Randolph Bancorp, Inc (RNDB)

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About Randolph Bancorp, Inc

Randolph Bancorp, Inc. operates as the bank holding company for Envision Bank that provides financial services to individuals, families, and small to mid-size businesses in Massachusetts, Rhode Island, and southern New Hampshire. It operates through two segments, Envision Bank and Envision Mortgage. The company accepts checking, NOW, money market, and savings accounts, as well as certificates of deposit and IRAs. It also offers one- to four-family residential mortgage, commercial real estate, commercial and industrial, construction, and consumer loans; home equity loans and lines of credit; and investment securities. In addition, the company provides remote deposit capture products for business customers to meet their online banking needs; and digital banking services. As of February 16, 2021, it operated five retail branch locations and loan operations centers in North Attleboro and Stoughton, Massachusetts; four loan production offices located throughout Massachusetts; and two loan production offices in Southern New Hampshire. The company was founded in 1851 and is based in Stoughton, Massachusetts. Address: 10 Cabot Place, Stoughton, MA, United States, 02072

Randolph Bancorp, Inc News and around…

Latest news about Randolph Bancorp, Inc (RNDB) common stock and company :

Randolph Bancorp, Inc. Announces Third Quarter 2021 Financial Results, Initiates Quarterly Cash Dividend, and Announces Share Buyback Program
26 Oct, 2021 Yahoo! Finance

QUINCY, Mass., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $3.1 million, or $0.64 per basic share and $0.62 per diluted share, for the three months ended September 30, 2021 compared to net income of $1.6 million, or $0.32 per basic and $0.31 per diluted share, for the three months ended June 30, 2021 and net income of $10.3 million, or $2.01 per basic and d

Randolph Bancorp, Inc. and Envision Bank Announce Director Retirement
20 Sep, 2021 Yahoo! Finance

QUINCY, Mass., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced that Paul R. Donovan will retire as a member of the board of Directors of the Company and the Bank, effective September 20, 2021. “It has been an honor to work with Paul over the past eight years,” said Kenneth K. Quigley, Jr., Board Chair of the Company and the Bank. “On behalf of the Board and the entire team,

Randolph Bancorp, Inc. Announces Second Quarter 2021 Financial Results
27 Jul, 2021 Yahoo! Finance

QUINCY, Mass., July 27, 2021 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced 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 compared to net income of $4.1 million, or $0.81 per basic and $0.78 per diluted share, for the three months ended March 31, 2021 and net income of $5.2 million, or $1.02 per basic and dilute

Do Institutions Own Randolph Bancorp, Inc. (NASDAQ:RNDB) Shares?
12 Jul, 2021 Yahoo! Finance

A look at the shareholders of Randolph Bancorp, Inc. ( NASDAQ:RNDB ) can tell us which group is most powerful...

Here's Why I Think Randolph Bancorp (NASDAQ:RNDB) Is An Interesting Stock
13 May, 2021 Yahoo! Finance

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Randolph Bancorp, Inc. Announces First Quarter 2021 Financial Results
27 Apr, 2021 Yahoo! Finance

