Randolph Bancorp, Inc. Announces Fourth Quarter 2021 Financial Results and Declares Quarterly and Special Cash Dividends

Rhea-AI Summary

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.

Positive

• Declaration of a special dividend returning approximately $10 million to shareholders.
• Total assets increased by $52.2 million, or 6.9%, to $803.3 million from the previous quarter.
• Net interest income increased by $654,000, or 13.0%, year-over-year.

Negative

• Net income fell to $786,000 in Q4 2021 from $5.3 million in Q4 2020.
• Net interest income decreased by $282,000, or 4.7%, from Q3 2021.
• Total loans decreased by $20.2 million, or 3.5%, from the prior quarter.

QUINCY, Mass., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (NASDAQ: RNDB) Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $786,000, or $0.17 per basic share and $0.16 per diluted share, for the three months ended December 31, 2021 compared to net income of $3.1 million, or $0.64 per basic and $0.62 per diluted share, for the three months ended September 30, 2021 and 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. Excluding one-time events of $26,000 in severance expenses and $55,000 in loss of disposal of fixed assets, net income on a non-GAAP basis was $844,000, or $0.17 per diluted share, for the three months ended December 31, 2021. Excluding one-time events of $139,000 in severance expenses and $190,000 in other outsourcing expenses, net income on a non-GAAP basis was $3.4 million, or $0.67 per diluted share, for the three months ended September 30, 2021. Excluding one-time charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, net income on a non-GAAP basis for the three months ended December 31, 2020 was $5.6 million, or $1.06 per diluted share.

For the year ended December 31, 2021, net income was $9.6 million, or $1.96 per basic share and $1.88 per diluted share, compared to net income of $19.9 million, or $3.89 per basic and $3.86 per diluted share, for the year ended December 31, 2020. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $10.1 million, or $1.99 per diluted share, for the year ended December 31, 2021, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $21.5 million, or $4.15 per diluted share, for the year ended December 31, 2020.

The Company announced that its Board of Directors declared a regular quarterly dividend of $0.15 per common share and a one-time special dividend of $2.00 per share. Both dividends will be payable on or about February 22, 2022, to shareholders of record as of February 8, 2022.

The Company also announced a modification to its stock repurchase program (the “Program”), previously announced on October 26, 2021. The modification changes the Program so that the Company may purchase up to 62,000 shares, or approximately 1% of the Company’s outstanding common stock. The Company repurchased 4,337 shares through the Program as of December 31, 2021.

At December 31, 2021, total assets amounted to $803.3 million, compared to $751.1 million at September 30, 2021, an increase of $52.2 million, or 6.9%. Total loans decreased by $20.2 million, or 3.5%, to $549.8 million at December 31, 2021 from $570.0 million at September 30, 2021, and loans held for sale decreased by $30.6 million to $44.8 million at December 31, 2021 from $75.4 million at September 30, 2021. Cash and cash equivalents increased to $115.4 million at December 31, 2021, an increase of $102.6 million, or 796.6% from $12.9 million as of September 30, 2021, as a result of deposit growth of $64.7 million in the quarter, a 1-4 family residential portfolio loan sale of $35.6 million during the quarter, and the decrease in loans held for sale of $30.6 million. Compared to December 31, 2020, total assets grew $82.2 million, or 11.4%, from $721.1 million. The growth from the prior year period was driven by an increase in total loans of $60.5 million, or 12.4%, and cash and cash equivalents of $101.7 million, or 738.2%, partially offset by a decrease in loans held for sale of $74.3 million, or 62.4%.

William M. Parent, President and Chief Executive Officer, stated, “The fourth quarter was a transitional quarter as our mortgage banking business continued to be negatively impacted by declining origination volumes. During the quarter, we were able to grow our commercial lending business and increase and extend our low-cost funding, while also repositioning our fixed-rate residential mortgage loan portfolio. This significantly increased our liquidity and prospects for improving net interest margin in anticipation of loan growth into a higher interest rate environment in 2022. We are continuing to transition our mortgage banking operations and in the first quarter of 2022 initiated a reduction in force, reflecting lower mortgage loan production levels. Our decision to declare a special dividend that returns approximately $10 million in capital to our shareholders, reflects the impact of low stock trading volume on the pace of our stock buybacks and our commitment to actively manage our strong capital position. We look forward to 2022 with strong prospects for growth in our community bank that should generate continued operating leverage and stronger recurring earnings.”

Fourth Quarter Operating Results
Net interest income decreased by $282,000, or 4.7%, to $5.7 million for the three months ended December 31, 2021 from $6.0 million for the three months ended September 30, 2021. This decrease was primarily due to a 7.4% decrease in average balances of 1-4 family residential loans, as a result of the $35.6 million sale from portfolio, a $160,000 decline in fee accretion earned from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) to $158,000 in the fourth quarter of 2021 and a $99,000 decrease in interest income from the downgrade of three loans that were previously granted COVID-19 related forbearances to nonaccrual status. The yield earned on interest-earning assets decreased by 23 basis points from the prior quarter, and the rate paid on interest-bearing liabilities decreased by 3 basis points from the prior quarter. Accordingly, the net interest margin decreased by 22 basis points, to 3.14% in the fourth quarter from 3.36% in the third quarter.

Net interest income increased by $654,000, or 13.0%, to $5.7 million for the three months ended December 31, 2021, from $5.0 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin increased by 14 basis points to 3.14%, from 3.00%. The improvement reflects average loan growth of $44.8 million from the prior year quarter, while the cost of interest-bearing liabilities decreased by 27 basis points.

The Company recognized a credit for loan losses of $108,000 for the quarter ended December 31, 2021, driven by changes in the qualitative factors related to improving commercial lending trends, in addition to a decline in total loan balances of $20.2 million from the prior quarter. The allowance for loan losses was 1.14%, 1.13% and 1.39% of total loans at December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and was 239.7%, 427.7% and 94.6% of non-performing assets at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

Non-interest income decreased $3.6 million, or 44.3%, to $4.5 million for the quarter ended December 31, 2021 from $8.1 million in the quarter ended September 30, 2021, due to a decrease of $3.5 million in the net gain on loan origination and sale activities. Sold mortgages totaled $297.3 million in the fourth quarter of 2021, compared to $260.5 million in the third quarter of 2021. The fourth quarter of 2021 ended with a mortgage pipeline of $85.9 million, compared to a pipeline of $158.1 million at the end of the third quarter of 2021, and loans held for sale were $44.8 million as of December 31, 2021, compared to $75.4 million as of September 30, 2021. The decrease in the mortgage banking pipeline and loans held for sale, reflecting rising interest rates and seasonality, were key contributors to the erosion in the gain on loan origination and sale activities from the prior quarter. Mortgage servicing fees decreased $17,000, or 6.2%, to $257,000 for the fourth quarter of 2021 from $274,000 in the third quarter of 2021 as a result of a full quarter of expenses paid to the bank’s new mortgage sub-servicer of $310,000 for the quarter, partially offset by a positive fair value adjustment of $43,000 in the fourth quarter of 2021, compared to a positive fair value adjustment of $39,000 for the third quarter of 2021, based on an increase in mortgage interest rates.

