RNDB - RNDB STOCK NEWS

Randolph Bancorp (NASDAQ: RNDB) reported net income of $248,000 for Q2 2022, compared to a loss of $235,000 in Q1 2022. Year-to-date, net income stands at $13,000, a significant drop from $5.7 million in the same period last year. Total assets grew by 0.6% to $774.8 million, driven by a 13.3% increase in total loans. However, non-interest income fell by 79.1% year-over-year to $4.0 million, due to a sharp decline in mortgage sales. The company announced a merger with Hometown Financial Group, approved by shareholders.

Randolph Bancorp, Inc. (NASDAQ: RNDB) reported a net loss of $235,000, or $0.05 per share, for Q1 2022, a sharp decline from a profit of $786,000 in Q4 2021 and $4.1 million in Q1 2021. Total assets decreased by 4.1% to $770.3 million, while total loans increased by 6.4% to $584.8 million. The company is moving forward with a merger agreement with Hometown Financial Group, valued at approximately $146.5 million, with an expected close in Q4 2022. The net interest margin fell to 2.86%, reflecting challenges in the mortgage banking environment.

Hometown Financial Group will acquire Randolph Bancorp, Inc. in a deal valued at approximately $146.5 million, with Randolph shareholders receiving $27.00 per share. The merger, approved by both boards, is expected to be completed in Q4 2022, pending regulatory and shareholder approvals. This strategic move will merge Envision Bank into Abington Bank, creating a $1.4 billion bank with 11 locations across eastern Massachusetts. Hometown anticipates expanded market presence and enhanced service offerings post-merger.

Randolph Bancorp, Inc. (NASDAQ: RNDB) reported a net income of $786,000, or $0.17 per diluted share, for Q4 2021, a decline from $3.1 million in Q3 2021 and $5.3 million in Q4 2020. For the full year, net income was $9.6 million, down from $19.9 million in 2020. The Board declared a regular dividend of $0.15 and a special dividend of $2.00 per share. Total assets grew by 6.9% to $803.3 million, while total loans decreased by 3.5%. Following reduced origination volumes, the company initiated a workforce reduction, anticipating a more favorable interest rate environment in 2022.

Randolph Bancorp, Inc. (RNDB) reported net income of $3.1 million ($0.64/share) for Q3 2021, a significant increase from $1.6 million in Q2 2021 but down from $10.3 million in Q3 2020. Non-GAAP net income was $3.4 million, excluding one-time expenses. Total assets increased to $751.1 million, driven by a $23.6 million loan growth. The company declared a quarterly dividend of $0.15/share and announced a share repurchase program for 510,000 shares. However, non-interest income fell 59% year-over-year due to lower gains on loan origination.

Randolph Bancorp, Inc. (NASDAQ: RNDB) announced the retirement of Paul R. Donovan from its board, effective September 20, 2021. Donovan, who served for eight years, was recognized for his contributions, especially in information technology.

His departure coincides with the recent appointments of Evelyn Kaupp, Ronald Perry, and Pamela Scott to the board, aimed at maintaining effectiveness as other long-standing members also retire due to age. Envision Bank, the operating bank of Randolph Bancorp, has five retail branches and several loan operations across Massachusetts and New Hampshire.

Randolph Bancorp reported a net income of $1.6 million or $0.32 per basic share for Q2 2021, a decline from $4.1 million ($0.81 per share) in Q1 2021 and $5.2 million ($1.02 per share) in Q2 2020. The decrease was attributed to lower mortgage market activity and reduced loan origination income. However, total assets increased by 0.8% to $744.1 million, and loans grew by 9.8% to $546.4 million from Q1 2021. Despite challenges, the company aims to enhance operations and maintain business growth amid market normalization.

On April 27, 2021, Randolph Bancorp reported net income of $4.1 million, equating to $0.81 per share for Q1 2021, a decline from $5.3 million in Q4 2020. Compared to Q1 2020's net loss of $0.8 million, this represents significant recovery. Total assets grew to $738.2 million, marking a 2.4% increase from the previous quarter. Notably, non-interest income fell by $3.2 million due to reduced loan origination gains, while non-interest expenses decreased 7.6% to $12.0 million. The bank's focus on expanding consumer and commercial banking remains optimistic amid pandemic challenges.

Envision Bank has partnered with Dovenmuehle Mortgage to enhance its mortgage subservicing operations, including customer service and payment processing. The contract aims to improve scalability and customer experience without significant capital investment. In 2020, Envision Bank’s loan subservicing portfolio increased by 75%, reaching $1.8 billion. The partnership will provide advanced technology and omni-channel payment platforms, ensuring better access and service for over 9,000 residential loans.