |
|
|
|
43,574 |
|
|
|
46,740 |
|
Retained earnings |
|
|
49,290 |
|
|
|
49,042 |
|
|
|
60,524 |
|
|
|
60,504 |
|
|
|
57,378 |
|
ESOP-Unearned compensation |
|
|
(2,651 |
) |
|
|
(3,521 |
) |
|
|
(3,568 |
) |
|
|
(3,615 |
) |
|
|
(3,662 |
) |
Accumulated other comprehensive income (loss), net of tax |
|
|
(2,914 |
) |
|
|
(1,999 |
) |
|
|
(181 |
) |
|
|
84 |
|
|
|
202 |
|
Total stockholders' equity |
|
|
89,278 |
|
|
|
88,478 |
|
|
|
100,903 |
|
|
|
100,597 |
|
|
|
100,710 |
|
Total liabilities and stockholders' equity |
|
$ |
774,753 |
|
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
|
|
Three Months Ended |
|
|
% Change |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
Jun 2022 vs. |
|
|
Jun 2022 vs. |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
Mar 2022 |
|
|
Jun 2021 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,182 |
|
|
$ |
5,467 |
|
|
$ |
5,505 |
|
|
|
13.1 |
% |
|
|
12.3 |
% |
Securities-taxable |
|
|
221 |
|
|
|
216 |
|
|
|
223 |
|
|
|
2.3 |
% |
|
|
(0.9 |
)% |
Securities-tax exempt |
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
0.0 |
% |
|
|
(33.3 |
)% |
Interest-bearing deposits and certificates of deposit |
|
|
45 |
|
|
|
42 |
|
|
|
8 |
|
|
|
7.1 |
% |
|
|
462.5 |
% |
Total interest and dividend income |
|
|
6,452 |
|
|
|
5,729 |
|
|
|
5,742 |
|
|
|
12.6 |
% |
|
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
342 |
|
|
|
315 |
|
|
|
345 |
|
|
|
8.6 |
% |
|
|
(0.9 |
)% |
Borrowings |
|
|
99 |
|
|
|
147 |
|
|
|
198 |
|
|
|
(32.7 |
)% |
|
|
(50.0 |
)% |
Total interest expense |
|
|
441 |
|
|
|
462 |
|
|
|
543 |
|
|
|
(4.5 |
)% |
|
|
(18.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
6,011 |
|
|
|
5,267 |
|
|
|
5,199 |
|
|
|
14.1 |
% |
|
|
15.6 |
% |
Provision (credit) for loan
losses |
|
|
269 |
|
|
|
71 |
|
|
|
(27 |
) |
|
|
278.9 |
% |
|
|
(1096.3 |
)% |
Net interest income after
provision (credit) for loan losses |
|
|
5,742 |
|
|
|
5,196 |
|
|
|
5,226 |
|
|
|
10.5 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
372 |
|
|
|
365 |
|
|
|
419 |
|
|
|
1.9 |
% |
|
|
(11.2 |
)% |
Gain on loan origination and sale activities, net |
|
|
484 |
|
|
|
1,264 |
|
|
|
5,740 |
|
|
|
(61.7 |
)% |
|
|
(91.6 |
)% |
Mortgage servicing fees, net |
|
|
509 |
|
|
|
348 |
|
|
|
381 |
|
|
|
46.3 |
% |
|
|
33.6 |
% |
Increase in cash surrender value of life insurance |
|
|
41 |
|
|
|
40 |
|
|
|
41 |
|
|
|
2.5 |
% |
|
|
0.0 |
% |
Other |
|
|
419 |
|
|
|
175 |
|
|
|
235 |
|
|
|
139.4 |
% |
|
|
78.3 |
% |
Total non-interest income |
|
|
1,825 |
|
|
|
2,192 |
|
|
|
6,816 |
|
|
|
(16.7 |
)% |
|
|
(73.2 |
)% |
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,414 |
|
|
|
5,154 |
|
|
|
7,310 |
|
|
|
(14.4 |
)% |
|
|
(39.6 |
)% |
Occupancy and equipment |
|
|
559 |
|
|
|
365 |
|
|
|
621 |
|
|
|
53.2 |
% |
|
|
(10.0 |
)% |
Data processing |
|
|
378 |
|
|
|
345 |
|
|
|
301 |
|
|
|
9.6 |
% |
|
|
25.6 |
% |
Professional fees |
|
|
578 |
|
|
|
1,025 |
|
|
|
323 |
|
|
|
(43.6 |
)% |
|
|
78.9 |
% |
Marketing |
|
|
151 |
|
|
|
157 |
|
|
|
200 |
|
|
|
(3.8 |
)% |
|
|
(24.5 |
)% |
FDIC insurance |
|
|
62 |
|
|
|
58 |
|
|
|
54 |
|
|
|
6.9 |
% |
|
|
14.8 |
% |
Other non-interest expenses |
|
|
1,342 |
|
|
|
1,602 |
|
|
|
1,818 |
|
|
|
(16.2 |
)% |
|
|
(26.2 |
)% |
Total non-interest expenses |
|
|
7,484 |
|
|
|
8,706 |
|
|
|
10,627 |
|
|
|
(14.0 |
)% |
|
|
(29.6 |
)% |
Income (loss) before income
taxes |
|
|
83 |
|
|
|
(1,318 |
) |
|
|
1,415 |
|
|
|
(106.3 |
)% |
|
|
(94.1 |
)% |
Income tax expense
(benefit) |
|
|
(165 |
) |
|
|
(1,083 |
) |
|
|
(162 |
) |
|
|
(84.8 |
)% |
|
|
1.9 |
% |
Net income (loss) |
|
$ |
248 |
|
|
$ |
(235 |
) |
|
$ |
1,577 |
|
|
|
(205.5 |
)% |
|
|
(84.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,839,796 |
|
|
|
4,815,325 |
|
|
|
4,921,182 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
5,076,181 |
|
|
|
5,014,538 |
|
|
|
5,135,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$ |
- |
|
|
$ |
2.15 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)
|
|
Year to Date |
|
|
% Change |
|
|
|
June 30, |
|
|
June 30, |
|
|
Jun 2022 vs. |
|
|
|
2022 |
|
|
2021 |
|
|
Jun 2021 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
11,649 |
|
|
$ |
11,013 |
|
|
|
5.8 |
% |
Securities-taxable |
|
|
437 |
|
|
|
463 |
|
|
|
(5.6 |
)% |
Securities-tax exempt |
|
|
8 |
|
|
|
12 |
|
|
|
(33.3 |
)% |
Interest-bearing deposits and certificates of deposit |
|
|
87 |
|
|
|
15 |
|
|
|
480.0 |
% |
Total interest and dividend income |
|
|
12,181 |
|
|
|
11,503 |
|
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
657 |
|
|
|
783 |
|
|
|
(16.1 |
)% |
Borrowings |
|
|
246 |
|
|
|
430 |
|
|
|
(42.8 |
)% |
Total interest expense |
|
|
903 |
|
|
|
1,213 |
|
|
|
(25.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
11,278 |
|
|
|
10,290 |
|
|
|
9.6 |
% |
Provision (credit) for loan
losses |
|
|
340 |
|
|
|
(240 |
) |
|
|
(241.7 |
)% |
Net interest income after
provision (credit) for loan losses |
|
|
10,938 |
|
|
|
10,530 |
|
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
737 |
|
|
|
786 |
|
|
|
(6.2 |
)% |
Gain on loan origination and sale activities, net |
|
|
1,748 |
|
|
|
16,733 |
|
|
|
(89.6 |
)% |
Mortgage servicing fees, net |
|
|
857 |
|
|
|
1,160 |
|
|
|
(26.1 |
)% |
Increase in cash surrender value of life insurance |
|
|
81 |
|
|
|
81 |
|
|
|
0.0 |
% |
Other |
|
|
594 |
|
|
|
479 |
|
|
|
24.0 |
% |
Total non-interest income |
|
|
4,017 |
|
|
|
19,239 |
|
|
|
(79.1 |
)% |
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
9,568 |
|
|
|
15,747 |
|
|
|
(39.2 |
)% |
Occupancy and equipment |
|
|
924 |
|
|
|
1,365 |
|
|
|
(32.3 |
)% |
Data processing |
|
|
723 |
|
|
|
564 |
|
|
|
28.2 |
% |
Professional fees |
|
|
1,603 |
|
|
|
884 |
|
|
|
81.3 |
% |
Marketing |
|
|
308 |
|
|
|
370 |
|
|
|
(16.8 |
)% |
FDIC insurance |
|
|
120 |
|
|
|
108 |
|
|
|
11.1 |
% |
Other non-interest expenses |
|
|
2,944 |
|
|
|
3,540 |
|
|
|
(16.8 |
)% |
Total non-interest expenses |
|
|
16,190 |
|
|
|
22,578 |
|
|
|
(28.3 |
)% |
Income (loss) before income
taxes |
|
|
(1,235 |
) |
|
|
7,191 |
|
|
|
(117.2 |
)% |
Income tax expense
(benefit) |
|
|
(1,248 |
) |
|
|
1,502 |
|
|
|
(183.1 |
)% |
Net income |
|
$ |
13 |
|
|
$ |
5,689 |
|
|
|
(99.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.00 |
|
|
$ |
1.14 |
|
|
|
|
|
Diluted |
|
$ |
0.00 |
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,827,628 |
|
|
|
4,988,283 |
|
|
|
|
|
Diluted |
|
|
5,046,444 |
|
|
|
5,193,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$ |