Non-interest income decreased $11.1 million, or 70.9%, to $4.5 million for the quarter ended December 31, 2021 from $15.6 million for the quarter ended December 31, 2020, principally due to a decrease of $10.9 million in the net gain on loan origination and sale activities. Sold mortgage loans totaled $297.3 million in the fourth quarter of 2021, compared to sold mortgage loans of $426.5 million during the fourth quarter of 2020. The fourth quarter of 2021 ended with a mortgage pipeline of $85.9 million, compared to a pipeline of $396.6 million at the end of the fourth quarter of 2020. Mortgage servicing fees decreased $18,000 in the quarter ended December 31, 2021, principally due to $310,000 in sub-servicer expenses incurred during the fourth quarter of 2021, partially offset by a positive valuation adjustment to mortgage servicing rights of $43,000 in the quarter ended December 31, 2021 compared to an impairment charge of $87,000 in the quarter ended December 31, 2020 and increases in residential mortgage loan servicing fees, net of amortization, of $162,000 from the prior year quarter.

Non-interest expenses decreased $638,000, or 6.5%, to $9.2 million in the quarter ended December 31, 2021 from $9.9 million in the quarter ended September 30, 2021. The decrease was due to a decrease in salaries and employee benefits expense of $297,000, or 4.7%, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and by reductions in headcount related to the bank’s outsourcing of mortgage loan servicing, in addition to decreases in data processing, professional fees and other non-interest expenses from the prior quarter totaling $452,000.

Non-interest expenses decreased $3.7 million to $9.2 million in the quarter ended December 31, 2021 from $12.9 million in the quarter ended December 31, 2020. The decrease is principally due to a decrease in salaries and employee benefits of $2.6 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and reduced headcount, and decreases of $437,000 in occupancy and equipment expenses, as the Company has significantly decreased its operating footprint over the past twelve months.

The income tax expense was $330,000 for the three months ended December 31, 2021, compared to $1.2 million for the three months ended September 30, 2021 and $2.2 million for the three months ended December 31, 2020.

Year-to-Date Operating Results
Net interest income increased by $3.1 million, or 16.4%, to $22.0 million for the year ended December 31, 2021 from $18.9 million for the year ended December 31, 2020. The change reflects the downward pricing and improved composition of deposit liabilities, as well as loan growth. The composition of our funding base improved with an increase of $48.9 million, or 50.6%, of non-interest bearing deposits and a decrease of $23.3 million, or 31.8%, of borrowings. The composition change resulted in a 50 basis point decrease in the cost of interest-bearing liabilities. Average loan growth of $51.5 million, or 9.2%, from the prior year more than offset a 17 basis point decline in loan yields.

The Company recognized a credit for loan losses of $438,000 for the year ended December 31, 2021 compared to a provision of $2.6 million in the prior year. At December 31, 2021, improvements to qualitative factors related to the impact of the COVID-19 pandemic, the economic outlook, commercial lending and credit quality trends all helped to generate the credit for loan losses, partially offset by provisions for loan growth.

Non-interest income decreased $23.5 million, or 42.4%, to $31.9 million for the year ended December 31, 2021 from $55.4 million in the prior year, principally due to a decrease of $26.6 million in the net gain on loan origination and sale activities, partially offset by an increase in mortgage servicing fees, net, of $2.8 million. Mortgage loans sold were $1.4 billion in 2021, compared to $1.5 billion in the prior year. Net gain on loan origination and sale activities decreased, as a result of both lower loan sales and the impact of a shrinking mortgage banking pipeline during 2021, compared to an increasing mortgage banking pipeline during 2020. Mortgage servicing fees increased $2.8 million for the year ended December 31, 2021 to $1.7 million from a loss of $1.2 million in the year ended December 31, 2020, primarily due to positive fair value adjustments of $438,000 for the year ended December 31, 2021 compared to impairment charges of $2.1 million in the year ended December 31, 2020.

Non-interest expenses decreased $4.7 million, or 10.1%, to $41.7 million for the year ended December 31, 2021 from $46.3 million for the year ended December 31, 2020. Non-interest expenses in the year ended December 31, 2020 included one-time charges of $1,375,000 related to the retirement of senior executives as well as $229,000 of COVID-19 pandemic-related expenses. Occupancy and equipment expenses decreased $753,000 as compared to the prior year period, as the Company migrated to a hybrid work environment and reduced its overall real estate footprint by closing six loan production offices, and reducing the office space for the bank’s headquarters and loan operations office since the prior year, and reduced COVID-19 pandemic related spending. These decreases were partially offset by increases in other non-interest expenses of $307,000, related to one-time conversion expenses for the bank’s new mortgage sub-servicer, and increases to board fees and stock-based compensation paid to new members of the bank’s Board of Directors.

Income tax expenses decreased to $3.1 million for the year ended December 31, 2021 from $5.5 million for the year ended December 31, 2020. The current period included a reversal of a charitable contribution carryforward valuation allowance, and the prior period included the utilization of net operating loss carryforwards.

Balance Sheet
At December 31, 2021, total assets amounted to $803.3 million, compared to $755.1 million at September 30, 2021, an increase of $52.2 million, or 6.9%. A $102.6 million increase in cash and cash equivalents from the prior quarter was partially offset by a $30.6 million decrease in loans held for sale and a $20.2 million decrease in total loans. The decrease in total loans was primarily the result of a $35.6 million sale of 1-4 family residential loans from portfolio during the quarter, partially offset by an increase of $12.3 million, or 6.7%, in commercial real estate loans. Deposits increased by $64.7 million, or 11.3%, in the quarter, including an increase of $11.6 million in non-interest bearing deposits and $32.6 million in term certificates, as the Company looked to lengthen the duration of its funding base in anticipation of rising interest rates.

Total assets at December 31, 2021 increased $82.2 million, or 11.4%, from $721.1 million at December 31, 2020. Contributing to asset growth was a $61.0 million increase in net loans to $544.6 million at December 31, 2021 from $483.6 million at December 31, 2020. Cash and cash equivalents increased by $101.7 million, or 738.2%, to $115.4 million at December 31, 2021 from $13.8 million at December 31, 2020, principally due an increase of $109.8 million, or 20.8%, of deposits. Commercial real estate loans increased by $53.5 million, or 37.2%, as we focus on diversifying our loan mix. Federal Home Loan Bank of Boston (“FHLBB”) advances decreased by $11.9 million to $50.0 million at December 31, 2021, from $61.9 million at December 31, 2020, and Federal Reserve Bank of Boston (“Federal Reserve Bank”) advances decreased by $11.4 million.

Total stockholders’ equity was $100.9 million at December 31, 2021 compared to $100.6 million at September 30, 2021. The increase of $306,000 reflects net income of $786,000, proceeds from the exercise of options of $255,000 and stock-based compensation of $359,000, partially offset by repurchases during the period of $144,000 and dividend payments of $765,000.

Total stockholders’ equity was $100.9 million at December 31, 2021 compared to $99.8 million at December 31, 2020. The increase of $1.1 million relates mainly to net income from the previous twelve months of $9.6 million, partially offset by share repurchases of $8.5 million.