STOUGHTON, Mass., April 27, 2021 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $4.1 million, or $0.81 per basic share and $0.78 per diluted share, for the three months ended March 31, 2021 compared to net income of $5.3 million, or $1.03 per basic and $1.01 per diluted share for the three months ended December 31, 2020 and a net loss of $0.8 million, or $0.16 per basic and diluted share, for the three months ended March 31, 2020. Excluding one-time charges of $109,000 in severance expenses, earnings were $4.2 million, or $0.79 per diluted share for the three months ended March 31, 2021. Excluding one-time charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, earnings were $5.6 million, or $1.06 per diluted share, for the three months ended December 31, 2020. At March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. An increase in cash and cash equivalents of $41.2 million was partially offset by a decrease in loans held for sale of $25.9 million relative to the prior quarter. Compared to March 31, 2020, total assets grew $85.3 million, or 13.1% from $652.9 million. The growth from the prior year period was caused by an increase in loans held for sale of $34.4 million, or 58.5%, an increase in commercial real estate loans of $20.3 million, or 16.1%, and an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by lending associated with the Small Business Administration’s (the “SBA’s”) Paycheck Protection Program (“PPP”). William M. Parent, President and Chief Executive Officer, stated, “The first quarter was another strong quarter for our Company, as mortgage refinancing volume, combined with improving banking results, drove performance metrics to elevated levels. We are very pleased with our performance as we migrate our mortgage banking operations from a higher volume refinance environment to more normalized levels while continuing to expand our consumer and commercial banking business. We remain optimistic regarding local economic activity, our ability to continue to grow our business and generate recurring operating leverage.” First Quarter Operating ResultsNet interest income increased by $51,000, or 1.0%, to $5.1 million for the three months ended March 31, 2021 from $5.0 million for the three months ended December 31, 2020. This increase was primarily due to an increase in average loans and a decrease in the cost of funds driven by a shortening of deposit liabilities and a decline in the cost of non-maturity deposits from the prior quarter. The average balance of term certificates decreased $15.3 million, or 13.6%, from the prior quarter and the average balance of savings and NOW accounts increased $19.2 million, or 8.0%, from the prior quarter. This contributed to a decrease of 9 basis points in the cost of interest-bearing liabilities. The net interest margin decreased in the first quarter by 6 basis points to 2.96% from 3.02% in the prior quarter. The change reflects a decrease of 11 basis points in loan yields, due to a decline in the forgiveness of SBA PPP loans, which resulted in a decline in loan yields of 2 basis points, and payoffs of higher yielding loans. The net interest margin increased in the first quarter of 2021 to 2.96%, from 2.91% in the first quarter of 2020. The change reflects the shortening and downward pricing of deposit liabilities, exceeding the decreases in the rates earned on interest-earning assets because of the lower interest-rate environment. Net interest income increased by $666,000, or 15.1%, to $5.1 million for the three months ended March 31, 2021 from $4.4 million the same period in the prior year. This increase was primarily due to a decrease in deposit costs, complemented by change in the mix of deposits. The average balance of savings and NOW accounts in the first quarter of 2021 increased $55.5 million, or 41.1% and $30.5 million, or 78.0%, respectively, from the prior year quarter and the average balance of term certificates decreased $91.7 million, or 48.6%, from the prior year quarter, contributing to an 80 basis point decrease in the cost of interest-bearing liabilities. This decrease was primarily driven by an 89 basis point decline in the cost of interest-bearing deposits, as market interest rates declined sharply from the prior year. The Company recognized a credit for loan losses of $213,000 for the quarter ended March 31, 2021, driven by changes in the qualitative factors related to the impact of the COVID-19 pandemic and the economic outlook used in the Company’s calculation. The allowance for loan losses was 1.32%, 1.38% and 1.04% of total loans at March 31, 2021, December 31, 2020 and March 31, 2020, respectively, and was 79.0%, 94.6% and 146.6% of non-performing assets at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Non-interest income decreased $3.2 million, or 20.3%, to $12.4 million for the quarter ended March 31, 2021 from $15.6 million in the quarter ended December 31, 2020, due to a decrease of $3.6 million in the net gain on loan origination and sale activities, partially offset by an increase of $504,000 related to net mortgage servicing fees. Sold mortgages totaled $503.3 million in the first quarter of 2021, compared to $426.5 million in the fourth quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $396.6 million at the end of the fourth quarter of 2020, contributing to the decrease in the net gain on loan origination and sales activities. Mortgage servicing fees increased $504,000, or 183.3% for the first quarter of 2021 to $779,000 from $275,000 in the fourth quarter of 2020 due to a fair value adjustment of $421,000 in the first quarter of 2021, based on an increase in mortgage interest rates from the prior quarter. Non-interest income increased $6.0 million, or 92.6%, to $12.4 million for the quarter ended March 31, 2021 from $6.5 million for the quarter ended March 31, 2020, principally due to an increase of $3.8 million in the net gain on loan origination and sale activities and an increase of $2.0 million in net mortgage servicing fees. Sold mortgage loans totaled $503.3 million in the first quarter of 2021, compared to sold mortgage loans of $217.9 million during the first quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $395.6 million at the end of the first quarter of 2020. Mortgage servicing fees increased $2.0 million in the quarter ended March 31, 2021, principally due to an impairment of mortgage servicing rights of $1.6 in the quarter ended March 31, 2020. Non-interest expenses decreased $976,000, or 7.6%, to $12.0 million in the quarter ended March 31, 2021 from $12.9 million in the quarter ended December 30, 2020. The decrease was due to a decrease in occupancy and equipment costs of $406,000, or 35.3%, and a provision for unfunded commitments of $584,000 taken in the fourth quarter of 2020. Occupancy and equipment expenses decreased $406,000 in the quarter ended March 31, 2021 from the prior quarter due to the closing of residential lending offices in the fourth quarter of 2020, which resulted in a one-time charge of $294,000. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses decreased by $285,000, or 9.3% in the quarter ended March 31, 2021 versus the prior quarter, as the fourth quarter of 2020 included a $584,000 provision for unfunded loan commitments. Non-interest expenses increased $992,000 to $12.0 million in the quarter ended March 31, 2021 from $11.0 million in the quarter ended March 31, 2020. The increase is principally due to an increase in salaries and employee benefits of $311,000, primarily attributed to higher commissions and incentives associated with increased residential loan production, partially offset by a $1.4 million charge related to the retirement of senior executives in the first quarter of 2020. In addition, other non-interest expenses increased $463,000 from the prior year quarter due to elevated loan production costs. Occupancy and equipment expenses increased $46,000 in the quarter ended March 31, 2021 over the prior year period due to seasonal increases in snowplowing expenses. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses increased by $635,000, or 29.7% in the quarter ended March 31, 2021 versus the prior year period, due to elevated mortgage loan production costs. Balance SheetAt March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. A $41.2 million increase in cash and cash equivalents from the prior quarter was partially offset by a $25.9 million decrease in loans held for sale. Net loan growth of $8.4 million, or 1.7%, was driven by SBA PPP loan originations of $10.2 million. SBA PPP loans totaled $14.7 million at the end of the first quarter of 2021. Non-brokered deposits increased by $31.5 million, or 6.3%, to $528.0 million from $496.6 million in the prior quarter. Total assets at March 31, 2021 increased $85.3 million, or 13.1% from $652.9 million at March 31, 2020. Contributing to asset growth was a $34.4 million increase in loans held for sale to $93.2 million at March 31, 2021 from $58.8 million at March 31, 2020. Cash and cash equivalents increased by $33.7 million, or 159.0%, to $55.0 million at March 31, 2021 from $21.2 million at March 31, 2020, mainly as a result of strong core growth in deposits and higher loan sales at quarter end. Net loans increased by $15.8 million, or 3.3%, to $492.0 million at March 31, 2021 from $476.2 million at March 31, 2020, mainly as a result commercial real estate growth of $20.3 million, or 16.1%, as we focus on diversifying our loan mix and reducing our exposure to long-term fixed rate 1-4 family residential loans. Another factor for net loan growth was an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by SBA PPP lending. The increase in total assets at March 31, 2021 from the prior quarter was funded by deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $31.5 million, or 6.3%, during the quarter from $496.6 million at December 31, 2020. Driving the growth in non-brokered deposits were customers’ receipt of government stimulus and our focus on deposit gathering. Federal Home Loan Bank of Boston (“FHLBB”) and Federal Reserve Bank advances decreased by $13.3 million to $60.0 million at March 31, 2021, from $73.3 million at December 31, 2020, primarily as a result of the full repayment of Federal Reserve Bank advances. The increase in total assets from the prior year quarter was also funded by continued deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $109.0 million, or 26.0%, during the quarter ended March 31, 2021 from $419.1 million at March 31, 2020. Driving the growth in non-brokered deposits was customers’ receipt of government stimulus and our focus on deposit gathering. Brokered deposits decreased by $53.7 million to $32.2 million at March 31, 2021, from $86.0 million at March 31, 2020. FHLBB advances increased by $8.0 million to $60.0 million at March 31, 2021, from $52.0 million at March 31, 2020. Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $99.8 million at December 31, 2020. The increase of $1.0 million reflects net income during the first quarter of $4.1 million, partially offset by share repurchases of $2.7 million and a decrease in the fair value of available-for-sale equity securities, net of taxes, of $794,000. Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $79.0 million at March 31, 2020. The increase of $21.9 million relates mainly to net income from the previous twelve months of $24.9 million, partially offset by share repurchases of $3.2 million and a decrease in the fair value of available-for-sale securities, net of taxes, of $927,000. In addition, equity adjustments related to equity-based compensation amounted to an increase of $1.1 million. COVID-19 ImpactIn response to the impact of the COVID-19 pandemic on our customers and our business, the Company implemented a series of measures through the date of this release, including participation in the PPP, for which we funded $25.6 million of SBA PPP Loans through March 31, 2021, and granting payment deferrals for residential mortgage, home equity and certain commercial borrowers who were current in their payments at the time the deferral was requested. Depending on the circumstances of the borrowers, the forbearance calls for a reduced or full deferral of payment. Please refer to the Loan Payment Deferrals and COVID-19 Most Impacted Sections for statistics on loan payment deferrals and the commercial loan sectors we believe could be exposed to the economic impact of the COVID-19 pandemic. About Randolph Bancorp, Inc.Randolph Bancorp, Inc. is the holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations, loan operations centers in North Attleboro and Stoughton, Massachusetts, three loan production offices located in Massachusetts and one loan production office in Southern New Hampshire. Forward Looking StatementsCertain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in the general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in consumer behavior due to changing political, business and economic conditions or legislative or regulatory initiatives; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. Non-GAAP Financial MeasuresThe Company uses certain non-GAAP financial measures, such as return on average assets, return on average equity, the efficiency ratio, profit percentage, tangible book value per share and, where applicable, as adjusted for non-recurring items. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of on-going business activities, and to enhance comparability with peers across the financial services sector. Randolph Bancorp, Inc.Consolidated Balance Sheet(Dollars in thousands)(Unaudited) % Change March 31, December 31, March 31, Mar 2021 vs. Mar 2021 vs. 2021 2020 2020 Dec 2020 Mar 2020 Assets Cash and cash equivalents $54,950 $13,774 $21,245 298.9% 158.6%Certificates of deposit - - 490 - % (100.0)%Securities available for sale, at fair value 54,148 55,366 55,465 (2.2)% (2.4)%Loans held for sale, at fair value 93,176 119,112 58,781 (21.8)% 58.5%Loans: 1-4 family residential 239,190 235,648 250,006 1.5% (4.3)%Home equity 49,073 48,166 43,503 1.9% 12.8%Commercial real estate 146,930 143,893 126,608 2.1% 16.1%Construction 29,975 31,050 35,327 (3.5)% (15.1)%Total real estate loans 465,168 458,757 455,444 1.4% 2.1%Commercial and industrial 23,869 20,259 9,030 17.8% 164.3%Consumer 8,724 10,289 15,344 (15.2)% (43.1)%Total loans 497,761 489,305 479,818 1.7% 3.7%Allowance for loan losses (6,563) (6,784) (4,996) (3.3)% 31.4%Net deferred loan costs and fees, and purchase premiums 785 1,123 1,404 (30.1)% (44.1)%Loans, net 491,983 483,644 476,226 1.7% 3.3%Federal Home Loan Bank of Boston stock, at cost 3,576 3,576 2,873 0.0% 24.5%Accrued interest receivable 1,501 1,562 1,397 (3.9)% 7.4%Mortgage servicing rights, net 14,744 12,377 7,488 19.1% 96.9%Premises and equipment, net 4,709 4,781 5,667 (1.5)% (16.9)%Bank-owned life insurance 8,662 8,622 8,486 0.5% 2.1%Foreclosed real estate, net 132 132 132 0.0% 0.0%Other assets 10,607 18,126 14,636 (41.5)% (27.5)%Total assets $738,188 $721,072 $652,886 2.4% 13.1% Liabilities and Stockholders' Equity Deposits: Non-interest