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Randolph Bancorp, Inc. (RNDB)

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Previous Close20.55
Open20.60
Bid19.50 x 2200
Ask20.42 x 1100
Day's Range20.28 - 20.55
52 Week Range7.92 - 24.70
Volume11,267
Avg. Volume16,065
Market Cap112.017M
Beta (5Y Monthly)0.90
PE Ratio (TTM)5.25
EPS (TTM)3.86
Earnings DateFeb 16, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est18.00
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  • Randolph Bancorp, Inc. Announces Fourth Quarter and Year-to-Date 2020 Financial Results
    GlobeNewswire

    Randolph Bancorp, Inc. Announces Fourth Quarter and Year-to-Date 2020 Financial Results

    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)

  • Do Institutions Own Randolph Bancorp, Inc. (NASDAQ:RNDB) Shares?
    Simply Wall St.

    Do Institutions Own Randolph Bancorp, Inc. (NASDAQ:RNDB) Shares?

    The big shareholder groups in Randolph Bancorp, Inc. ( NASDAQ:RNDB ) have power over the company. Institutions will...

  • Envision Bank Recognized as a Top Place to Work 2020 by The Boston Globe
    GlobeNewswire

    Envision Bank Recognized as a Top Place to Work 2020 by The Boston Globe

    STOUGHTON, Mass., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Community bank Envision Bank has been recognized as one of The Boston Globe’s Top Places to Work 2020 winners following a survey of the Bank’s 220 employees. The Top Place to Work distinction is determined by an exhaustive employee survey that measures 24 key factors including leadership, compensation, training, workplace flexibility, and diversity. “We’re very proud of this achievement as it’s based solely on feedback from Envision Bank colleagues,” said Bill Parent, Envision Bank President and CEO. “The Boston Globe’s recognition of Envision Bank’s work environment is a testament to the work we have done to create a professional, welcoming environment where people can be authentic. Trust, transparency and respect are the foundation for everything we do when we interact with our colleagues.”Envision Bank provides performance-based compensation, a comprehensive menu of benefits, ongoing training and career growth opportunities. “We’re a company that cares and strives to place our colleagues’ needs first,” explained Envision Bank Vice President of People & Culture Beth Jacobson. “Work-life balance is a priority for us, and we’re able to flex our colleagues’ schedules through telecommuting arrangements, offer generous time-off benefits and work-life resources.”The Boston Globe partnered with Energage, an employee research and consulting firm, to identify companies that exceed their employees’ expectations. More than 80,000 employees at 285 Massachusetts companies took the anonymous survey to measure the key factors determining the Top Places to Work.“Maintaining and building a collaborative, transparent and fun environment is vital to retaining and fostering the people-focused culture of our organization. We are creating careers for our people and their workplace satisfaction relates to our long-term success and that of our customers and communities,” added Parent.About Envision Bank Envision Bank is a publicly traded company under the holding company of Randolph Bancorp (NASDAQ: RNDB) and is headquartered in Stoughton, Massachusetts. Since 1851, the bank has taken a forward-looking approach to exceeding the expectations of their customers. The bank believes in a People + Tech Approach that makes banking fast, efficient, and simple. This customer-driven approach allows consumers and business owners to bank the way they want, where they want, and when they want. A top Massachusetts mortgage lender, Envision Bank 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 cash management and lending products for busy business owners on the go, while not losing sight of the importance of developing personal relationships and an understanding of their customers’ needs. For more information on Envision Bank, please visit www.envisionbank.com.About Boston Globe Media Partners LLC  Boston Globe Media Partners, LLC provides news and information, entertainment, opinion and analysis through its multimedia properties. BGMP includes The Boston Globe, Globe.com, Boston.com, STAT and Globe Direct.Category: NewsSource: Envision BankCONTACT:Richard D. Olson, Jr. Envision Bank Senior Vice President, Retail and Corporate Marketing 617.925.1850 rolson@envisionbank.com