Subsequent Events
Subsequent to December 31, 2021, the Company announced a reduction in force to its residential lending back-office operations of approximately 30%. The Company estimates that this reduction in force will reduce salaries and benefits expense by approximately $1.4 million on an annualized basis. Through this reduction in force, the elimination of overtime and temporary staffing costs associated with the mortgage origination process and the outsourcing residential loan servicing operations, which occurred in 2021, the Company will have reduced related costs by $3.3 million, or 15% of Envision Mortgage’s 2021 salaries and benefits expense.

COVID-19 Impact
In response to the impact of the COVID-19 pandemic on our customers and our business, the Company implemented a series of measures through the date of this release, including participation in the SBA PPP, through which we funded $26.2 million of SBA PPP Loans through December 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 Highly Impacted Sectors for statistics on loan payment deferrals and the commercial loan sectors we believe could continue to be exposed to the economic impact of the COVID-19 pandemic.

About Randolph Bancorp, Inc.
Randolph Bancorp, Inc. is the holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations, loan operations centers in North Attleboro and Quincy, Massachusetts, three loan production offices located in Massachusetts and one loan production office in Southern New Hampshire.

Forward Looking Statements
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “assume”, “outlook”, “will”, “should”, and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, ongoing disruptions due to the COVID-19 pandemic and the measures taken to contain its spread on the Company’s employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in the general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in consumer behavior due to changing political, business and economic conditions or legislative or regulatory initiatives; reputational risk relating to the Company’s participation in the SBA PPP and other pandemic-related legislative and regulatory initiatives and programs; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, such as return on average assets, return on average equity, the efficiency ratio, profit percentage, tangible book value per share, non-interest income to total income and, where applicable, as adjusted for non-recurring items. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of on-going business activities, and to enhance comparability with peers across the financial services sector.

Category: Earnings

Source: Randolph Bancorp, Inc. and Envision Bank

CONTACT:

Envision Bank
William M. Parent
President and Chief Executive Officer
617.925.1955
wparent@envisionbank.com

Randolph Bancorp, Inc.
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)

														% Change
		December 31,				September 30,				December 31,				Dec 2021 vs.				Dec 2021 vs.
		2021				2021				2020				Sep 2021				Dec 2020
Assets
Cash and cash equivalents		$	115,449			$	12,876			$	13,774				796.6	%			738.2	%
Securities available for sale, at fair value			51,666				51,725				55,366				(0.1	)%			(6.7	)%
Loans held for sale, at fair value			44,766				75,400				119,112				(40.6	)%			(62.4	)%
Loans:
1-4 family residential			236,364				265,561				235,648				(11.0	)%			0.3	%
Home equity			57,295				56,124				48,166				2.1	%			19.0	%
Commercial real estate			197,423				185,100				143,893				6.7	%			37.2	%
Construction			33,961				34,479				31,050				(1.5	)%			9.4	%
Total real estate loans			525,043				541,264				458,757				(3.0	)%			14.4	%
Commercial and industrial			17,242				19,896				20,259				(13.3	)%			(14.9	)%
Consumer			7,552				8,860				10,289				(14.8	)%			(26.6	)%
Total loans			549,837				570,020				489,305				(3.5	)%			12.4	%
Allowance for loan losses			(6,289	)			(6,432	)			(6,784	)			(2.2	)%			(7.3	)%
Net deferred loan costs and fees, and purchase premiums			1,073				1,031				1,123				4.1	%			(4.5	)%
Loans, net			544,621				564,619				483,644				(3.5	)%			12.6	%
Federal Home Loan Bank of Boston stock, at cost			2,940				3,239				3,576				(9.2	)%			(17.8	)%
Accrued interest receivable			1,500				1,763				1,562				(14.9	)%			(4.0	)%
Mortgage servicing rights, net			15,616				15,402				12,377				1.4	%			26.2	%
Premises and equipment, net			7,684				6,462				4,781				18.9	%			60.7	%
Bank-owned life insurance			8,784				8,744				8,622				0.5	%			1.9	%
Foreclosed real estate, net			-				-				132			-		%			(100.0	)%
Other assets			10,252				10,867				18,126				(5.7	)%			(43.4	)%
Total assets		$	803,278			$	751,097			$	721,072				6.9	%			11.4	%
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing		$	145,666			$	134,058			$	96,731				8.7	%			50.6	%
Savings accounts			191,712				188,346				185,481				1.8	%			3.4	%
NOW accounts			53,996				53,804				53,530				0.4	%			0.9	%
Money market accounts			90,544				73,562				77,393				23.1	%			17.0	%
Term certificates			106,112				73,519				83,444				44.3	%			27.2	%
Interest bearing brokered			50,117				50,116				31,728				0.0	%			58.0	%
Total deposits			638,147				573,405				528,307				11.3	%			20.8	%
Federal Reserve Bank advances			-				-				11,431			-		%			(100.0	)%
Federal Home Loan Bank of Boston advances			50,000				62,900				61,895				(20.5	)%			(19.2	)%
Mortgagors' escrow accounts			2,128				1,905				2,338				11.7	%			(9.0	)%
Post-employment benefit obligations			2,222				2,182				2,382				1.8	%			(6.7	)%
Other liabilities			9,878				10,108				14,900				(2.3	)%			(33.7	)%
Total liabilities			702,375				650,500				621,253				8.0	%			13.1	%
Stockholders' Equity:
Common stock			50				50				54				0.0	%			(7.4	)%
Additional paid-in capital			44,078				43,574				50,937				1.2	%			(13.5	)%
Retained earnings			60,524				60,504				51,689				0.0	%			17.1	%
ESOP-Unearned compensation			(3,568	)			(3,615	)			(3,756	)			(1.3	)%			(5.0	)%
Accumulated other comprehensive income (loss), net of tax			(181	)			84				895				(315.5	)%			(120.2	)%
Total stockholders' equity			100,903				100,597				99,819				0.3	%			1.1	%
Total liabilities and stockholders' equity		$	803,278			$	751,097			$	721,072				6.9	%			11.4	%

Randolph Bancorp, Inc.
Consolidated Balance Sheet Trend
(Dollars in thousands)
(Unaudited)