bearing $118,623 $96,731 $65,017 22.6% 82.4%Savings accounts 192,712 185,481 144,980 3.9% 32.9%NOW accounts 62,772 53,530 39,598 17.3% 58.5%Money market accounts 78,236 77,393 67,220 1.1% 16.4%Term certificates 75,690 83,444 102,253 (9.3)% (26.0)%Brokered 32,225 31,728 85,951 1.6% (62.5)%Total deposits 560,258 528,307 505,019 6.0% 10.9%Federal Reserve Bank advances - 11,431 - (100.0)% - % Federal Home Loan Bank of Boston advances 60,024 61,895 52,013 (3.0)% 15.4%Mortgagors' escrow accounts 1,924 2,338 2,074 (17.7)% (7.2)%Post-employment benefit obligations 2,235 2,382 2,329 (6.2)% (4.0)%Other liabilities 12,888 14,900 12,495 (13.5)% 3.1%Total liabilities 637,329 621,253 573,930 2.6% 11.0%Stockholders' Equity: Common stock 53 54 55 (1.9)% (3.6)%Additional paid-in capital 48,613 50,937 50,832 (4.6)% (4.4)%Retained earnings 55,801 51,689 30,939 8.0% 80.4%ESOP-Unearned compensation (3,709) (3,756) (3,897) (1.3)% (4.8)%Accumulated other comprehensive income, net of tax 101 895 1,027 (88.7)% (90.2)%Total stockholders' equity 100,859 99,819 78,956 1.0% 27.7%Total liabilities and stockholders' equity $738,188 $721,072 $652,886 2.4% 13.1% Randolph Bancorp, Inc.Consolidated Balance Sheet Trend(Dollars in thousands)(Unaudited) March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Assets Cash and cash equivalents $54,950 $13,774 $49,091 $76,003 $21,245 Certificates of deposit - - - 490 490 Securities available for sale, at fair value 54,148 55,366 55,551 54,462 55,465 Loans held for sale, at fair value 93,176 119,112 87,805 61,673 58,781 Loans: 1-4 family residential 239,190 235,648 235,955 246,236 250,006 Home equity 49,073 48,166 48,097 43,493 43,503 Commercial real estate 146,930 143,893 141,862 134,750 126,608 Construction 29,975 31,050 32,064 35,181 35,327 Total real estate loans 465,168 458,757 457,978 459,660 455,444 Commercial and industrial 23,869 20,259 20,388 22,940 9,030 Consumer 8,724 10,289 11,696 13,435 15,344 Total loans 497,761 489,305 490,062 496,035 479,818 Allowance for loan losses (6,563) (6,784) (6,597) (6,059) (4,996)Net deferred loan costs and fees, and purchase premiums 785 1,123 1,083 962 1,404 Loans, net 491,983 483,644 484,548 490,938 476,226 Federal Home Loan Bank of Boston stock, at cost 3,576 3,576 3,797 4,072 2,873 Accrued interest receivable 1,501 1,562 1,654 1,760 1,397 Mortgage servicing rights, net 14,744 12,377 10,944 8,094 7,488 Premises and equipment, net 4,709 4,781 5,133 5,313 5,667 Bank-owned life insurance 8,662 8,622 8,577 8,532 8,486 Foreclosed real estate, net 132 132 132 132 132 Other assets 10,607 18,126 15,736 12,572 14,636 Total assets $738,188 $721,072 $722,968 $724,041 $652,886 Liabilities and Stockholders' Equity Deposits: Non-interest bearing $118,623 $96,731 $93,352 $89,014 $65,017 Savings accounts 192,712 185,481 175,316 165,234 144,980 NOW accounts 62,772 53,530 47,032 48,014 39,598 Money market accounts 78,236 77,393 74,874 75,827 67,220 Term certificates 75,690 83,444 94,438 104,905 102,253 Brokered 32,225 31,728 37,273 55,972 85,951 Total deposits 560,258 528,307 522,285 538,966 505,019 Federal Reserve Bank advances - 11,431 15,318 15,010 - Federal Home Loan Bank of Boston advances 60,024 61,895 66,903 71,944 52,013 Mortgagors' escrow accounts 1,924 2,338 1,959 1,824 2,074 Post-employment benefit obligations 2,235 2,382 2,289 2,319 2,329 Other liabilities 12,888 14,900 19,276 9,449 12,495 Total liabilities 637,329 621,253 628,030 639,512 573,930 Stockholders' Equity: Common stock 53 54 55 55 55 Additional paid-in capital 48,613 50,937 51,201 51,013 50,832 Retained earnings 55,801 51,689 46,415 36,130 30,939 ESOP-Unearned compensation (3,709) (3,756) (3,803) (3,850) (3,897)Accumulated other comprehensive income, net of tax 101 895 1,070 1,181 1,027 Total stockholders' equity 100,859 99,819 94,938 84,529 78,956 Total liabilities and stockholders' equity $738,188 $721,072 $722,968 $724,041 $652,886 Randolph Bancorp, Inc.Consolidated Statements of Operations(Dollars in thousands except per share amounts)(Unaudited) Three Months Ended % Change March 31, December 31, March 31, Mar 2021 vs. Mar 2021 vs. 2021 2020 2020 Dec 2020 Mar 2020 Interest and dividend income: Loans $5,508 $5,532 $5,620 (0.4)% (2.0)%Other interest and dividend income 253 296 433 (14.5)% (41.6)%Total interest and dividend income 5,761 5,828 6,053 (1.1)% (4.8)% Interest expense 670 788 1,628 (15.0)% (58.8)% Net interest income 5,091 5,040 4,425 1.0% 15.1%Provision (credit) for loan losses (213) 215 724 (199.1)% (129.4)%Net interest income after provision (credit) for loan losses 5,304 4,825 3,701 9.9% 43.3% Non-interest income: Customer service fees 367 381 306 (3.7)% 19.9%Gain on loan origination and sale activities, net 10,993 14,620 7,144 (24.8)% 53.9%Mortgage servicing fees, net 779 275 (1,254) 183.3% (162.1)%Other 284 311 255 (8.7)% 11.4%Total non-interest income 12,423 15,587 6,451 (20.3)% 92.6%Non-interest expenses: Salaries and employee benefits 8,437 8,722 8,126 (3.3)% 3.8%Occupancy and equipment 744 1,150 698 (35.3)% 6.6%Professional fees 561 389 405 44.2% 38.5%Marketing 170 231 152 (26.4)% 11.8%FDIC insurance 54 51 56 5.9% (3.6)%Other non-interest expenses 1,985 2,384 1,522 (16.7)% 30.4%Total non-interest expenses 11,951 12,927 10,959 (7.6)% 9.1%Income (loss) before income taxes 5,776 7,485 (807) (22.8)% (815.7)%Income tax expense 1,664 2,211 11 (24.7)% 15027.3%Net income (loss) $4,112 $5,274 $(818) (22.0)% (602.7)% Net income (loss) per share: Basic $0.81 $1.03 $(0.16) Diluted $0.78 $1.01 $(0.16) Weighted average shares outstanding: Basic 5,056,165 5,135,069 5,158,294 Diluted 5,254,907 5,244,414 5,158,294 Randolph Bancorp, Inc.Consolidated Statements of Operations Trend(Dollars in thousands except per share amounts)(Unaudited) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Interest and dividend income: Loans $5,508 $5,532 $5,337 $5,723 $5,620 Other interest and dividend income 253 296 311 336 433 Total interest and dividend income 5,761 5,828 5,648 6,059 6,053 Interest expense 670 788 979 1,326 1,628 Net interest income 5,091 5,040 4,669 4,733 4,425 Provision (credit) for loan losses (213) 215 546 1,068 724 Net interest income after provision (credit) for loan losses 5,304 4,825 4,123 3,665 3,701 Non-interest income: Customer service fees 367 381 330 266 306 Gain on loan origination and sale activities, net 10,993 14,620 18,102 14,370 7,144 Mortgage servicing fees, net 779 275 1,180 (1,354) (1,254)Other 284 311 262 217 255 Total non-interest income 12,423 15,587 19,874 13,499 6,451 Non-interest expenses: Salaries and employee benefits 8,437 8,722 7,911 8,402 8,126 Occupancy and equipment 744 1,150 859 838 698 Professional fees 561 389 253 230 405 Marketing 170 231 154 152 152 FDIC insurance 54 51 41 39 56 Other non-interest expenses 1,985 2,384 1,833 1,718 1,522 Total non-interest expenses 11,951 12,927 11,051 11,379 10,959 Income (loss) before income taxes 5,776 7,485 12,946 5,785 (807)Income tax expense 1,664 2,211 2,661 594 11 Net income (loss) $4,112 $5,274 $10,285 $5,191 $(818) Net income (loss) per share: Basic $0.81 $1.03 $2.01 $1.02 $(0.16)Diluted $0.78 $1.01 $2.01 $1.02 $(0.16) Weighted average shares outstanding: Basic 5,056,165 5,135,069 5,120,367 5,092,490 5,158,294 Diluted 5,254,907 5,244,414 5,120,367 5,092,490 5,158,294 Randolph Bancorp, Inc.Average Balances/Yields(Dollars in thousands)(Unaudited) Three Months Ended March 31, 2021 December 31, 2020 March 31, 2020 Average Interest Average Average Interest Average Average Interest Average Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ (Dollars in