2.15 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Consolidated Statements of Operations Trend
(Dollars in thousands except per share amounts)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,182 |
|
|
$ |
5,467 |
|
|
$ |
5,923 |
|
|
$ |
6,226 |
|
|
$ |
5,505 |
|
Securities-taxable |
|
|
221 |
|
|
|
216 |
|
|
|
217 |
|
|
|
219 |
|
|
|
223 |
|
Securities-tax exempt |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
Interest-bearing deposits and certificates of deposit |
|
|
45 |
|
|
|
42 |
|
|
|
13 |
|
|
|
4 |
|
|
|
8 |
|
Total interest and dividend income |
|
|
6,452 |
|
|
|
5,729 |
|
|
|
6,157 |
|
|
|
6,453 |
|
|
|
5,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
342 |
|
|
|
315 |
|
|
|
308 |
|
|
|
299 |
|
|
|
345 |
|
Borrowings |
|
|
99 |
|
|
|
147 |
|
|
|
155 |
|
|
|
178 |
|
|
|
198 |
|
Total interest expense |
|
|
441 |
|
|
|
462 |
|
|
|
463 |
|
|
|
477 |
|
|
|
543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
6,011 |
|
|
|
5,267 |
|
|
|
5,694 |
|
|
|
5,976 |
|
|
|
5,199 |
|
Provision (credit) for loan
losses |
|
|
269 |
|
|
|
71 |
|
|
|
(108 |
) |
|
|
(90 |
) |
|
|
(27 |
) |
Net interest income after
provision (credit) for loan losses |
|
|
5,742 |
|
|
|
5,196 |
|
|
|
5,802 |
|
|
|
6,066 |
|
|
|
5,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
372 |
|
|
|
365 |
|
|
|
422 |
|
|
|
410 |
|
|
|
419 |
|
Gain on loan origination and sale activities, net |
|
|
484 |
|
|
|
1,264 |
|
|
|
3,723 |
|
|
|
7,229 |
|
|
|
5,740 |
|
Mortgage servicing fees, net |
|
|
509 |
|
|
|
348 |
|
|
|
257 |
|
|
|
274 |
|
|
|
381 |
|
Increase in cash surrender value of life insurance |
|
|
41 |
|
|
|
40 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
Other |
|
|
419 |
|
|
|
175 |
|
|
|
92 |
|
|
|
195 |
|
|
|
235 |
|
Total non-interest income |
|
|
1,825 |
|
|
|
2,192 |
|
|
|
4,535 |
|
|
|
8,149 |
|
|
|
6,816 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,414 |
|
|
|
5,154 |
|
|
|
6,084 |
|
|
|
6,381 |
|
|
|
7,310 |
|
Occupancy and equipment |
|
|
559 |
|
|
|
365 |
|
|
|
713 |
|
|
|
714 |
|
|
|
621 |
|
Data processing |
|
|
378 |
|
|
|
345 |
|
|
|
237 |
|
|
|
367 |
|
|
|
301 |
|
Professional fees |
|
|
578 |
|
|
|
1,025 |
|
|
|
325 |
|
|
|
490 |
|
|
|
323 |
|
Marketing |
|
|
151 |
|
|
|
157 |
|
|
|
245 |
|
|
|
134 |
|
|
|
200 |
|
FDIC insurance |
|
|
62 |
|
|
|
58 |
|
|
|
55 |
|
|
|
54 |
|
|
|
54 |
|
Other non-interest expenses |
|
|
1,342 |
|
|
|
1,602 |
|
|
|
1,562 |
|
|
|
1,719 |
|
|
|
1,818 |
|
Total non-interest expenses |
|
|
7,484 |
|
|
|
8,706 |
|
|
|
9,221 |
|
|
|
9,859 |
|
|
|
10,627 |
|
Income (loss) before income
taxes |
|
|
83 |
|
|
|
(1,318 |
) |
|
|
1,116 |
|
|
|
4,356 |
|
|
|
1,415 |
|
Income tax expense
(benefit) |
|
|
(165 |
) |
|
|
(1,083 |
) |
|
|
330 |
|
|
|
1,230 |
|
|
|
(162 |
) |
Net income (loss) |
|
$ |
248 |
|
|
$ |
(235 |
) |
|
$ |
786 |
|
|
$ |
3,126 |
|
|
$ |
1,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
$ |
0.64 |
|
|
$ |
0.32 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
(0.05 |
) |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,839,796 |
|
|
|
4,815,325 |
|
|
|
4,743,833 |
|
|
|
4,869,155 |
|
|
|
4,921,182 |
|
Diluted |
|
|
5,076,181 |
|
|
|
5,014,538 |
|
|
|
4,993,750 |
|
|
|
5,074,676 |
|
|
|
5,135,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$ |
- |
|
|
$ |
2.15 |
|
|
$ |
0.15 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)
|
Three Months Ended |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
June 30, 2021 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate (7) |
|
|
Balance |
|
|
Paid |
|
|
Rate (7) |
|
|
Balance |
|
|
Paid |
|
|
Rate (7) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential (1) |
$ |
320,545 |
|
|
$ |
2,941 |
|
|
|
3.68 |
% |
|
$ |
274,883 |
|
|
$ |
2,400 |
|
|
|
3.54 |
% |
|
$ |
319,087 |
|
|
$ |
2,763 |
|
|
|
3.47 |
% |
Home equity |
|
62,406 |
|
|
|
574 |
|
|
|
3.69 |
% |
|
|
57,046 |
|
|
|
470 |
|
|
|
3.34 |
% |
|
|
49,789 |
|
|
|
412 |
|
|
|
3.32 |
% |
Commercial real estate |
|
197,928 |
|
|
|
2,025 |
|
|
|
4.10 |
% |
|
|
197,330 |
|
|
|
1,921 |
|
|
|
3.95 |
% |
|
|
159,423 |
|
|
|
1,666 |
|
|
|
4.19 |
% |
Construction |
|
32,095 |
|
|
|
314 |
|
|
|
3.92 |
% |
|
|
32,734 |
|
|
|
296 |
|
|
|
3.67 |
% |
|
|
29,902 |
|
|
|
289 |
|
|
|
3.88 |
% |
Total real estate loans |
|
612,974 |
|
|
|
5,854 |
|
|
|
3.83 |
% |
|
|
561,993 |
|
|
|
5,087 |
|
|
|
3.67 |
% |
|
|
558,201 |
|
|
|
5,130 |
|
|
|
3.69 |
% |
Commercial and industrial |
|
14,123 |
|
|
|
234 |
|
|
|
6.65 |
% |
|
|
16,631 |
|
|
|
277 |
|
|
|
6.75 |
% |
|
|
25,497 |
|
|
|
266 |
|
|
|
4.18 |
% |
Consumer |
|
6,924 |
|
|
|
94 |
|
|
|
5.45 |
% |
|
|
7,617 |
|
|
|
103 |
|
|
|
5.48 |
% |
|
|
9,052 |
|
|
|
109 |
|
|
|
4.83 |
% |
Total loans |
|
634,021 |
|
|
|
6,182 |
|
|
|
3.91 |
% |
|
|
586,241 |
|
|
|
5,467 |
|
|
|
3.78 |
% |
|
|
592,750 |
|
|
|
5,505 |
|
|
|
3.73 |
% |
Investment securities(2)
(3) |
|
49,426 |
|
|
|
226 |
|
|
|
1.83 |
% |
|
|
52,930 |
|
|
|
221 |
|
|
|
1.69 |
% |
|
|
55,376 |
|
|
|
230 |
|
|
|
1.67 |
% |
Interest-earning deposits |
|
27,803 |
|
|
|
45 |
|
|
|
0.65 |
% |
|
|
107,866 |
|
|
|
42 |
|
|
|
0.16 |
% |
|
|
43,888 |
|
|
|
8 |
|
|
|
0.07 |
% |
Total interest-earning
assets |
|
711,250 |
|
|
|
6,453 |
|
|
|
3.64 |
% |
|
|
747,037 |
|
|
|
5,730 |
|
|
|
3.11 |
% |
|
|
692,014 |
|
|
|
5,743 |
|
|
|
3.33 |
% |
Noninterest-earning
assets |
|
41,971 |
|
|
|
|
|
|
|
|
|
|
|
41,939 |
|
|
|
|
|
|
|
|
|
|
|
40,257 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
753,221 |
|
|
|
|
|
|
|
|
|
|
$ |
788,976 |
|
|
|
|
|
|
|
|
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
194,944 |
|
|
|
76 |
|
|
|
0.16 |
% |
|
|
194,120 |
|
|
|
72 |
|
|
|
0.15 |
% |
|
|
192,434 |
|
|
|
89 |
|
|
|
0.19 |
% |
NOW accounts |
|
52,890 |
|
|
|
49 |
|
|
|
0.37 |
% |
|
|
62,039 |
|
|
|
43 |
|
|
|
0.28 |
% |
|
|
69,730 |
|
|
|
38 |
|
|
|
0.22 |
% |
Money market accounts |
|
98,813 |
|
|
|
79 |
|
|
|
0.32 |
% |
|
|
93,174 |
|
|
|
36 |
|
|
|
0.16 |
% |
|
|
72,469 |
|
|
|
43 |
|
|
|
0.24 |
% |
Term certificates |
|
141,279 |
|
|
|
138 |
|
|
|
0.39 |
% |
|
|
143,320 |
|
|
|
164 |
|
|
|
0.46 |
% |
|
|
104,604 |
|
|
|
175 |
|
|
|
0.67 |
% |
Total interest-bearing deposits |
|
487,926 |
|
|
|
342 |
|
|
|
0.28 |
% |
|
|
492,653 |
|
|
|
315 |
|
|
|
0.26 |
% |
|
|
439,237 |
|
|
|
345 |
|
|
|
0.32 |
% |
FHLBB and FRB advances |
|
31,058 |
|
|
|
99 |
|
|
|
1.28 |
% |
|
|
48,333 |
|
|
|
147 |
|
|
|
1.23 |
% |
|
|
51,502 |
|
|
|
198 |
|
|
|
1.54 |
% |
Total interest-bearing liabilities |
|
518,984 |
|
|
|
441 |
|
|
|
0.34 |
% |
|
|
540,986 |