		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Assets
Cash and cash equivalents		$	115,449			$	12,876			$	34,876			$	54,950			$	13,774
Securities available for sale, at fair value			51,666				51,725				50,212				54,148				55,366
Loans held for sale, at fair value			44,766				75,400				74,277				93,176				119,112
Loans:
1-4 family residential			236,364				265,561				263,992				239,190				235,648
Home equity			57,295				56,124				50,555				49,073				48,166
Commercial real estate			197,423				185,100				167,691				146,930				143,893
Construction			33,961				34,479				29,140				29,975				31,050
Total real estate loans			525,043				541,264				511,378				465,168				458,757
Commercial and industrial			17,242				19,896				25,826				23,869				20,259
Consumer			7,552				8,860				9,194				8,724				10,289
Total loans			549,837				570,020				546,398				497,761				489,305
Allowance for loan losses			(6,289	)			(6,432	)			(6,523	)			(6,563	)			(6,784	)
Net deferred loan costs and fees, and purchase premiums			1,073				1,031				785				785				1,123
Loans, net			544,621				564,619				540,660				491,983				483,644
Federal Home Loan Bank of Boston stock, at cost			2,940				3,239				2,855				3,576				3,576
Accrued interest receivable			1,500				1,763				1,523				1,501				1,562
Mortgage servicing rights, net			15,616				15,402				15,375				14,744				12,377
Premises and equipment, net			7,684				6,462				5,115				4,709				4,781
Bank-owned life insurance			8,784				8,744				8,703				8,662				8,622
Foreclosed real estate, net			-				-				-				132				132
Other assets			10,252				10,867				10,546				10,607				18,126
Total assets		$	803,278			$	751,097			$	744,142			$	738,188			$	721,072
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing		$	145,666			$	134,058			$	124,683			$	118,623			$	96,731
Savings accounts			191,712				188,346				190,584				192,712				185,481
NOW accounts			53,996				53,804				51,059				62,772				53,530
Money market accounts			90,544				73,562				73,967				78,236				77,393
Term certificates			106,112				73,519				74,631				75,690				83,444
Interest bearing brokered			50,117				50,116				57,059				32,225				31,728
Total deposits			638,147				573,405				571,983				560,258				528,307
Federal Reserve Bank advances			-				-				-				-				11,431
Federal Home Loan Bank of Boston advances			50,000				62,900				50,016				60,024				61,895
Mortgagors' escrow accounts			2,128				1,905				1,783				1,924				2,338
Post-employment benefit obligations			2,222				2,182				2,226				2,235				2,382
Other liabilities			9,878				10,108				17,424				12,888				14,900
Total liabilities			702,375				650,500				643,432				637,329				621,253
Stockholders' Equity:
Common stock			50				50				52				53				54
Additional paid-in capital			44,078				43,574				46,740				48,613				50,937
Retained earnings			60,524				60,504				57,378				55,801				51,689
ESOP-Unearned compensation			(3,568	)			(3,615	)			(3,662	)			(3,709	)			(3,756	)
Accumulated other comprehensive income (loss), net of tax			(181	)			84				202				101				895
Total stockholders' equity			100,903				100,597				100,710				100,859				99,819
Total liabilities and stockholders' equity		$	803,278			$	751,097			$	744,142			$	738,188			$	721,072

Randolph Bancorp, Inc.
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)

		Three Months Ended												% Change
		December 31,				September 30,				December 31,				Dec 2021 vs.				Dec 2021 vs.
		2021				2021				2020				Sep 2021				Dec 2020
Interest and dividend income:
Loans		$	5,923			$	6,226			$	5,532				(4.9	)%			7.1	%
Securities-taxable			217				219				283				(0.9	)%			(23.3	)%
Securities-tax exempt			4				4				6				0.0	%			(33.3	)%
Interest-bearing deposits and certificates of deposit			13				4				7				225.0	%			85.7	%
Total interest and dividend income			6,157				6,453				5,828				(4.6	)%			5.6	%
Interest expense:
Deposits			308				299				541				3.0	%			(43.1	)%
Borrowings			155				178				247				(12.9	)%			(37.2	)%
Total interest expense			463				477				788				(2.9	)%			(41.2	)%
Net interest income			5,694				5,976				5,040				(4.7	)%			13.0	%
Provision (credit) for loan losses			(108	)			(90	)			215				20.0	%			(150.2	)%
Net interest income after provision (credit) for loan losses			5,802				6,066				4,825				(4.4	)%			20.2	%
Non-interest income:
Customer service fees			422				410				381				2.9	%			10.8	%
Gain on loan origination and sale activities, net			3,723				7,229				14,620				(48.5	)%			(74.5	)%
Mortgage servicing fees, net			257				274				275				(6.2	)%			(6.5	)%
Increase in cash surrender value of life insurance			41				41				45				0.0	%			(8.9	)%
Other			92				195				266				(52.8	)%			(65.4	)%
Total non-interest income			4,535				8,149				15,587				(44.3	)%			(70.9	)%
Non-interest expenses:
Salaries and employee benefits			6,084				6,381				8,722				(4.7	)%			(30.2	)%
Occupancy and equipment			713				714				1,150				(0.1	)%			(38.0	)%
Data processing			237				367				280				(35.4	)%			(15.4	)%
Professional fees			325				490				389				(33.7	)%			(16.5	)%
Marketing			245				134				231				82.8	%			6.1	%
FDIC insurance			55				54				51				1.9	%			7.8	%
Other non-interest expenses			1,562				1,719				2,104				(9.1	)%			(25.8	)%
Total non-interest expenses			9,221				9,859				12,927				(6.5	)%			(28.7	)%
Income before income taxes			1,116				4,356				7,485				(74.4	)%			(85.1	)%
Income tax expense			330				1,230				2,211				(73.2	)%			(85.1	)%
Net income		$	786			$	3,126			$	5,274				(74.9	)%			(85.1	)%
Net income per share:
Basic		$	0.17			$	0.64			$	1.03
Diluted		$	0.16			$	0.62			$	1.01
Weighted average shares outstanding:
Basic			4,743,833				4,869,155				5,135,069
Diluted			4,993,750				5,074,676				5,244,414
Regular dividends declared per share		$	0.15			$	-			$	-

Randolph Bancorp, Inc.
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)

		Year to Date								% Change
		December 31,				December 31,				Dec 2021 vs.
		2021				2020				Dec 2020
Interest and dividend income:
Loans		$	23,162			$	22,212				4.3	%
Securities-taxable			899				1,273				(29.4	)%
Securities-tax exempt			20				28				(28.6	)%
Interest-bearing deposits and certificates of deposit			32				75				(57.3	)%
Total interest and dividend income			24,113				23,588				2.2	%
Interest expense:
Deposits			1,390				3,778				(63.2	)%
Borrowings			763				943				(19.1	)%
Total interest expense			2,153				4,721				(54.4	)%
Net interest income			21,960				18,867				16.4	%
Provision (credit) for loan losses			(438	)			2,553				(117.2	)%
Net interest income after provision (credit) for loan losses			22,398				16,314				37.3	%
Non-interest income:
Customer service fees			1,618				1,283				26.1	%
Gain on loan origination and sale activities, net			27,685				54,236				(49.0	)%
Mortgage servicing fees, net			1,691				(1,153	)			(246.7	)%
Increase in cash surrender value of life insurance			163				181				(9.9	)%
Other			766				864				(11.3	)%
Total non-interest income			31,923				55,411				(42.4	)%
Non-interest expenses:
Salaries and employee benefits			28,212				33,161				(14.9	)%
Occupancy and equipment			2,792				3,545				(21.2	)%
Data processing			1,168				943				23.9	%
Professional fees			1,699				1,277				33.0	%
Marketing			749				689				8.7	%
FDIC insurance			217				187				16.0	%
Other non-interest expenses			6,821				6,514				4.7	%
Total non-interest expenses			41,658				46,316				(10.1	)%
Income before income taxes			12,663				25,409				(50.2	)%
Income tax expense			3,062				5,477				(44.1	)%
Net income		$	9,601			$	19,932				(51.8	)%
Net income per share:
Basic		$	1.96			$	3.89
Diluted		$	1.88			$	3.86
Weighted average shares outstanding:
Basic			4,896,641				5,126,561
Diluted			5,108,738				5,163,042
Regular dividends declared per share		$	0.15			$	-