thousands)Balance Paid Rate Balance Paid Rate Balance Paid Rate Interest-earning assets: Loans (1)$594,021 $5,508 3.71% $580,002 $5,532 3.82% $531,141 $5,620 4.23%Investment securities(2) (3) 57,818 247 1.71% 58,329 290 1.99% 58,799 379 2.58%Interest-earning deposits 35,492 7 0.08% 30,573 8 0.10% 18,458 56 1.21%Total interest-earning assets 687,331 5,762 3.35% 668,904 5,830 3.49% 608,398 6,055 3.98%Noninterest-earning assets 42,045 45,015 31,774 Total assets$729,376 $713,919 $640,172 Interest-bearing liabilities: Savings accounts 190,313 98 0.21% 181,653 142 0.31% 134,843 284 0.84%NOW accounts 69,511 48 0.28% 59,005 43 0.29% 39,049 51 0.52%Money market accounts 75,994 54 0.28% 75,106 62 0.33% 78,394 197 1.01%Term certificates 96,978 238 0.98% 112,260 293 1.04% 188,654 893 1.89%Total interest-bearing deposits 432,796 438 0.40% 428,024 540 0.50% 440,940 1,425 1.29%FHLBB and FRB advances 70,857 232 1.31% 77,584 247 1.27% 47,102 203 1.72%Total interest-bearing liabilities 503,653 670 0.53% 505,608 787 0.62% 488,042 1,628 1.33%Noninterest-bearing liabilities: Noninterest-bearing deposits 106,929 94,540 62,718 Other noninterest-bearing liabilities 15,375 13,539 9,549 Total liabilities 625,957 613,687 560,309 Total stockholders' equity 103,419 100,232 79,863 Total liabilities and stockholders' equity$729,376 $713,919 $640,172 Net interest income $5,092 $5,043 $4,427 Interest rate spread(4) 2.82% 2.87% 2.65%Net interest-earning assets(5)$183,678 $163,296 $120,356 Net interest margin(6) 2.96% 3.02% 2.91% Ratio of interest-earning assets to interest-bearing liabilities 136.47% 132.30% 124.66% (1) Includes nonaccruing loan balances and interest received on such loans.(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $1,000, $1,000 and $2,000 for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.(6) Net interest margin represents net interest income divided by average total interest-earning assets. Randolph Bancorp, Inc.Average Balances Trend(Dollars in thousands)(Unaudited) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Interest-earning assets: Total loans $594,021 $580,002 $559,370 $576,964 $531,141 Investment securities 57,818 58,329 57,211 58,119 58,799 Interest-earning deposits 35,492 30,573 48,949 22,918 18,458 Total interest-earning assets 687,331 668,904 665,530 658,001 608,398 Non-interest earning assets 42,045 45,015 41,037 40,156 31,774 Total assets $729,376 $713,919 $706,567 $698,157 $640,172 Interest-bearing liabilities: Savings accounts $190,313 $181,653 $170,762 $158,427 $134,843 NOW accounts 69,511 59,005 57,646 46,593 39,049 Money market accounts 75,994 75,106 72,369 71,396 78,394 Term certificates 96,978 112,260 131,053 159,224 188,654 Total interest-bearing deposits 432,796 428,024 431,830 435,640 440,940 FHLBB and FRB advances 70,857 77,584 82,639 79,133 47,102 Total interest-bearing liabilities 503,653 505,608 514,469 514,773 488,042 Noninterest-bearing liabilities: Noninterest-bearing deposits 106,929 94,540 88,394 77,947 62,718 Other noninterest-bearing liabilities 15,375 13,539 12,724 22,893 9,549 Total liabilities 625,957 613,687 615,587 615,613 560,309 Total stockholders' equity 103,419 100,232 90,980 82,544 79,863 Total liabilities and stockholders' equity $729,376 $713,919 $706,567 $698,157 $640,172 Randolph Bancorp, Inc.Average Balances Trend(Dollars in thousands)(Unaudited) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Interest-earning assets: Total loans 3.71% 3.82% 3.82% 3.97% 4.23%Investment securities 1.71% 1.99% 2.13% 2.28% 2.58%Interest-earning deposits 0.08% 0.10% 0.06% 0.09% 1.21%Total interest-earning assets 3.35% 3.49% 3.40% 3.68% 3.98% Interest-bearing liabilities: Savings accounts 0.21% 0.31% 0.40% 0.59% 0.84%NOW accounts 0.28% 0.29% 0.28% 0.43% 0.52%Money market accounts 0.28% 0.33% 0.41% 0.68% 1.01%Term certificates 0.98% 1.04% 1.35% 1.70% 1.89%Total interest-bearing deposits 0.40% 0.50% 0.68% 0.99% 1.29%FHLBB and FRB advances 1.31% 1.27% 1.21% 1.23% 1.72%Total interest-bearing liabilities 0.53% 0.62% 0.76% 1.03% 1.33% Interest rate spread 2.82% 2.87% 2.64% 2.65% 2.65%Net interest rate margin 2.96% 3.02% 2.81% 2.88% 2.91%Ratio of interest-earning assets to interest-bearing liabilities 136.47% 132.30% 129.36% 127.82% 124.66% Randolph Bancorp, Inc.Rate/Volume Analysis(Dollars in thousands)(Unaudited) Three Months Ended March 31, 2021 vs. December 31, 2020 Increase (Decrease) Total Due to Changes in Increase Volume Rate (Decrease) Interest-earning assets: Loans $135 $(159) $(24)Investment securities (3) (40) (43)Interest-earning deposits 1 (1) - Total interest-earning assets 133 (200) (67)Interest-bearing liabilities: Savings accounts 6 (50) (44)NOW accounts 7 (2) 5 Money market accounts 1 (9) (8)Term certificates (39) (16) (55)Total interest-bearing deposits (25) (77) (102)FHLBB and FRB advances (22) 6 (16)Total interest-bearing liabilities (47) (71) (118)Change in net interest income $180 $(129) $51 Three Months Ended March 31, 2021 vs. 2020 Increase (Decrease) Total Due to Changes in Increase Volume Rate (Decrease) Interest-earning assets: Loans $623 $(735) $(112)Investment securities (6) (126) (132)Interest-earning deposits 27 (75) (48)Total interest-earning assets 644 (936) (292)Interest-bearing liabilities: Savings accounts 85 (271) (186)NOW accounts 28 (31) (3)Money market accounts (6) (137) (143)Term certificates (329) (326) (655)Total interest-bearing deposits (222) (765) (987)FHLBB and FRB advances 85 (56) 29 Total interest-bearing liabilities (137) (821) (958)Change in net interest income $781 $(115) $666 Randolph Bancorp, Inc.Segment Information(Dollars in thousands)(Unaudited) For the Three Months Ended March 31, 2021 Envision Bank Envision Mortgage Consolidated Total Net interest income $4,201 $890 $5,091 Provision (credit) for loan losses (213) - (213)Net interest income after provision for loan losses 4,414 890 5,304 Non-interest income: Customer service fees 340 27 367 Gain on loan origination and sale activities, net (1) - 11,674 11,674 Mortgage servicing fees, net (94) 873 779 Other 151 133 284 Total non-interest income 397 12,707 13,104 Non-interest expenses: Salaries and employee benefits 1,802 6,635 8,437 Occupancy and equipment 443 301 744 Other non-interest expenses 1,087 1,683 2,770 Total non-interest expenses 3,332 8,619 11,951 Income before income taxes and elimination of inter-segment profit $1,479 $4,978 6,457 Elimination of inter-segment profit (681)Income before income taxes 5,776 Income tax expense 1,664 Net income $4,112 (1) Before elimination of inter-segment profit. The information above was derived from the internal management reporting system used to measure performance of the segments. Randolph Bancorp, Inc.Segment Information(Dollars in thousands)(Unaudited) For the Three Months Ended December 31, 2020 Envision Bank Envision Mortgage Consolidated Total Net interest income $4,265 $775 $5,040 Provision for loan losses 215 - 215 Net interest income after provision for loan losses 4,050 775 4,825 Non-interest income: Customer service fees 353 28 381 Gain on loan origination and sale activities, net (1) - 15,062 15,062 Mortgage servicing fees, net (100) 375 275 Other 147 164 311 Total non-interest income 400 15,629 16,029 Non-interest expenses: Salaries and employee benefits 2,178 6,544 8,722 Occupancy and equipment 465 685 1,150 Other non-interest expenses 1,942 1,113 3,055 Total non-interest expenses 4,585 8,342 12,927 Income (loss) before income taxes and elimination of inter-segment profit $(135) $8,062 7,927 Elimination of inter-segment profit (442)Income before