|
|
|
462 |
|
|
|
0.35 |
% |
|
|
490,739 |
|
|
|
543 |
|
|
|
0.44 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
133,915 |
|
|
|
|
|
|
|
|
|
|
|
140,454 |
|
|
|
|
|
|
|
|
|
|
|
124,656 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
10,642 |
|
|
|
|
|
|
|
|
|
|
|
11,559 |
|
|
|
|
|
|
|
|
|
|
|
13,606 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
663,541 |
|
|
|
|
|
|
|
|
|
|
|
692,999 |
|
|
|
|
|
|
|
|
|
|
|
629,001 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
89,680 |
|
|
|
|
|
|
|
|
|
|
|
95,977 |
|
|
|
|
|
|
|
|
|
|
|
103,270 |
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
753,221 |
|
|
|
|
|
|
|
|
|
|
$ |
788,976 |
|
|
|
|
|
|
|
|
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
6,012 |
|
|
|
|
|
|
|
|
|
|
$ |
5,268 |
|
|
|
|
|
|
|
|
|
|
$ |
5,200 |
|
|
|
|
|
Interest rate
spread(4) |
|
|
|
|
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
|
|
|
2.89 |
% |
Net interest-earning
assets(5) |
$ |
192,266 |
|
|
|
|
|
|
|
|
|
|
$ |
206,051 |
|
|
|
|
|
|
|
|
|
|
$ |
201,275 |
|
|
|
|
|
|
|
|
|
Net interest
margin(6) |
|
|
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
3.01 |
% |
Cost of deposits
(8) |
|
|
|
|
|
|
|
|
|
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
0.20 |
% |
|
|
|
|
|
|
|
|
|
|
0.25 |
% |
Cost of funds
(9) |
|
|
|
|
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
0.35 |
% |
Ratio of interest-earning
assets to interest-bearing liabilities |
|
137.05 |
% |
|
|
|
|
|
|
|
|
|
|
138.09 |
% |
|
|
|
|
|
|
|
|
|
|
141.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest
received on such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as
available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities,
based on a statutory tax rate of 21%, of $1,000, $1,000 and $1,000
for the three months ended June 30, 2022, March 31, 2022, and June
30, 2021, respectively.
(4) Interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of average
interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning
assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by
average total interest-earning assets.
(7) During the fourth quarter of 2021, the Company changed the
yield calculation method from the “30/360” to the “Actual/Actual”
method. Management believes that the “Actual/Actual” method
provides a more consistent and relevant metric for yield
performance comparisons.
(8) Cost of deposits represents the total interest paid on
deposits, divided by total interest-bearing deposits plus total
noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on
liabilities, divided by total interest-bearing liabilities plus
total noninterest-bearing deposits.
Randolph Bancorp, Inc.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)
|
Year to Date |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate (7) |
|
|
Balance |
|
|
Paid |
|
|
Rate (7) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential (1) |
$ |
297,840 |
|
|
$ |
5,341 |
|
|
|
3.62 |
% |
|
$ |
327,897 |
|
|
$ |
5,737 |
|
|
|
3.53 |
% |
Home equity |
|
59,740 |
|
|
|
1,044 |
|
|
|
3.52 |
% |
|
|
49,090 |
|
|
|
845 |
|
|
|
3.47 |
% |
Commercial real estate |
|
197,631 |
|
|
|
3,946 |
|
|
|
4.03 |
% |
|
|
153,088 |
|
|
|
3,072 |
|
|
|
4.05 |
% |
Construction |
|
32,413 |
|
|
|
610 |
|
|
|
3.80 |
% |
|
|
30,125 |
|
|
|
584 |
|
|
|
3.91 |
% |
Total real estate loans |
|
587,624 |
|
|
|
10,941 |
|
|
|
3.75 |
% |
|
|
560,200 |
|
|
|
10,238 |
|
|
|
3.69 |
% |
Commercial and industrial |
|
15,370 |
|
|
|
511 |
|
|
|
6.70 |
% |
|
|
23,689 |
|
|
|
540 |
|
|
|
4.60 |
% |
Consumer |
|
7,268 |
|
|
|
197 |
|
|
|
5.47 |
% |
|
|
9,493 |
|
|
|
235 |
|
|
|
4.99 |
% |
Total loans |
|
610,262 |
|
|
|
11,649 |
|
|
|
3.85 |
% |
|
|
593,382 |
|
|
|
11,013 |
|
|
|
3.74 |
% |
Investment securities(2) (3) |
|
51,168 |
|
|
|
447 |
|
|
|
1.76 |
% |
|
|
56,590 |
|
|
|
477 |
|
|
|
1.70 |
% |
Interest-earning deposits |
|
67,613 |
|
|
|
87 |
|
|
|
0.26 |
% |
|
|
39,713 |
|
|
|
15 |
|
|
|
0.08 |
% |
Total interest-earning assets |
|
729,043 |
|
|
|
12,183 |
|
|
|
3.37 |
% |
|
|
689,685 |
|
|
|
11,505 |
|
|
|
3.36 |
% |
Noninterest-earning
assets |
|
41,958 |
|
|
|
|
|
|
|
|
|
|
|
41,146 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
771,001 |
|
|
|
|
|
|
|
|
|
|
$ |
730,831 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
194,535 |
|
|
|
148 |
|
|
|
0.15 |
% |
|
|
191,379 |
|
|
|
187 |
|
|
|
0.20 |
% |
NOW accounts |
|
57,439 |
|
|
|
92 |
|
|
|
0.32 |
% |
|
|
69,621 |
|
|
|
86 |
|
|
|
0.25 |
% |
Money market accounts |
|
96,009 |
|
|
|
115 |
|
|
|
0.24 |
% |
|
|
74,222 |
|
|
|
97 |
|
|
|
0.26 |
% |
Term certificates |
|
142,294 |
|
|
|
302 |
|
|
|
0.43 |
% |
|
|
100,812 |
|
|
|
413 |
|
|
|
0.83 |
% |
Total interest-bearing deposits |
|
490,277 |
|
|
|
657 |
|
|
|
0.27 |
% |
|
|
436,034 |
|
|
|
783 |
|
|
|
0.36 |
% |
FHLBB and FRB advances |
|
39,648 |
|
|
|
246 |
|
|
|
1.25 |
% |
|
|
61,126 |
|
|
|
430 |
|
|
|
1.42 |
% |
Total interest-bearing liabilities |
|
529,925 |
|
|
|
903 |
|
|
|
0.34 |
% |
|
|
497,160 |
|
|
|
1,213 |
|
|
|
0.49 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
137,167 |
|
|
|
|
|
|
|
|
|
|
|
115,841 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
11,098 |
|
|
|
|
|
|
|
|
|
|
|
14,486 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
678,190 |
|
|
|
|
|
|
|
|
|
|
|
627,487 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
92,811 |
|
|
|
|
|
|
|
|
|
|
|
103,344 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
771,001 |
|
|
|
|
|
|
|
|
|
|
$ |
730,831 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
11,280 |
|
|
|
|
|
|
|
|
|
|
$ |
10,292 |
|
|
|
|
|
Interest rate
spread(4) |
|
|
|
|
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
|
|
|
2.87 |
% |
Net interest-earning
assets(5) |
$ |
199,118 |
|
|
|
|
|
|
|
|
|
|
$ |
192,525 |
|
|
|
|
|
|
|
|
|
Net interest
margin(6) |
|
|
|
|
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
3.01 |
% |
Cost of deposits
(8) |
|
|
|
|
|
|
|
|
|
0.21 |
% |
|
|
|
|
|
|
|
|
|
|
0.29 |
% |
Cost of funds
(9) |
|
|
|
|
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
0.40 |
% |
Ratio of interest-earning
assets to interest-bearing liabilities |
|
137.57 |
% |
|
|
|
|
|
|
|
|
|
|
138.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest received on
such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as
available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities,
based on a statutory tax rate of 21%, of $2,000 and $2,000 for the
six months ended June 30, 2022 and 2021, respectively.