Randolph Bancorp, Inc.
Consolidated Statements of Operations Trend
(Dollars in thousands except per share amounts)
(Unaudited)

		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Interest and dividend income:
Loans		$	5,923			$	6,226			$	5,505			$	5,508			$	5,532
Securities-taxable			217				219				223				240				283
Securities-tax exempt			4				4				6				6				6
Interest-bearing deposits and certificates of deposit			13				4				8				7				7
Total interest and dividend income			6,157				6,453				5,742				5,761				5,828
Interest expense:
Deposits			308				299				345				438				541
Borrowings			155				178				198				232				247
Total interest expense			463				477				543				670				788
Net interest income			5,694				5,976				5,199				5,091				5,040
Provision (credit) for loan losses			(108	)			(90	)			(27	)			(213	)			215
Net interest income after provision (credit) for loan losses			5,802				6,066				5,226				5,304				4,825
Non-interest income:
Customer service fees			422				410				419				367				381
Gain on loan origination and sale activities, net			3,723				7,229				5,740				10,993				14,620
Mortgage servicing fees, net			257				274				381				779				275
Increase in cash surrender value of life insurance			41				41				41				40				45
Other			92				195				235				244				266
Total non-interest income			4,535				8,149				6,816				12,423				15,587
Non-interest expenses:
Salaries and employee benefits			6,084				6,381				7,310				8,437				8,722
Occupancy and equipment			713				714				621				744				1,150
Data processing			237				367				301				263				280
Professional fees			325				490				323				561				389
Marketing			245				134				200				170				231
FDIC insurance			55				54				54				54				51
Other non-interest expenses			1,562				1,719				1,818				1,722				2,104
Total non-interest expenses			9,221				9,859				10,627				11,951				12,927
Income before income taxes			1,116				4,356				1,415				5,776				7,485
Income tax expense (benefit)			330				1,230				(162	)			1,664				2,211
Net income		$	786			$	3,126			$	1,577			$	4,112			$	5,274
Net income per share:
Basic		$	0.17			$	0.64			$	0.32			$	0.81			$	1.03
Diluted		$	0.16			$	0.62			$	0.31			$	0.78			$	1.01
Weighted average shares outstanding:
Basic			4,743,833				4,869,155				4,921,182				5,056,165				5,135,069
Diluted			4,993,750				5,074,676				5,135,582				5,254,907				5,244,414
Regular dividends declared per share		$	0.15			$	-			$	-			$	-			$	-

Randolph Bancorp, Inc.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	December 31, 2021												September 30, 2021												December 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 (7)				Balance				Paid				Rate (7)				Balance				Paid				Rate (7)
Interest-earning assets:
Loans:
1-4 family residential (1)	$	319,855			$	2,790				3.46	%		$	345,576			$	3,021				3.47	%		$	332,349			$	3,027				3.62	%
Home equity		57,183				480				3.33	%			53,345				475				3.53	%			47,844				436				3.63	%
Commercial real estate		186,943				1,880				3.99	%			174,319				1,809				4.12	%			134,766				1,342				3.96	%
Construction		34,246				331				3.83	%			32,690				310				3.76	%			32,101				325				4.03	%
Total real estate loans		598,227				5,481				3.63	%			605,930				5,615				3.68	%			547,060				5,130				3.73	%
Commercial and industrial		18,311				331				7.17	%			22,693				493				8.62	%			21,378				258				4.80	%
Consumer		8,313				111				5.30	%			12,820				118				3.65	%			11,564				144				4.95	%
Total loans		624,851				5,923				3.76	%			641,443				6,226				3.85	%			580,002				5,532				3.79	%
Investment securities(2) (3)		54,314				222				1.62	%			54,229				224				1.64	%			58,329				290				1.98	%
Interest-earning deposits		41,161				13				0.13	%			11,002				4				0.14	%			30,573				7				0.09	%
Total interest-earning assets		720,326				6,158				3.39	%			706,674				6,454				3.62	%			668,904				5,829				3.47	%
Noninterest-earning assets		43,478												44,614												45,015
Total assets	$	763,804											$	751,288											$	713,919
Interest-bearing liabilities:
Savings accounts		191,464				72				0.15	%			189,254				76				0.16	%			181,653				142				0.31	%
NOW accounts		62,838				29				0.18	%			61,951				23				0.15	%			59,005				43				0.29	%
Money market accounts		77,140				36				0.19	%			73,662				41				0.22	%			75,106				62				0.33	%
Term certificates		135,406				171				0.50	%			113,787				159				0.55	%			112,260				294				1.04	%
Total interest-bearing deposits		466,848				308				0.26	%			438,654				299				0.27	%			428,024				541				0.50	%
FHLBB and FRB advances		53,592				155				1.15	%			64,047				178				1.10	%			77,584				247				1.27	%
Total interest-bearing liabilities		520,440				463				0.35	%			502,701				477				0.38	%			505,608				788				0.62	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		127,486												126,165												94,540
Other noninterest-bearing liabilities		13,305												19,021												13,539
Total liabilities		661,231												647,887												613,687
Total stockholders' equity		102,573												103,401												100,232
Total liabilities and stockholders' equity	$	763,804											$	751,288											$	713,919
Net interest income					$	5,695											$	5,977											$	5,041
Interest rate spread(4)										3.04	%											3.24	%											2.85	%
Net interest-earning assets(5)	$	199,886											$	203,973											$	163,296
Net interest margin(6)										3.14	%											3.36	%											3.00	%
Cost of deposits (8)										0.21	%											0.21	%											0.41	%
Cost of funds (9)										0.28	%											0.30	%											0.52	%
Ratio of interest-earning assets to interest-bearing liabilities		138.41	%											140.58	%											132.30	%

(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $1,000, $1,000 and $1,000 for the three months ended December 31, 2021, September 30, 2021 and December 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.
(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.

Randolph Bancorp, Inc.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)