income taxes 7,485 Income tax expense 2,211 Net income $5,274 (1) Before elimination of inter-segment profit.Randolph Bancorp, Inc.Segment Information(Dollars in thousands)(Unaudited) For the Three Months Ended March 31, 2020 Envision Bank Envision Mortgage Consolidated Total Net interest income $3,994 $431 $4,425 Provision for loan losses 724 - 724 Net interest income after credit for loan losses 3,270 431 3,701 Non-interest income: Customer service fees 273 33 306 Gain on loan origination and sale activities, net (1) - 7,472 7,472 Mortgage servicing fees, net (87) (1,167) (1,254)Other 140 115 255 Total non-interest income 326 6,453 6,779 Non-interest expenses: Salaries and employee benefits 3,098 5,028 8,126 Occupancy and equipment 404 294 698 Other non-interest expenses 1,145 990 2,135 Total non-interest expenses 4,647 6,312 10,959 Income (loss) before income taxes and elimination of inter-segment profit $(1,051) $572 (479) Elimination of inter-segment profit (328)Loss before income taxes (807) Income tax expense 11 Net loss $(818) (1) Before elimination of inter-segment profit.The information above was derived from the internal management reporting system used to measure performance of the segments. Randolph Bancorp, Inc.Reconciliation of GAAP to Non-GAAP Net Income (in thousands)(Unaudited) Quarter Ended March 31, 2021 Income Before Taxes Provision for Income Taxes Net Income Earnings per Common Share (diluted) GAAP basis $5,776 $1,664 $4,112 $0.78 Non-interest expense adjustments: Accrued severance expenses 109 31 78 0.01 Non-GAAP basis $5,885 $1,695 $4,190 $0.79 Quarter Ended December 31, 2020 Income Before Taxes Provision for Income Taxes Net Income Earnings per Common Share (diluted) GAAP basis $7,485 $2,211 $5,274 $1.01 Non-interest expense adjustments: Residential lending office closure 294 63 231 0.04 COVID-19 related expenses 69 15 54 0.01 Non-GAAP basis $7,848 $2,289 $5,559 $1.06 Quarter Ended September 30, 2020 Income Before Taxes Provision for Income Taxes Net Income Earnings per Common Share (diluted) GAAP basis $12,946 $2,661 $10,285 $2.01 Non-interest expense adjustments: COVID-19 related expenses 22 4 18 - Non-GAAP basis $12,968 $2,665 $10,303 $2.01 Quarter Ended June 30, 2020 Income Before Taxes Provision for Income Taxes Net Income Earnings per Common Share (diluted) GAAP basis $5,785 $594 $5,191 $1.02 Non-interest expense adjustments: COVID-19 related expenses 189 - 189 0.04 Non-GAAP basis $5,974 $594 $5,380 $1.06 Quarter Ended March 31, 2020 Income (Loss) Before Taxes Provision for Income Taxes Net Income (Loss) Earnings (Loss) per Common Share (diluted) GAAP basis $(807) $11 $(818) $(0.16)Non-interest expense adjustments: Retirement salary and benefits compensation 692 $- 692 0.13 Accelerated vesting of stock-based compensation 683 $- 683 0.13 COVID-19 related expenses 18 $- 18 - Non-GAAP basis $586 $11 $575 $0.10 Randolph Bancorp, Inc. Selected Financial Highlights(Unaudited) At or for the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Return on average assets: (1, 5) GAAP 2.26% 2.95% 5.82% 2.97% (0.51%)Non-GAAP (2) 2.30% 3.11% 5.83% 3.08% 0.36% Return on average equity: (1, 6) GAAP 15.90% 21.05% 45.22% 25.16% (4.10%)Non-GAAP (2) 16.21% 22.18% 45.30% 26.07% 2.88% Net interest margin 2.96% 3.02% 2.81% 2.88% 2.91% Non-interest income to total income: GAAP 70.93% 75.57% 80.98% 74.04% 59.31% Profit percentage (9) GAAP 31.76% 37.33% 54.97% 37.59% (0.76%)Non-GAAP (2) 32.39% 39.09% 55.06% 38.62% 12.04% Efficiency ratio: (7) GAAP 68.24% 62.67% 45.03% 62.41% 100.76%Non-GAAP (2) 67.61% 60.91% 44.94% 61.38% 87.96% Tier 1 capital to average assets (3) 13.81% 13.85% 13.28% 11.93% 12.17% Non-performing assets as a percentage of total assets (4) 1.14% 1.01% 1.38% 0.47% 0.52% Allowance for loan losses as a percentage of total loans (4) 1.32% 1.39% 1.35% 1.22% 1.04%Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4) 1.36% 1.41% 1.39% 1.26% 1.04% Allowance for loan losses as a percentage of non-performing assets 78.99% 94.58% 67.21% 179.31% 146.64%Allowance for loan losses as a percentage of non-performing loans 77.75% 92.87% 66.31% 186.60% 152.55% Tangible book value per share (8) $18.80 $18.16 $17.18 $15.43 $14.44 Outstanding shares 5,364,240 5,495,514 5,524,390 5,479,884 5,466,344 (1) Annualized for quarterly periods presented.(2) See page 16 – Reconciliation of GAAP to Non-GAAP Net Income.(3) Average assets calculated on a quarterly basis for all periods presented.(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.(5) This non-GAAP measure represents net income divided by average total assets.(6) This non-GAAP measure represents net income divided by average stockholders’ equity.(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $31,000, $33,000, $36,000, $38,000, and $41,000 at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively, divided by outstanding shares at period end.(9) This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.Randolph Bancorp, Inc.COVID-19 Supplemental Disclosure(Unaudited) Loan Payment Deferrals As of March 31, 2021 Commercial loans Residential and consumer loans Residential loans serviced for others (Dollars in thousands) Balance outstanding $182,277 $315,485 $1,940,443 COVID-19 related loan payment deferrals: (1) Loans in COVID-19-related loan payment deferral $6,241 $4,777 $11,544 Loans in deferral as a percentage of category loans 3.4% 1.5% 0.6%Loans with suspended payment $6,241 $4,543 $4,657 Loans with reduced payment - 234 6,887 Loans which obtained a COVID-19-related payment deferral but have since resumed payment $31,954 $15,602 $54,450 Loans reinstated (borrower paid any unpaid principal and interest) - 2,253 6,353 Loans on a repayment plan - - 1,354 Loans which resumed payment but deferred principal and/or interest payments to maturity (2) 26,197 8,713 36,811 Loans which were paid off completely 5,757 4,636 9,932 (1) Includes commercial loans that have been approved for loan payment deferral but for which documentation is closing or pending.(2) Includes commercial loan for which maturity was extended. Randolph Bancorp, Inc.COVID-19 Supplemental Disclosure(Unaudited) COVID-19 Highly Impacted Sectors As of March 31, 2021 Exposure Balance Exposure by Risk Weighting Balance Real Commercial with Estate & Deferred Industry (1) Total Secured Industrial Construction Pass Criticized Payments (Dollars in thousands) Group home/care facility $1,079 $1,079 $- $- $1,079 $- $- Hotels/hospitality 9,635 9,566 69 - 69 9,566 3,543 Restaurants/food service 2,713 1,554 1,159 - 2,713 - - Retail/shopping center 21,887 17,211 - 4,675 20,261 1,626 1,006 Other sectors (2) 11,385 10,972 113 300 9,383 2,002 1,692 Total loans in COVID-19 impacted sectors $46,698 $40,382 $1,341 $4,975 $33,505 $13,194 $6,241 Percentage of commercial loans outstanding 25.6% 27.5% 5.6% 43.3% Commercial loans outstanding $182,277 $146,930 $23,869 $11,478 Loan to value secured by real estate (3) 47.5% 66.9% (1) This disclosure focuses on industries with balances that are significant to the portfolio at March 31, 2021 and omits industries affected by the COVID-19 pandemic (oil and gas, transportation, etc.) to which the Company has minimal or no exposure. This disclosure also excludes SBA PPP Loans, given their government guarantee.(2) Includes customers operating in various sectors which have been impacted by COVID-19.(3) Loan to value secured by real estate equals the exposure balance divided by the most recent appraised value. For More Information, Contact:William M. Parent, President and Chief Executive Officer (617-925-1955)