(4) Interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of average
interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning
assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by
average total interest-earning assets.
(7) During the fourth quarter of 2021, the Company changed the
yield calculation method from the “30/360” to the “Actual/Actual”
method. Management believes that the “Actual/Actual” method
provides a more consistent and relevant metric for yield
performance comparisons.
(8) Cost of deposits represents the total interest paid on
deposits, divided by total interest-bearing deposits plus total
noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on
liabilities, divided by total interest-bearing liabilities plus
total noninterest-bearing deposits.
Randolph Bancorp, Inc.
Average Balances Trend
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
320,545 |
|
|
$ |
274,883 |
|
|
$ |
319,855 |
|
|
$ |
345,576 |
|
|
$ |
319,087 |
|
Home equity |
|
|
62,406 |
|
|
|
57,046 |
|
|
|
57,183 |
|
|
|
53,345 |
|
|
|
49,789 |
|
Commercial real estate |
|
|
197,928 |
|
|
|
197,330 |
|
|
|
186,943 |
|
|
|
174,319 |
|
|
|
159,423 |
|
Construction |
|
|
32,095 |
|
|
|
32,734 |
|
|
|
34,246 |
|
|
|
32,690 |
|
|
|
29,902 |
|
Total real estate loans |
|
|
612,974 |
|
|
|
561,993 |
|
|
|
598,227 |
|
|
|
605,930 |
|
|
|
558,201 |
|
Commercial and industrial |
|
|
14,123 |
|
|
|
16,631 |
|
|
|
18,311 |
|
|
|
22,693 |
|
|
|
25,497 |
|
Consumer |
|
|
6,924 |
|
|
|
7,617 |
|
|
|
8,313 |
|
|
|
12,820 |
|
|
|
9,052 |
|
Total loans |
|
|
634,021 |
|
|
|
586,241 |
|
|
|
624,851 |
|
|
|
641,443 |
|
|
|
592,750 |
|
Investment securities |
|
|
49,426 |
|
|
|
52,930 |
|
|
|
54,314 |
|
|
|
54,229 |
|
|
|
55,376 |
|
Interest-earning deposits |
|
|
27,803 |
|
|
|
107,866 |
|
|
|
41,161 |
|
|
|
11,002 |
|
|
|
43,888 |
|
Total interest-earning assets |
|
|
711,250 |
|
|
|
747,037 |
|
|
|
720,326 |
|
|
|
706,674 |
|
|
|
692,014 |
|
Non-interest earning
assets |
|
|
41,971 |
|
|
|
41,939 |
|
|
|
43,478 |
|
|
|
44,614 |
|
|
|
40,257 |
|
Total assets |
|
$ |
753,221 |
|
|
$ |
788,976 |
|
|
$ |
763,804 |
|
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
194,944 |
|
|
$ |
194,120 |
|
|
$ |
191,464 |
|
|
$ |
189,254 |
|
|
$ |
192,434 |
|
NOW accounts |
|
|
52,890 |
|
|
|
62,039 |
|
|
|
62,838 |
|
|
|
61,951 |
|
|
|
69,730 |
|
Money market accounts |
|
|
98,813 |
|
|
|
93,174 |
|
|
|
77,140 |
|
|
|
73,662 |
|
|
|
72,469 |
|
Term certificates |
|
|
141,279 |
|
|
|
143,320 |
|
|
|
135,406 |
|
|
|
113,787 |
|
|
|
104,604 |
|
Total interest-bearing deposits |
|
|
487,926 |
|
|
|
492,653 |
|
|
|
466,848 |
|
|
|
438,654 |
|
|
|
439,237 |
|
FHLBB and FRB advances |
|
|
31,058 |
|
|
|
48,333 |
|
|
|
53,592 |
|
|
|
64,047 |
|
|
|
51,502 |
|
Total interest-bearing liabilities |
|
|
518,984 |
|
|
|
540,986 |
|
|
|
520,440 |
|
|
|
502,701 |
|
|
|
490,739 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
|
133,915 |
|
|
|
140,454 |
|
|
|
127,486 |
|
|
|
126,165 |
|
|
|
124,656 |
|
Other noninterest-bearing
liabilities |
|
|
10,642 |
|
|
|
11,559 |
|
|
|
13,305 |
|
|
|
19,021 |
|
|
|
13,606 |
|
Total liabilities |
|
|
663,541 |
|
|
|
692,999 |
|
|
|
661,231 |
|
|
|
647,887 |
|
|
|
629,001 |
|
Total stockholders'
equity |
|
|
89,680 |
|
|
|
95,977 |
|
|
|
102,573 |
|
|
|
103,401 |
|
|
|
103,270 |
|
Total liabilities and
stockholders' equity |
|
$ |
753,221 |
|
|
$ |
788,976 |
|
|
$ |
763,804 |
|
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Interest Earned and Paid Trend
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
2,941 |
|
|
$ |
2,400 |
|
|
$ |
2,790 |
|
|
$ |
3,021 |
|
|
$ |
2,763 |
|
Home equity |
|
|
574 |
|
|
|
470 |
|
|
|
480 |
|
|
|
475 |
|
|
|
412 |
|
Commercial real estate |
|
|
2,025 |
|
|
|
1,921 |
|
|
|
1,880 |
|
|
|
1,809 |
|
|
|
1,666 |
|
Construction |
|
|
314 |
|
|
|
296 |
|
|
|
331 |
|
|
|
310 |
|
|
|
289 |
|
Total real estate loans |
|
|
5,854 |
|
|
|
5,087 |
|
|
|
5,481 |
|
|
|
5,615 |
|
|
|
5,130 |
|
Commercial and industrial |
|
|
234 |
|
|
|
277 |
|
|
|
331 |
|
|
|
493 |
|
|
|
266 |
|
Consumer |
|
|
94 |
|
|
|
103 |
|
|
|
111 |
|
|
|
118 |
|
|
|
109 |
|
Total loans |
|
|
6,182 |
|
|
|
5,467 |
|
|
|
5,923 |
|
|
|
6,226 |
|
|
|
5,505 |
|
Investment securities |
|
|
226 |
|
|
|
221 |
|
|
|
222 |
|
|
|
224 |
|
|
|
230 |
|
Interest-earning deposits |
|
|
45 |
|
|
|
42 |
|
|
|
13 |
|
|
|
4 |
|
|
|
8 |
|
Total interest-earning assets |
|
|
6,453 |
|
|
|
5,730 |
|
|
|
6,158 |
|
|
|
6,454 |
|
|
|
5,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
76 |
|
|
$ |
72 |
|
|
$ |
72 |
|
|
$ |
76 |
|
|
$ |
89 |
|
NOW accounts |
|
|
49 |
|
|
|
43 |
|
|
|
29 |
|
|
|
23 |
|
|
|
38 |
|
Money market accounts |
|
|
79 |
|
|
|
36 |
|
|
|
36 |
|
|
|
41 |
|
|
|
43 |
|
Term certificates |
|
|
138 |
|
|
|
164 |
|
|
|
171 |
|
|
|
159 |
|
|
|
175 |
|
Total interest-bearing deposits |
|
|
342 |
|
|
|
315 |
|
|
|
308 |
|
|
|
299 |
|
|
|
345 |
|
FHLBB and FRB advances |
|
|
99 |
|
|
|
147 |
|
|
|
155 |
|
|
|
178 |
|
|
|
198 |
|
Total interest-bearing liabilities |
|
|
441 |
|
|
|
462 |
|
|
|
463 |
|
|
|
477 |
|
|
|
543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
6,012 |
|
|
|
5,268 |
|
|
|
5,695 |
|
|
|
5,977 |
|
|
|
5,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Average Yield Trend(1)
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
3.68 |
% |
|
|
3.54 |
% |
|
|
3.46 |
% |
|
|
3.47 |
% |
|
|
3.47 |
% |
Home equity |
|
|
3.69 |
% |
|
|
3.34 |
% |
|
|
3.33 |
% |
|
|
3.53 |
% |
|
|
3.32 |
% |
Commercial real estate |
|
|
4.10 |
% |
|
|
3.95 |
% |
|
|
3.99 |
% |
|
|
4.12 |
% |
|
|
4.19 |
% |
Construction |
|
|
3.92 |
% |
|
|
3.67 |
% |
|
|
3.83 |
% |
|
|
3.76 |
% |
|
|
3.88 |
% |
Total real estate loans |
|
|
3.83 |
% |
|
|
3.67 |
% |
|
|
3.63 |
% |
|
|
3.68 |
% |
|
|
3.69 |
% |
Commercial and industrial |
|
|
6.65 |
% |
|
|
6.75 |
% |
|
|
7.17 |
% |
|
|
8.62 |
% |
|
|
4.18 |
% |
Consumer |
|
|
5.45 |
% |
|
|
5.48 |
% |
|
|
5.30 |
% |
|
|