	Year to Date
	December 31, 2021												December 31, 2020
	Average				Interest				Average				Average				Interest				Average
	Outstanding				Earned/				Yield/				Outstanding				Earned/				Yield/
(Dollars in thousands)	Balance				Paid				Rate (7)				Balance				Paid				Rate (7)
Interest-earning assets:
Loans:
1-4 family residential (1)	$	330,326			$	11,548				3.50	%		$	318,332			$	12,142				3.81	%
Home equity		52,202				1,800				3.45	%			44,577				1,766				3.96	%
Commercial real estate		166,973				6,761				4.05	%			132,948				5,366				4.04	%
Construction		31,810				1,225				3.85	%			34,408				1,449				4.21	%
Total real estate loans		581,311				21,334				3.67	%			530,265				20,723				3.91	%
Commercial and industrial		22,082				1,364				6.18	%			17,848				781				4.38	%
Consumer		10,034				464				4.62	%			13,799				708				5.13	%
Total loans		613,427				23,162				3.78	%			561,912				22,212				3.95	%
Investment securities(2) (3)		55,421				923				1.67	%			58,233				1,306				2.24	%
Interest-earning deposits		32,841				32				0.10	%			30,277				76				0.25	%
Total interest-earning assets		701,689				24,117				3.44	%			650,422				23,594				3.63	%
Noninterest-earning assets		42,608												39,395
Total assets	$	744,297											$	689,817
Interest-bearing liabilities:
Savings accounts		190,865				335				0.18	%			161,502				831				0.51	%
NOW accounts		65,978				138				0.21	%			55,396				185				0.33	%
Money market accounts		74,816				174				0.23	%			71,817				456				0.63	%
Term certificates		112,802				743				0.66	%			147,655				2,305				1.56	%
Total interest-bearing deposits		444,461				1,390				0.31	%			436,370				3,777				0.87	%
FHLBB and FRB advances		59,963				763				1.27	%			71,661				943				1.32	%
Total interest-bearing liabilities		504,424				2,153				0.43	%			508,031				4,720				0.93	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		121,378												80,957
Other noninterest-bearing liabilities		15,331												12,384
Total liabilities		641,133												601,372
Total stockholders' equity		103,164												88,445
Total liabilities and stockholders' equity	$	744,297											$	689,817
Net interest income					$	21,964											$	18,874
Interest rate spread(4)										3.01	%											2.70	%
Net interest-earning assets(5)	$	197,265											$	142,391
Net interest margin(6)										3.13	%											2.90	%
Cost of deposits (8)										0.25	%											0.73	%
Cost of funds (9)										0.34	%											0.80	%
Ratio of interest-earning assets to interest-bearing liabilities		139.11	%											128.03	%

(1) Includes nonaccruing loan balances and interest received on such loans, in addition to loans held for sale.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $4,000 and $5,000 for the years ended December 31, 2021 and 2020, respectively.
(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.
(7) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.
(8) Cost of deposits represents the total interest paid on deposits, divided by total interest-bearing deposits plus total noninterest-bearing deposits.
(9) Cost of funds represents the total interest paid on liabilities, divided by total interest-bearing liabilities plus total noninterest-bearing deposits.

Randolph Bancorp, Inc.
Average Balances Trend
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Interest-earning assets:
Loans:
1-4 family residential		$	319,855			$	345,576			$	319,087			$	336,805			$	332,349
Home equity			57,183				53,345				49,789				48,383				47,844
Commercial real estate			186,943				174,319				159,423				146,683				134,766
Construction			34,246				32,690				29,902				30,350				32,101
Total real estate loans			598,227				605,930				558,201				562,221				547,060
Commercial and industrial			18,311				22,693				25,497				21,860				21,378
Consumer			8,313				12,820				9,052				9,940				11,564
Total loans			624,851				641,443				592,750				594,021				580,002
Investment securities			54,314				54,229				55,376				57,818				58,329
Interest-earning deposits			41,161				11,002				43,888				35,492				30,573
Total interest-earning assets			720,326				706,674				692,014				687,331				668,904
Non-interest earning assets			43,478				44,614				40,257				42,045				45,015
Total assets		$	763,804			$	751,288			$	732,271			$	729,376			$	713,919
Interest-bearing liabilities:
Savings accounts		$	191,464			$	189,254			$	192,434			$	190,313			$	181,653
NOW accounts			62,838				61,951				69,730				69,511				59,005
Money market accounts			77,140				73,662				72,469				75,994				75,106
Term certificates			135,406				113,787				104,604				96,978				112,260
Total interest-bearing deposits			466,848				438,654				439,237				432,796				428,024
FHLBB and FRB advances			53,592				64,047				51,502				70,857				77,584
Total interest-bearing liabilities			520,440				502,701				490,739				503,653				505,608
Noninterest-bearing liabilities:
Noninterest-bearing deposits			127,486				126,165				124,656				106,929				94,540
Other noninterest-bearing liabilities			13,305				19,021				13,606				15,375				13,539
Total liabilities			661,231				647,887				629,001				625,957				613,687
Total stockholders' equity			102,573				103,401				103,270				103,419				100,232
Total liabilities and stockholders' equity		$	763,804			$	751,288			$	732,271			$	729,376			$	713,919

Randolph Bancorp, Inc.
Interest Earned and Paid Trend
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Interest-earning assets:
Loans:
1-4 family residential		$	2,790			$	3,021			$	2,763			$	2,974			$	3,027
Home equity			480				475				412				433				436
Commercial real estate			1,880				1,809				1,666				1,406				1,342
Construction			331				310				289				295				325
Total real estate loans			5,481				5,615				5,130				5,108				5,130
Commercial and industrial			331				493				266				274				258
Consumer			111				118				109				126				144
Total loans			5,923				6,226				5,505				5,508				5,532
Investment securities			222				224				230				247				290
Interest-earning deposits			13				4				8				7				7
Total interest-earning assets			6,158				6,454				5,743				5,762				5,829
Interest-bearing liabilities:
Savings accounts		$	72			$	76			$	89			$	98			$	142
NOW accounts			29				23				38				48				43
Money market accounts			36				41				43				54				62
Term certificates			171				159				175				238				294
Total interest-bearing deposits			308				299				345				438				541
FHLBB and FRB advances			155				178				198				232				247
Total interest-bearing liabilities			463				477				543				670				788
Net interest income			5,695				5,977				5,200				5,092				5,041

Randolph Bancorp, Inc.
Average Yield Trend⁽¹⁾
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Interest-earning assets:
Loans:
1-4 family residential			3.46	%			3.47	%			3.47	%			3.58	%			3.62	%
Home equity			3.33	%			3.53	%			3.32	%			3.63	%			3.63	%
Commercial real estate			3.99	%			4.12	%			4.19	%			3.89	%			3.96	%
Construction			3.83	%			3.76	%			3.88	%			3.94	%			4.03	%
Total real estate loans			3.63	%			3.68	%			3.69	%			3.68	%			3.73	%
Commercial and industrial			7.17	%			8.62	%			4.18	%			5.08	%			4.80	%
Consumer			5.30	%			3.65	%			4.83	%			5.14	%			4.95	%
Total loans			3.76	%			3.85	%			3.73	%			3.76	%			3.79	%
Investment securities			1.62	%			1.64	%			1.67	%			1.73	%			1.98	%
Interest-earning deposits			0.13	%			0.14	%			0.07	%			0.08	%			0.09	%
Total interest-earning assets			3.39	%			3.62	%			3.33	%			3.40	%			3.47	%
Interest-bearing liabilities:
Savings accounts			0.15	%			0.16	%			0.19	%			0.21	%			0.31	%
NOW accounts			0.18	%			0.15	%			0.22	%			0.28	%			0.29	%
Money market accounts			0.19	%			0.22	%			0.24	%			0.29	%			0.33	%
Term certificates			0.50	%			0.55	%			0.67	%			1.00	%			1.04	%
Total interest-bearing deposits			0.26	%			0.27	%			0.32	%			0.41	%			0.50	%
FHLBB and FRB advances			1.15	%			1.10	%			1.54	%			1.33	%			1.27	%
Total interest-bearing liabilities			0.35	%			0.38	%			0.44	%			0.54	%			0.62	%
Interest rate spread			3.04	%			3.24	%			2.89	%			2.86	%			2.85	%
Net interest rate margin			3.14	%			3.36	%			3.01	%			3.00	%			3.00	%
Cost of deposits			0.21	%			0.21	%			0.25	%			0.33	%			0.41	%
Cost of funds			0.28	%			0.30	%			0.35	%			0.45	%			0.52	%
Ratio of interest-earning assets to interest-bearing liabilities			138.41	%			140.58	%			141.01	%			136.47	%			132.30	%