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Envision Bank Enters Agreement to Outsource Mortgage Servicing to Dovenmuehle
10 Mar, 2021 Yahoo! Finance

Partnership Pledges Omni-Channel Convenience and Stellar Customer CareSTOUGHTON, Mass., March 10, 2021 (GLOBE NEWSWIRE) -- Envision Bank announced today that it has signed a contract with Dovenmuehle Mortgage, Inc. ("Dovenmuehle"), one of the largest private label mortgage subservicing companies in the U.S., to support and manage its mortgage subservicing business, including customer service, payment processing, escrow administration, payoffs and discharges, investor reporting and compliance. In 2020, the Bank experienced tremendous growth with a 75% increase in its loan subservicing portfolio at $1.8 billion. Combined with its own residential lending portfolio, Envision Bank currently services more than 9,000 residential loans and $2+ billion in volume. “Given the exponential growth in our servicing portfolio, we want to ensure that we can provide the best-in-class service that our customers have come to expect from us. By partnering with Dovenmuehle, we’ll provide our customers with pioneering, enterprise-class technology and the personal attention to which they’re accustomed. The fact that we can do this without a significant capital investment makes this a win-win situation for both our shareholders and our customers,” said Bill Parent, President and CEO of Envision Bank. The rapid growth required management to analyze technology and workflows, as well as the Bank’s ability to support continued expansion. This partnership provides scalable servicing capacity, compliance with regulations and investors, an elevated customer experience as well as a reasonable level of financial contribution to the organization and its shareholders. For more than 170 years, the Bank has been providing individuals, homeowners and businesses with a wide variety of financial services. The Bank’s mortgage division, Envision Mortgage, delivers home borrowing solutions through a variety of products including first-time and low- to moderate-income homebuyer programs offered through MassHousing and the New Hampshire Housing Finance Authority. Envision Mortgage was ranked among the top 25 mortgage lenders in all Massachusetts (2019). “This solution provides the ability to scale our portfolio up or down as market conditions dictate without operational risk. It also provides omni-channel payment platforms, including mobile, that will let our customers access their loans and model payments when and how they desire with a single sign-on,” said Ryan Kirwin, Executive Vice President of Envision Mortgage. “Our partnership with Dovenmuehle makes it affordable for a community bank, such as ours, to offer world-class technology for an exceptional customer experience.” Creating a memorable customer experience extends far beyond the closing. Today's borrowers expect convenient, immediate access to their mortgage information. Meeting and exceeding these expectations will be achieved through Dovenmuehle’s suite of sophisticated software, digital tools and a dedicated customer care center that allows for a blended human-digital experience. Elements of the solutions suite comprise: Best-in-class, self-service web tool for anytime, anywhere accessSingle sign-on access through Envision Bank online banking to view borrowers’ informationRobust mobile app functionality for fingertip accessPowerful mortgage amortization tool to model paymentsDedicated customer care center with extended hours of operationVideo library of self-help tutorialsConvenient payment options that include online, by phone, at any Envision Bank branch and via US mail Dovenmuehle’s dedication to meaningful innovations, its command of complex regulations and stellar customer service will help protect, streamline and manage the Bank’s mortgage subservicing business while providing its customers with the personal attention for which it is known. The company maintains a commitment to a differentiated customer experience by providing guidance and home borrowing solutions that are convenient and hassle-free, the result of which is an astounding 98% of customers surveyed said they would recommend Envision Mortgage. About Envision BankRandolph Bancorp. (NASDAQ Global Select Market: RNDB) is the holding company for Envision Bank, a full-service community bank headquartered in Stoughton, Massachusetts. Established in 1851, the Bank maintains a forward-looking viewpoint to exceed the expectations of its customers through a ‘People and Tech’ approach that makes banking fast, efficient, and simple — allowing consumers and businesses to bank the way they want, where they want and when they want. As a top Massachusetts mortgage lender, Envision Bank also takes this approach from application to closing with every customer, from a first-time homebuyer to the homeowner who is ready to downsize. The Bank also offers a full suite of banking services for cash management and lending products for busy business owners, while not losing sight of the importance of developing personal relationships and a deep understanding of its customers’ needs. For more information on Envision Bank, please visit www.envisionbank.com. Category: News Source: Envision Bank CONTACT: Ryan KirwinEnvision BankExecutive Vice President, Residential Lending617.925.1711rkirwin@envisionbank.com