3.65 |
% |
|
|
4.83 |
% |
Total loans |
|
|
3.91 |
% |
|
|
3.78 |
% |
|
|
3.76 |
% |
|
|
3.85 |
% |
|
|
3.73 |
% |
Investment securities |
|
|
1.83 |
% |
|
|
1.69 |
% |
|
|
1.62 |
% |
|
|
1.64 |
% |
|
|
1.67 |
% |
Interest-earning deposits |
|
|
0.65 |
% |
|
|
0.16 |
% |
|
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.07 |
% |
Total interest-earning assets |
|
|
3.64 |
% |
|
|
3.11 |
% |
|
|
3.39 |
% |
|
|
3.62 |
% |
|
|
3.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.16 |
% |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
NOW accounts |
|
|
0.37 |
% |
|
|
0.28 |
% |
|
|
0.18 |
% |
|
|
0.15 |
% |
|
|
0.22 |
% |
Money market accounts |
|
|
0.32 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.22 |
% |
|
|
0.24 |
% |
Term certificates |
|
|
0.39 |
% |
|
|
0.46 |
% |
|
|
0.50 |
% |
|
|
0.55 |
% |
|
|
0.67 |
% |
Total interest-bearing deposits |
|
|
0.28 |
% |
|
|
0.26 |
% |
|
|
0.26 |
% |
|
|
0.27 |
% |
|
|
0.32 |
% |
FHLBB and FRB advances |
|
|
1.28 |
% |
|
|
1.23 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.54 |
% |
Total interest-bearing liabilities |
|
|
0.34 |
% |
|
|
0.35 |
% |
|
|
0.35 |
% |
|
|
0.38 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
3.30 |
% |
|
|
2.76 |
% |
|
|
3.04 |
% |
|
|
3.24 |
% |
|
|
2.89 |
% |
Net interest rate margin |
|
|
3.39 |
% |
|
|
2.86 |
% |
|
|
3.14 |
% |
|
|
3.36 |
% |
|
|
3.01 |
% |
Cost of deposits |
|
|
0.22 |
% |
|
|
0.20 |
% |
|
|
0.21 |
% |
|
|
0.21 |
% |
|
|
0.25 |
% |
Cost of funds |
|
|
0.27 |
% |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.35 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
137.05 |
% |
|
|
138.09 |
% |
|
|
138.41 |
% |
|
|
140.58 |
% |
|
|
141.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the fourth quarter of 2021, the Company
changed the yield calculation method from the “30/360” to the
“Actual/Actual” method. Management believes that the
“Actual/Actual” method provides a more consistent and relevant
metric for yield performance comparisons.
Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, 2022 vs. March 31, 2022 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
360 |
|
|
$ |
181 |
|
|
|
541 |
|
Home equity |
|
|
39 |
|
|
|
65 |
|
|
|
104 |
|
Commercial real estate |
|
|
4 |
|
|
|
100 |
|
|
|
104 |
|
Construction |
|
|
(5 |
) |
|
|
23 |
|
|
|
18 |
|
Total real estate loans |
|
|
398 |
|
|
|
369 |
|
|
|
767 |
|
Commercial and industrial |
|
|
(39 |
) |
|
|
(4 |
) |
|
|
(43 |
) |
Consumer |
|
|
(8 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
Total loans |
|
|
351 |
|
|
|
364 |
|
|
|
715 |
|
Investment securities |
|
|
(14 |
) |
|
|
19 |
|
|
|
5 |
|
Interest-earning deposits |
|
|
(12 |
) |
|
|
15 |
|
|
|
3 |
|
Total interest-earning assets |
|
|
325 |
|
|
|
398 |
|
|
|
723 |
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
- |
|
|
|
4 |
|
|
|
4 |
|
NOW accounts |
|
|
(5 |
) |
|
|
11 |
|
|
|
6 |
|
Money market accounts |
|
|
2 |
|
|
|
41 |
|
|
|
43 |
|
Term certificates |
|
|
(2 |
) |
|
|
(24 |
) |
|
|
(26 |
) |
Total interest-bearing deposits |
|
|
(5 |
) |
|
|
32 |
|
|
|
27 |
|
FHLBB and FRB advances |
|
|
(53 |
) |
|
|
5 |
|
|
|
(48 |
) |
Total interest-bearing liabilities |
|
|
(58 |
) |
|
|
37 |
|
|
|
(21 |
) |
Change in net interest income |
|
$ |
383 |
|
|
$ |
361 |
|
|
$ |
744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, 2022 vs. 2021 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
13 |
|
|
$ |
165 |
|
|
|
178 |
|
Home equity |
|
|
96 |
|
|
|
66 |
|
|
|
162 |
|
Commercial real estate |
|
|
395 |
|
|
|
(36 |
) |
|
|
359 |
|
Construction |
|
|
21 |
|
|
|
4 |
|
|
|
25 |
|
Total real estate loans |
|
|
525 |
|
|
|
199 |
|
|
|
724 |
|
Commercial and industrial |
|
|
(89 |
) |
|
|
57 |
|
|
|
(32 |
) |
Consumer |
|
|
(24 |
) |
|
|
9 |
|
|
|
(15 |
) |
Total loans |
|
|
412 |
|
|
|
265 |
|
|
|
677 |
|
Investment securities |
|
|
(24 |
) |
|
|
20 |
|
|
|
(4 |
) |
Interest-earning deposits |
|
|
(2 |
) |
|
|
39 |
|
|
|
37 |
|
Total interest-earning assets |
|
|
386 |
|
|
|
324 |
|
|
|
710 |
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
1 |
|
|
|
(14 |
) |
|
|
(13 |
) |
NOW accounts |
|
|
(7 |
) |
|
|
18 |
|
|
|
11 |
|
Money market accounts |
|
|
13 |
|
|
|
23 |
|
|
|
36 |
|
Term certificates |
|
|
50 |
|
|
|
(87 |
) |
|
|
(37 |
) |
Total interest-bearing deposits |
|
|
57 |
|
|
|
(60 |
) |
|
|
(3 |
) |
FHLBB and FRB advances |
|
|
(69 |
) |
|
|
(30 |
) |
|
|
(99 |
) |
Total interest-bearing liabilities |
|
|
(12 |
) |
|
|
(90 |
) |
|
|
(102 |
) |
Change in net interest income |
|
$ |
398 |
|
|
$ |
414 |
|
|
$ |
812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)
|
|
Year to Date |
|
|
|
June 30, 2022 vs. 2021 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
(516 |
) |
|
$ |
120 |
|
|
|
(396 |
) |
Home equity |
|
|
180 |
|
|
|
19 |
|
|
|
199 |
|
Commercial real estate |
|
|
889 |
|
|
|
(15 |
) |
|
|
874 |
|
Construction |
|
|
43 |
|
|
|
(17 |
) |
|
|
26 |
|
Total real estate loans |
|
|
596 |
|
|
|
107 |
|
|
|
703 |
|
Commercial and industrial |
|
|
(152 |
) |
|
|
123 |
|
|
|
(29 |
) |
Consumer |
|
|
(51 |
) |
|
|
13 |
|
|
|
(38 |
) |
Total loans |
|
|
393 |
|
|
|
243 |
|
|
|
636 |
|
Investment securities |
|
|
(45 |
) |
|
|
15 |
|
|
|
(30 |
) |
Interest-earning deposits |
|
|
5 |
|
|
|
67 |
|
|
|
72 |
|
Total interest-earning assets |
|
|
353 |
|
|
|
325 |
|
|
|
678 |
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
3 |
|
|
|
(42 |
) |
|
|
(39 |
) |
NOW accounts |
|
|
(13 |
) |
|
|
19 |
|
|
|
6 |
|
Money market accounts |
|
|
26 |
|
|
|
(8 |
) |
|
|
18 |
|
Term certificates |
|
|
132 |
|
|
|
(243 |
) |
|
|
(111 |
) |
Total interest-bearing deposits |
|
|
148 |
|
|
|
(274 |
) |
|
|
(126 |
) |
FHLBB and FRB advances |
|
|
(138 |
) |
|
|
(46 |
) |
|
|
(184 |
) |
Total interest-bearing liabilities |
|
|
10 |
|
|
|
(320 |
) |
|
|
(310 |
) |
Change in net interest income |
|
$ |
343 |
|
|
$ |
645 |
|
|
$ |
988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.