(1) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31, 2021 vs. September 30, 2021
		Increase (Decrease)								Total
		Due to Changes in								Increase
		Volume				Rate				(Decrease)
Interest-earning assets:
Loans:
1-4 family residential		$	(224	)		$	(7	)			(231	)
Home equity			33				(28	)			5
Commercial real estate			128				(57	)			71
Construction			15				6				21
Total real estate loans			(48	)			(86	)			(134	)
Commercial and industrial			(86	)			(76	)			(162	)
Consumer			(32	)			26				(6	)
Total loans			(166	)			(136	)			(302	)
Investment securities			-				(3	)			(3	)
Interest-earning deposits			10				(1	)			9
Total interest-earning assets			(156	)			(140	)			(296	)
Interest-bearing liabilities:
Savings accounts			1				(5	)			(4	)
NOW accounts			-				6				6
Money market accounts			2				(7	)			(5	)
Term certificates			28				(16	)			12
Total interest-bearing deposits			31				(22	)			9
FHLBB and FRB advances			(28	)			5				(23	)
Total interest-bearing liabilities			3				(17	)			(14	)
Change in net interest income		$	(159	)		$	(123	)		$	(282	)

Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31, 2021 vs. 2020
		Increase (Decrease)								Total
		Due to Changes in								Increase
		Volume				Rate				(Decrease)
Interest-earning assets:
Loans:
1-4 family residential		$	(108	)		$	(129	)			(237	)
Home equity			81				(37	)			44
Commercial real estate			512				26				538
Construction			22				(16	)			6
Total real estate loans			507				(156	)			351
Commercial and industrial			(33	)			106				73
Consumer			(38	)			6				(32	)
Total loans			436				(44	)			392
Investment securities			(19	)			(50	)			(69	)
Interest-earning deposits			2				4				6
Total interest-earning assets			419				(90	)			329
Interest-bearing liabilities:
Savings accounts			8				(78	)			(70	)
NOW accounts			3				(17	)			(14	)
Money market accounts			2				(28	)			(26	)
Term certificates			52				(175	)			(123	)
Total interest-bearing deposits			65				(298	)			(233	)
FHLBB and FRB advances			(71	)			(21	)			(92	)
Total interest-bearing liabilities			(6	)			(319	)			(325	)
Change in net interest income		$	425			$	229			$	654

Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)

		Year to Date
		December 31, 2021 vs. 2020
		Increase (Decrease)								Total
		Due to Changes in								Increase
		Volume				Rate				(Decrease)
Interest-earning assets:
Loans:
1-4 family residential		$	445			$	(1,039	)			(594	)
Home equity			280				(246	)			34
Commercial real estate			1,368				27				1,395
Construction			(105	)			(119	)			(224	)
Total real estate loans			1,988				(1,377	)			611
Commercial and industrial			157				426				583
Consumer			(179	)			(65	)			(244	)
Total loans			1,966				(1,016	)			950
Investment securities			(60	)			(323	)			(383	)
Interest-earning deposits			6				(50	)			(44	)
Total interest-earning assets			1,912				(1,389	)			523
Interest-bearing liabilities:
Savings accounts			130				(626	)			(496	)
NOW accounts			31				(78	)			(47	)
Money market accounts			18				(300	)			(282	)
Term certificates			(453	)			(1,109	)			(1,562	)
Total interest-bearing deposits			(274	)			(2,113	)			(2,387	)
FHLBB and FRB advances			(150	)			(30	)			(180	)
Total interest-bearing liabilities			(424	)			(2,143	)			(2,567	)
Change in net interest income		$	2,336			$	754			$	3,090

Randolph Bancorp, Inc.
Quarterly Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)

		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Gain on loan origination and sale activities, net
Gain on sale of mortgages and realized gain from derivative financial instruments, net		$	4,818			$	6,339			$	6,545			$	15,876			$	12,907
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value			(1,360	)			549				1,091				(3,816	)			896
Capitalized residential mortgage loan servicing rights			942				783				1,476				2,797				2,296
Net change in fair value of derivative loan commitments and forward loan sale commitments			(677	)			(442	)			(3,372	)			(3,864	)			(1,479	)
Gain on loan origination and sales activities, net		$	3,723			$	7,229			$	5,740			$	10,993			$	14,620
Mortgage servicing fees, net
Residential mortgage loan servicing fees		$	1,355			$	1,282			$	1,205			$	1,170			$	1,143
Amortization of residential mortgage loan servicing rights			(831	)			(795	)			(759	)			(812	)			(781	)
Release (provision) to the valuation allowance of mortgage loan servicing rights			43				39				(65	)			421				(87	)
Sub-servicer expenses (1)			(310	)			(252	)			-				-				-
Mortgage servicing fees, net		$	257			$	274			$	381			$	779			$	275
Total gain on loan origination and sales activities and mortgage servicing fees		$	3,980			$	7,503			$	6,121			$	11,772			$	14,895
Principal balance of loans originated for sale		$	222,644			$	260,519			$	309,033			$	487,675			$	443,948
Principal balance of loans sold		$	297,316			$	260,473			$	342,762			$	503,285			$	426,485
Ending notional amount of derivative loan commitments		$	85,887			$	158,085			$	139,748			$	239,509			$	396,551
Loans held for sale, at fair value		$	44,766			$	75,400			$	74,277			$	93,176			$	119,112
Margin on loans sold (2)			1.94	%			2.73	%			2.34	%			3.71	%			3.56	%

(1) Sub-servicer expenses were first incurred during the three months ended September 30, 2021, due to a conversion of the Company’s mortgage loan servicing activities. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses.
(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.

Randolph Bancorp, Inc.
Year-to-Date Trend in Mortgage Banking Income
(Dollars in thousands)
(Unaudited)

		Year-to-Date
		December 31,				December 31,
		2021				2020
Gain on loan origination and sale activities, net
Gain on sale of mortgages and realized gain from derivative financial instruments, net		$	33,578			$	34,203
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value			(3,536	)			3,263
Capitalized residential mortgage loan servicing rights			5,998				8,428
Net change in fair value of derivative loan commitments and forward loan sale commitments			(8,355	)			8,342
Gain on loan origination and sales activities, net		$	27,685			$	54,236
Mortgage servicing fees, net
Residential mortgage loan servicing fees		$	5,012			$	3,458
Amortization of residential mortgage loan servicing rights			(3,197	)			(2,543	)
Release (provision) to the valuation allowance of mortgage loan servicing rights			438				(2,068	)
Sub-servicer expenses (1)			(562	)			-
Mortgage servicing fees, net		$	1,691			$	(1,153	)
Total gain on loan origination and sales activities and mortgage servicing fees		$	29,376			$	53,083
Principal balance of loans originated for sale		$	1,279,871			$	1,556,587
Principal balance of loans sold		$	1,403,836			$	1,497,643
Ending notional amount of derivative loan commitments		$	85,887			$	396,551
Loans held for sale, at fair value		$	44,766			$	119,112
Margin on loans sold (2)			2.82	%			2.85	%

(1) Sub-servicer expenses were first incurred during the three months ended September 30, 2021, due to a conversion of the Company’s mortgage loan servicing activities. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses.
(2) Margin on loans sold is calculated as the sum of the gain on sale of mortgages and realized gain from derivative financial instruments, net, plus capitalized residential mortgage loan servicing rights divided by the principal balance of loans sold.