Randolph Bancorp, Inc. Announces Fourth Quarter and Year-to-Date 2020 Financial Results
16 Feb, 2021 Yahoo! Finance

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

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Envision Bank has partnered with ZSuite Technologies, a financial technology company offering digital tools that help businesses and individuals automate collection of recurring payments and manage security deposits, to expand its digital offerings to include ZRent and ZDeposit.

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Before 10 a.m. ET Tuesday, 106 stocks hit new 52-week highs. Noteables: The largest company by market cap to set a ...

Stocks That Hit 52-Week Highs On Wednesday
30 Dec, 2020 FinancialContent

Wednesday morning saw 123 companies set new 52-week highs. Areas of Significance: The largest company by market cap ...

Stocks That Hit 52-Week Highs On Friday
18 Dec, 2020 FinancialContent

Friday's session saw 466 companies set new 52-week highs. Key Facts: Tesla (NASDAQ: TSLA) was the company with ...

Stocks That Hit 52-Week Highs On Thursday
17 Dec, 2020 FinancialContent

During Thursday's morning session, 316 companies made new 52-week highs. Areas of Interest: PayPal Holdings ...

Stocks That Hit 52-Week Highs On Monday
14 Dec, 2020 FinancialContent

Monday's morning session saw 240 companies set new 52-week highs. Key Facts: The largest company by market cap to ...

Envision Bank Recognized as a Top Place to Work 2020 by The Boston Globe
23 Nov, 2020 FinancialContent

Randolph Bancorp, Inc (RNDB) is a NASDAQ Common Stock listed in , ,

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