Quarterly Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Gain on loan origination and sale activities, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of mortgages and realized gain from derivative
financial instruments, net |
|
$ |
632 |
|
|
$ |
3,093 |
|
|
$ |
4,818 |
|
|
$ |
6,339 |
|
|
$ |
6,545 |
|
Net change in fair value of loans held for sale and portfolio loans
accounted for at fair value |
|
|
218 |
|
|
|
(1,559 |
) |
|
|
(1,360 |
) |
|
|
549 |
|
|
|
1,091 |
|
Capitalized residential mortgage loan servicing rights |
|
|
160 |
|
|
|
377 |
|
|
|
942 |
|
|
|
783 |
|
|
|
1,476 |
|
Net change in fair value of derivative loan commitments and forward
loan sale commitments |
|
|
(526 |
) |
|
|
(647 |
) |
|
|
(677 |
) |
|
|
(442 |
) |
|
|
(3,372 |
) |
Gain on loan origination and sales activities, net |
|
$ |
484 |
|
|
$ |
1,264 |
|
|
$ |
3,723 |
|
|
$ |
7,229 |
|
|
$ |
5,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing fees,
net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loan servicing fees |
|
$ |
1,259 |
|
|
$ |
1,277 |
|
|
$ |
1,355 |
|
|
$ |
1,282 |
|
|
$ |
1,205 |
|
Amortization of residential mortgage loan servicing rights |
|
|
(731 |
) |
|
|
(749 |
) |
|
|
(831 |
) |
|
|
(795 |
) |
|
|
(759 |
) |
Release (provision) to the valuation allowance of mortgage loan
servicing rights |
|
|
286 |
|
|
|
135 |
|
|
|
43 |
|
|
|
39 |
|
|
|
(65 |
) |
Sub-servicer expenses (1) |
|
|
(305 |
) |
|
|
(315 |
) |
|
|
(310 |
) |
|
|
(252 |
) |
|
|
- |
|
Mortgage servicing fees, net |
|
$ |
509 |
|
|
$ |
348 |
|
|
$ |
257 |
|
|
$ |
274 |
|
|
$ |
381 |
|
Total gain on loan origination and sales activities and mortgage
servicing fees |
|
$ |
993 |
|
|
$ |
1,612 |
|
|
$ |
3,980 |
|
|
$ |
7,503 |
|
|
$ |
6,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal balance of loans originated for sale |
|
$ |
71,626 |
|
|
$ |
110,371 |
|
|
$ |
222,644 |
|
|
$ |
260,519 |
|
|
$ |
309,033 |
|
Principal balance of loans sold |
|
$ |
56,752 |
|
|
$ |
129,858 |
|
|
$ |
297,316 |
|
|
$ |
260,473 |
|
|
$ |
342,762 |
|
Ending notional amount of derivative loan commitments |
|
$ |
10,913 |
|
|
$ |
42,678 |
|
|
$ |
85,887 |
|
|
$ |
158,085 |
|
|
$ |
139,748 |
|
Loans held for sale, at fair value |
|
$ |
9,736 |
|
|
$ |
22,698 |
|
|
$ |
44,766 |
|
|
$ |
75,400 |
|
|
$ |
74,277 |
|
Margin on loans sold (2) |
|
|
1.40 |
% |
|
|
2.67 |
% |
|
|
1.94 |
% |
|
|
2.73 |
% |
|
|
2.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sub-servicer expenses were first incurred
during the three months ended September 30, 2021, due to a
conversion of the Company’s mortgage loan servicing activities.
Previously, all expenses related to servicing mortgage loans
serviced for others were included in non-interest expenses.
(2) Margin on loans sold is calculated as the sum of the gain on
sale of mortgages and realized gain from derivative financial
instruments, net, plus capitalized residential mortgage loan
servicing rights divided by the principal balance of loans
sold.
Randolph Bancorp, Inc.
Year-to-Date Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)
|
|
Year-to-Date |
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2022 |
|
|
2021 |
|
|
Gain on loan origination and sale activities, net |
|
|
|
|
|
|
|
|
|
Gain on sale of mortgages and realized gain from derivative
financial instruments, net |
|
$ |
3,725 |
|
|
$ |
22,421 |
|
|
Net change in fair value of loans held for sale and portfolio loans
accounted for at fair value |
|
|
(1,341 |
) |
|
|
(2,725 |
) |
|
Capitalized residential mortgage loan servicing rights |
|
|
537 |
|
|
|
4,273 |
|
|
Net change in fair value of derivative loan commitments and forward
loan sale commitments |
|
|
(1,173 |
) |
|
|
(7,236 |
) |
|
Gain on loan origination and sales activities, net |
|
$ |
1,748 |
|
|
$ |
16,733 |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing fees,
net |
|
|
|
|
|
|
|
|
|
Residential mortgage loan servicing fees |
|
$ |
2,536 |
|
|
$ |
2,375 |
|
|
Amortization of residential mortgage loan servicing rights |
|
|
(1,480 |
) |
|
|
(1,571 |
) |
|
Release (provision) to the valuation allowance of mortgage loan
servicing rights |
|
|
421 |
|
|
|
356 |
|
|
Sub-servicer expenses (1) |
|
|
(620 |
) |
|
|
- |
|
|
Mortgage servicing fees, net |
|
$ |
857 |
|
|
$ |
1,160 |
|
|
Total gain on loan origination and sales activities and mortgage
servicing fees |
|
$ |
2,605 |
|
|
$ |
17,893 |
|
|
|
|
|
|
|
|
|
|
|
|
Principal balance of loans originated for sale |
|
$ |
181,997 |
|
|
$ |
796,708 |
|
|
Principal balance of loans sold |
|
$ |
186,610 |
|
|
$ |
846,047 |
|
|
Ending notional amount of derivative loan commitments |
|
$ |
10,913 |
|
|
$ |
139,748 |
|
|
Loans held for sale, at fair value |
|
$ |
9,736 |
|
|
$ |
74,277 |
|
|
Margin on loans sold (2) |
|
|
2.28 |
% |
|
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Sub-servicer expenses were first incurred
during the three months ended September 30, 2021, due to a
conversion of the Company’s mortgage loan servicing activities.
Previously, all expenses related to servicing mortgage loans
serviced for others were included in non-interest expenses.
(2) Margin on loans sold is calculated as the sum of the gain on
sale of mortgages and realized gain from derivative financial
instruments, net, plus capitalized residential mortgage loan
servicing rights divided by the principal balance of loans
sold.
Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)
|
|
For the Three Months Ended June 30, 2022 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
5,741 |
|
|
$ |
270 |
|
|
$ |
6,011 |
|
Provision for loan losses |
|
|
269 |
|
|
|
- |
|
|
|
269 |
|
Net interest income after
provision for loan losses |
|
|
5,472 |
|
|
|
270 |
|
|
|
5,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
365 |
|
|
|
7 |
|
|
|
372 |
|
Gain on loan origination and sale activities, net
(1) |
|
|
- |
|
|
|
1,920 |
|
|
|
1,920 |
|
Mortgage servicing fees, net |
|
|
(240 |
) |
|
|
749 |
|
|
|
509 |
|
Other |
|
|
369 |
|
|
|
91 |
|
|
|
460 |
|
Total non-interest income |
|
|
494 |
|
|
|
2,767 |
|
|
|
3,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,831 |
|
|
|
2,583 |
|
|
|
4,414 |
|
Occupancy and equipment |
|
|
447 |
|
|
|
112 |
|
|
|
559 |
|
Other non-interest expenses(2) |
|
|
1,357 |
|
|
|
1,154 |
|
|
|
2,511 |
|
Total non-interest expenses |
|
|
3,635 |
|
|
|
3,849 |
|
|
|
7,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
2,331 |
|
|
$ |
(812 |
) |
|
|
1,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(1,436 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
|
|
|
|
|
|
|
|
(165 |
) |
Net income |
|
|
|
|
|
|
|
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include $357,000 of merger
expenses. The full amount of merger expenses was allocated to
Envision Bank.
The information above was derived from the internal
management reporting system used to measure performance of the
segments.
Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)
|
|
For the Three Months Ended March 31,
2022 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
5,011 |
|
|
$ |
256 |
|
|
$ |
5,267 |
|
Provision for loan losses |
|
|
71 |
|
|
|
- |
|
|
|
71 |
|
Net interest income after
provision for loan losses |
|
|
4,940 |
|
|
|
256 |
|
|
|
5,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
355 |
|
|
|
10 |
|
|
|
365 |
|
Gain on loan origination and sale activities, net
(1) |
|
|
- |
|
|
|
1,991 |
|
|
|
1,991 |
|
Mortgage servicing fees, net |
|
|
(205 |
) |
|
|
553 |
|
|
|
348 |
|
Other |
|
|
99 |
|
|
|
116 |
|
|
|
215 |
|
Total non-interest income |
|
|
249 |
|
|
|
2,670 |
|
|
|
2,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,935 |
|
|
|
3,219 |
|
|
|
5,154 |
|
Occupancy and equipment |
|
|
512 |
|
|
|
(147 |
) |
|
|
365 |
|
Other non-interest expenses(2) |
|
|
1,911 |
|
|
|
1,276 |
|
|
|
3,187 |
|
Total non-interest expenses |
|
|
4,358 |
|
|
|
4,348 |
|
|
|
8,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
831 |
|
|
$ |
(1,422 |
) |
|
|
(591 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(727 |
) |
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
|
|
(1,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
|
|
|
|
|
|
|
|
(1,083 |
) |
Net income (loss) |
|
|
|
|
|
|
|
|
|
$ |
(235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include $588,000 of merger
expenses. The full amount of merger expenses was allocated to
Envision Bank.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)
|
|
For the Three Months Ended June 30, 2021 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
4,535 |
|
|
$ |
664 |
|
|
$ |
5,199 |
|
Provision (credit) for loan
losses |
|
|
(27 |
) |
|
|
- |
|
|
|
(27 |
) |
Net interest income after
provision for loan losses |
|
|
4,562 |
|
|
|
664 |
|
|
|
5,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
393 |
|
|
|
26 |
|
|
|
419 |
|
Gain on loan origination and sale activities, net
(1) |
|
|
- |
|
|
|
6,558 |
|
|
|
6,558 |
|
Mortgage servicing fees, net |
|
|
(94 |
) |
|
|
475 |
|
|
|
381 |
|
Other |
|
|
158 |
|
|
|
118 |
|
|
|
276 |
|
Total non-interest income |
|
|
457 |
|
|
|
7,177 |
|
|
|
7,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,746 |
|
|
|
5,564 |
|
|
|
7,310 |
|
Occupancy and equipment |
|
|
407 |
|
|
|
214 |
|
|
|
621 |
|
Other non-interest expenses |
|
|
1,265 |
|
|
|
1,431 |
|
|
|
2,696 |
|
Total non-interest expenses |
|
|
3,418 |
|
|
|
7,209 |
|
|
|
10,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
1,601 |
|
|
$ |
632 |
|
|
|
2,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(818 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
1,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
|
|
|
|
|
|
|
|
(162 |
) |
Net income |
|
|
|
|
|
|
|
|
|
$ |
1,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)
|
|
For the Six Months Ended June 30, 2022 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
10,751 |
|
|
$ |
527 |
|
|
$ |
11,278 |
|
Provision (credit) for loan
losses |
|
|
340 |
|
|
|
- |
|
|
|
340 |
|
Net interest income after
provision (credit) for loan losses |
|
|
10,411 |
|
|
|
527 |
|
|
|
10,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
720 |
|
|
|
17 |
|
|
|
737 |
|
Gain on loan origination and sale activities, net
(1) |
|
|
- |
|
|
|
3,911 |
|
|
|
3,911 |
|
Mortgage servicing fees, net |
|
|
(445 |
) |
|
|
1,302 |
|
|
|
857 |
|
Other |
|
|
468 |
|
|
|
207 |
|
|
|
675 |
|
Total non-interest income |
|
|
743 |
|
|
|
5,437 |
|
|
|
6,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,766 |
|
|
|
5,802 |
|
|
|
9,568 |
|
Occupancy and equipment |
|
|
959 |
|
|
|
(35 |
) |
|
|
924 |
|
Other non-interest expenses(2) |
|
|
3,268 |
|
|
|
2,430 |
|
|
|
5,698 |
|
Total non-interest expenses |
|
|
7,993 |
|
|
|
8,197 |
|
|
|
16,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and
elimination of inter-segment profit |
|
$ |
3,161 |
|
|
$ |
(2,233 |
) |
|
|
928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(2,163 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
(1,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
(1,248 |
) |
Net income |
|
|
|
|
|
|
|
|
|
$ |
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
(2) Other non-interest expenses include $945,000 of merger
expenses. The full amount of merger expenses was allocated to
Envision Bank.
The information above was derived from the internal
management reporting system used to measure performance of the
segments.
Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)
|
|
For the Six Months Ended June 30, 2021 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
8,736 |
|
|
$ |
1,554 |
|
|
$ |
10,290 |
|
Provision (credit) for loan
losses |
|
|
(240 |
) |
|
|
- |
|
|
|
(240 |
) |
Net interest income after
provision for loan losses |
|
|
8,976 |
|
|
|
1,554 |
|
|
|
10,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
733 |
|
|
|
53 |
|
|
|
786 |
|
Gain on loan origination and sale activities, net
(1) |
|
|
- |
|
|
|
18,232 |
|
|
|
18,232 |
|
Mortgage servicing fees, net |
|
|
(189 |
) |
|
|
1,349 |
|
|
|
1,160 |
|
Other |
|
|
309 |
|
|
|
251 |
|
|
|
560 |
|
Total non-interest income |
|
|
853 |
|
|
|
19,885 |
|
|
|
20,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits (2) |
|
|
3,548 |
|
|
|
12,199 |
|
|
|
15,747 |
|
Occupancy and equipment |
|
|
851 |
|
|
|
514 |
|
|
|
1,365 |
|
Other non-interest expenses |
|
|
2,349 |
|
|
|
3,117 |
|
|
|
5,466 |
|
Total non-interest expenses |
|
|
6,748 |
|
|
|
15,830 |
|
|
|
22,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
3,081 |
|
|
$ |
5,609 |
|
|
|
8,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(1,499 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
7,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
1,502 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
5,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
Unaudited
|
|
|
|
Quarter Ended |
|
|
|
|
|
June 30, 2022 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
83 |
|
|
$ |
(165 |
) |
|
$ |
248 |
|
|
$ |
0.05 |
|
Merger expenses(1) |
|
Non-interest expense |
|
|
357 |
|
|
|
- |
|
|
|
357 |
|
|
|
0.07 |
|
Non-GAAP basis |
|
|
|
$ |
440 |
|
|
$ |
(165 |
) |
|
$ |
605 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
March 31, 2022 |
|
Adjustments |
|
Income Statement Section |
|
Income (Loss) Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income (Loss) |
|
|
Earnings (Loss) per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
(1,318 |
) |
|
$ |
(1,083 |
) |
|
$ |
(235 |
) |
|
$ |
(0.05 |
) |
Merger expenses(1) |
|
Non-interest expense |
|
|
588 |
|
|
|
- |
|
|
|
588 |
|
|
|
0.12 |
|
Reversal of cease use liability |
|
Non-interest expense |
|
|
(290 |
) |
|
|
(89 |
) |
|
|
(201 |
) |
|
|
(0.04 |
) |
Severance expenses |
|
Non-interest expense |
|
|
240 |
|
|
|
74 |
|
|
|
166 |
|
|
|
0.03 |
|
Non-GAAP basis |
|
|
|
$ |
(780 |
) |
|
$ |
(1,098 |
) |
|
$ |
318 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
December 31, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
1,116 |
|
|
$ |
330 |
|
|
$ |
786 |
|
|
$ |
0.16 |
|
Loss on disposal of fixed assets |
|
Non-interest income |
|
|
55 |
|
|
|
16 |
|
|
|
39 |
|
|
|
0.01 |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
26 |
|
|
|
7 |
|
|
|
19 |
|
|
|
- |
|
Non-GAAP basis |
|
|
|
$ |
1,197 |
|
|
$ |
353 |
|
|
$ |
844 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
September 30, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
4,356 |
|
|
$ |
1,230 |
|
|
$ |
3,126 |
|
|
$ |
0.62 |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
139 |
|
|
|
40 |
|
|
|
99 |
|
|
|
0.02 |
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
190 |
|
|
|
54 |
|
|
|
136 |
|
|
|
0.03 |
|
Non-GAAP basis |
|
|
|
$ |
4,685 |
|
|
$ |
1,324 |
|
|
$ |
3,361 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
June 30, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
1,415 |
|
|
$ |
(162 |
) |
|
$ |
1,577 |
|
|
$ |
0.31 |
|
Loss on disposal of fixed assets |
|
Non-interest expense |
|
|
29 |
|
|
|
8 |
|
|
|
21 |
|
|
|
- |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
145 |
|
|
|
41 |
|
|
|
104 |
|
|
|
0.02 |
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
71 |
|
|
|
20 |
|
|
|
51 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
|
|
$ |
1,660 |
|
|
$ |
(93 |
) |
|
$ |
1,753 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Merger expenses are not tax deductible and
therefore no provision for income taxes is calculated in the
table.
Randolph Bancorp, Inc.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
(Unaudited)
|
|
|
|
Year to Date |
|
|
|
|
|
June 30, 2022 |
|
Adjustments |
|
Income Statement Section |
|
Income (Loss) Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income (Loss) |
|
|
Earnings (Loss) per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
(1,235 |
) |
|
$ |
(1,248 |
) |
|
$ |
13 |
|
|
$ |
- |
|
Merger expenses(1) |
|
Non-interest expense |
|
|
945 |
|
|
|
- |
|
|
|
945 |
|
|
|
0.19 |
|
Reversal of cease use liability |
|
Non-interest expense |
|
|
(290 |
) |
|
|
(89 |
) |
|
|
(201 |
) |
|
|
(0.04 |
) |
Severance expenses |
|
Non-interest expense |
|
|
240 |
|
|
|
74 |
|
|
|
166 |
|
|
|
0.03 |
|
Non-GAAP basis |
|
|
|
$ |
(340 |
) |
|
$ |
(1,263 |
) |
|
$ |
923 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date |
|
|
|
|
|
June 30, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
7,191 |
|
|
$ |
1,502 |
|
|
$ |
5,689 |
|
|
$ |
1.10 |
|
Loss on disposal of fixed assets |
|
Non-interest expense |
|
|
29 |
|
|
|
8 |
|
|
|
21 |
|
|
|
- |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
254 |
|
|
|
72 |
|
|
|
182 |
|
|
|
0.04 |
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
71 |
|
|
|
20 |
|
|
|
51 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
|
|
$ |
7,545 |
|
|
$ |
1,602 |
|
|
$ |
5,943 |
|
|
$ |
1.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Merger expenses are not tax deductible and
therefore no provision for income taxes is calculated in the
table.
Randolph Bancorp, Inc.
Selected Financial Highlights
(Unaudited)
|
|
At or for the Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
0.13 |
% |
|
|
(0.12 |
%) |
|
|
0.41 |
% |
|
|
1.66 |
% |
|
|
0.86 |
% |
Non-GAAP (2) |
|
|
0.32 |
% |
|
|
0.16 |
% |
|
|
0.44 |
% |
|
|
1.79 |
% |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity:
(1, 6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
1.11 |
% |
|
|
(0.98 |
%) |
|
|
3.07 |
% |
|
|
12.09 |
% |
|
|
6.11 |
% |
Non-GAAP (2) |
|
|
2.70 |
% |
|
|
1.33 |
% |
|
|
3.29 |
% |
|
|
13.00 |
% |
|
|
6.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(10) |
|
|
3.39 |
% |
|
|
2.86 |
% |
|
|
3.14 |
% |
|
|
3.36 |
% |
|
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
23.29 |
% |
|
|
29.39 |
% |
|
|
44.33 |
% |
|
|
57.69 |
% |
|
|
56.73 |
% |
Non-GAAP (2) |
|
|
23.29 |
% |
|
|
29.39 |
% |
|
|
44.63 |
% |
|
|
57.69 |
% |
|
|
56.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit percentage
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
4.49 |
% |
|
|
(16.72 |
%) |
|
|
9.85 |
% |
|
|
30.20 |
% |
|
|
11.55 |
% |
Non-GAAP (2) |
|
|
9.05 |
% |
|
|
(9.51 |
%) |
|
|
10.59 |
% |
|
|
32.53 |
% |
|
|
13.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
95.51 |
% |
|
|
116.72 |
% |
|
|
90.15 |
% |
|
|
69.80 |
% |
|
|
88.45 |
% |
Non-GAAP (2) |
|
|
90.95 |
% |
|
|
109.51 |
% |
|
|
89.41 |
% |
|
|
67.47 |
% |
|
|
86.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average
assets (3) |
|
|
12.24 |
% |
|
|
11.47 |
% |
|
|
13.23 |
% |
|
|
13.38 |
% |
|
|
13.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets (4) |
|
|
0.36 |
% |
|
|
0.37 |
% |
|
|
0.33 |
% |
|
|
0.20 |
% |
|
|
0.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.00 |
% |
|
|
1.09 |
% |
|
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.19 |
% |
Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans
(4) |
|
|
1.00 |
% |
|
|
1.09 |
% |
|
|
1.15 |
% |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of non-performing assets |
|
|
237.40 |
% |
|
|
237.17 |
% |
|
|
239.67 |
% |
|
|
427.66 |
% |
|
|
101.89 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
|
|
237.40 |
% |
|
|
237.17 |
% |
|
|
239.67 |
% |
|
|
427.66 |
% |
|
|
101.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share
(8) |
|
$ |
17.18 |
|
|
$ |
17.07 |
|
|
$ |
19.73 |
|
|
$ |
19.71 |
|
|
$ |
19.16 |
|
Outstanding shares |
|
|
5,197,680 |
|
|
|
5,180,670 |
|
|
|
5,113,825 |
|
|
|
5,103,619 |
|
|
|
5,254,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized for quarterly periods presented.
(2) See page 26 – Reconciliation of GAAP to Non-GAAP Net
Income.
(3) Average assets calculated on a quarterly basis for all periods
presented.
(4) Total loans exclude loans held for sale but includes net
deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average
total assets.
(6) This non-GAAP measure represents net income divided by average
stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses
divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity,
minus intangible assets of $0, $22,000, $24,000, $26,000, and
$28,000 at June 30, 2022, March 31, 2022, December 31, 2021,
September 30, 2021, and June 30, 2021, respectively, divided by
outstanding shares at period end. The Company recorded a full
impairment of intangible assets during the second quarter of
2022.
(9) This non-GAAP measure represents net interest income plus
noninterest income less non-interest expense divided by net
interest income plus non-interest income.
(10) During the fourth quarter of 2021, the Company changed the
yield calculation method from the “30/360” to the “Actual/Actual”
method. Management believes that the “Actual/Actual” method
provides a more consistent and relevant metric for yield
performance comparisons.
Randolph Bancorp, Inc.
Selected Financial Highlights
(Unaudited)
|
|
At or for the Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
GAAP |
|
|
0.00 |
% |
|
|
1.56 |
% |
Non-GAAP (2) |
|
|
0.24 |
% |
|
|
1.63 |
% |
|
|
|
|
|
|
|
|
|
Return on average equity:
(1, 6) |
|
|
|
|
|
|
|
|
GAAP |
|
|
0.03 |
% |
|
|
11.01 |
% |
Non-GAAP (2) |
|
|
1.99 |
% |
|
|
11.50 |
% |
|
|
|
|
|
|
|
|
|
Net interest margin
(10) |
|
|
3.12 |
% |
|
|
2.98 |
% |
|
|
|
|
|
|
|
|
|
Non-interest income to total
income: |
|
|
|
|
|
|
|
|
GAAP |
|
|
26.26 |
% |
|
|
65.15 |
% |
Non-GAAP (2) |
|
|
26.26 |
% |
|
|
65.19 |
% |
|
|
|
|
|
|
|
|
|
Profit percentage
(9) |
|
|
|
|
|
|
|
|
GAAP |
|
|
(5.85 |
%) |
|
|
23.54 |
% |
Non-GAAP (2) |
|
|
0.00 |
% |
|
|
24.71 |
% |
|
|
|
|
|
|
|
|
|
Efficiency ratio:
(7) |
|
|
|
|
|
|
|
|
GAAP |
|
|
105.85 |
% |
|
|
76.46 |
% |
Non-GAAP (2) |
|
|
100.00 |
% |
|
|
75.29 |
% |
|
|
|
|
|
|
|
|
|
Tier 1 capital to average
assets (3) |
|
|
12.24 |
% |
|
|
13.72 |
% |
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets (4) |
|
|
0.36 |
% |
|
|
0.86 |
% |
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.00 |
% |
|
|
1.19 |
% |
Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans
(4) |
|
|
1.00 |
% |
|
|
1.22 |
% |
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of non-performing assets |
|
|
237.40 |
% |
|
|
101.89 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
|
|
237.40 |
% |
|
|
101.89 |
% |
|
|
|
|
|
|
|
|
|
Tangible book value per share
(8) |
|
$ |
17.18 |
|
|
$ |
19.16 |
|
Outstanding shares |
|
|
5,197,680 |
|
|
|
5,254,522 |
|
|
|
|
|
|
|
|
|
|
(1) Annualized for quarterly periods presented.
(2) See page 27 – Reconciliation of GAAP to Non-GAAP Net
Income.
(3) Average assets calculated on an annual basis for all periods
presented.
(4) Total loans exclude loans held for sale but includes net
deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average
total assets.
(6) This non-GAAP measure represents net income divided by average
stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses
divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity,
minus intangible assets of $0 and $28,000 at June 30, 2022 and June
30, 2021, respectively, divided by outstanding shares at period
end.
(9) This non-GAAP measure represents net interest income plus
noninterest income less non-interest expense divided by net
interest income plus non-interest income.
(10) During the fourth quarter of 2021, the Company changed the
yield calculation method from the “30/360” to the “Actual/Actual”
method. Management believes that the “Actual/Actual” method
provides a more consistent and relevant metric for yield
performance comparisons.
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