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

		For the Three Months Ended December 31, 2021
		Envision Bank				Envision Mortgage				Consolidated Total
Net interest income		$	4,916			$	778			$	5,694
Provision (credit) for loan losses			(108	)			-				(108	)
Net interest income after provision (credit) for loan losses			5,024				778				5,802
Non-interest income:
Customer service fees			413				9				422
Gain on loan origination and sale activities, net (1)			-				4,190				4,190
Mortgage servicing fees, net			(213	)			470				257
Other			16				117				133
Total non-interest income			216				4,786				5,002
Non-interest expenses:
Salaries and employee benefits			1,741				4,343				6,084
Occupancy and equipment			500				213				713
Other non-interest expenses			1,038				1,386				2,424
Total non-interest expenses			3,279				5,942				9,221
Income (loss) before income taxes and elimination of inter-segment profit		$	1,961			$	(378	)			1,583
Elimination of inter-segment profit											(467	)
Income before income taxes											1,116
Income tax expense											330
Net income										$	786

(1) Before elimination of inter-segment profit.

The information above was derived from the internal management reporting system used to measure performance of the segments.

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

		For the Three Months Ended September 30, 2021
		Envision Bank				Envision Mortgage				Consolidated Total
Net interest income		$	5,243			$	733			$	5,976
Provision (credit) for loan losses			(90	)			-				(90	)
Net interest income after provision (credit) for loan losses			5,333				733				6,066
Non-interest income:
Customer service fees			394				16				410
Gain on loan origination and sale activities, net (1)			-				7,925				7,925
Mortgage servicing fees, net			(222	)			496				274
Other			105				131				236
Total non-interest income			277				8,568				8,845
Non-interest expenses:
Salaries and employee benefits			1,742				4,639				6,381
Occupancy and equipment			473				241				714
Other non-interest expenses			1,046				1,718				2,764
Total non-interest expenses			3,261				6,598				9,859
Income before income taxes and elimination of inter-segment profit		$	2,349			$	2,703				5,052
Elimination of inter-segment profit											(696	)
Income before income taxes											4,356
Income tax expense											1,230
Net income										$	3,126

(1) Before elimination of inter-segment profit.

The information above was derived from the internal management reporting system used to measure performance of the segments.

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

		For the Three Months Ended 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 Year Ended December 31, 2021
		Envision Bank				Envision Mortgage				Consolidated Total
Net interest income		$	18,894			$	3,066			$	21,960
Provision (credit) for loan losses			(438	)			-				(438	)
Net interest income after provision (credit) for loan losses			19,332				3,066				22,398
Non-interest income:
Customer service fees			1,538				80				1,618
Gain on loan origination and sale activities, net (1)			-				30,347				30,347
Mortgage servicing fees, net			(622	)			2,313				1,691
Other			428				501				929
Total non-interest income			1,344				33,241				34,585
Non-interest expenses:
Salaries and employee benefits			7,031				21,181				28,212
Occupancy and equipment			1,825				967				2,792
Other non-interest expenses			4,435				6,219				10,654
Total non-interest expenses			13,291				28,367				41,658
Income before income taxes and elimination of inter-segment profit		$	7,385			$	7,940				15,325
Elimination of inter-segment profit											(2,662	)
Income before income taxes											12,663
Income tax expense											3,062
Net income										$	9,601

(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.

The information above was derived from the internal management reporting system used to measure performance of the segments.

Randolph Bancorp, Inc.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
Unaudited

				Quarter Ended
				December 31, 2021
Adjustments		Income Statement Section		Income Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	1,116			$	330			$	786			$	0.16
Loss on disposal of fixed assets		Non-interest income			55				16				39				0.01
Accrued severance expenses		Non-interest expense			26				7				19				-
Non-GAAP basis				$	1,197			$	353			$	844			$	0.17
				Quarter Ended
				September 30, 2021
Adjustments		Income Statement Section		Income Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	4,356			$	1,230			$	3,126			$	0.62
Accrued severance expenses		Non-interest expense			139				40				99				0.02
Other outsourcing expenses		Non-interest expense			190				54				136				0.03
Non-GAAP basis				$	4,685			$	1,324			$	3,361			$	0.67
				Quarter Ended
				June 30, 2021
Adjustments		Income Statement Section		Income Before Taxes				Provision (credit) for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	1,415			$	(162	)		$	1,577			$	0.31
Loss on disposal of fixed assets		Non-interest income			29				8				21				-
Accrued severance expenses		Non-interest expense			145				41				104				0.02
Other outsourcing expenses		Non-interest expense			71				20				51				0.01
Non-GAAP basis				$	1,660			$	(93	)		$	1,753			$	0.34
				Quarter Ended
				March 31, 2021
Adjustments		Income Statement Section		Income Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	5,776			$	1,664			$	4,112			$	0.78
Accrued severance expenses		Non-interest expense			109				31				78				0.01
Non-GAAP basis				$	5,885			$	1,695			$	4,190			$	0.79
				Quarter Ended
				December 31, 2020
Adjustments		Income Statement Section		Income (Loss) Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	7,485			$	2,211			$	5,274			$	1.01
Residential lending office closure		Non-interest expense			294				63				231				0.04
COVID-19 related expenses		Non-interest expense			69				15				54				0.01
Non-GAAP basis				$	7,848			$	2,289			$	5,559			$	1.06

Randolph Bancorp, Inc.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
(Unaudited)

				Year to Date
				December 31, 2021
Adjustments		Income Statement Section		Income Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	12,663			$	3,062			$	9,601			$	1.88
Loss on disposal of fixed assets		Non-interest income			84				24				60				0.01
Accrued severance expenses		Non-interest expense			419				120				299				0.06
Other outsourcing expenses		Non-interest expense			261				75				186				0.04
Non-GAAP basis				$	13,427			$	3,281			$	10,146			$	1.99
				Year to Date
				December 31, 2020
Adjustments		Income Statement Section		Income Before Taxes				Provision for Income Taxes				Net Income				Earnings per Share (diluted)
GAAP basis				$	25,409			$	5,477			$	19,932			$	3.86
Retirement salary and benefits compensation		Non-interest expense			692				149				543				0.11
Accelerated vesting of stock-based compensation		Non-interest expense			683				147				536				0.10
COVID-19 related expenses		Non-interest expense			229				49				180				0.03
Residential lending office closure		Non-interest expense			294				63				231				0.04
Accrued severance expenses		Non-interest expense			69				15				54				0.01
Non-GAAP basis				$	27,376			$	5,900			$	21,476			$	4.15

Randolph Bancorp, Inc.
Selected Financial Highlights
(Unaudited)

		At or for the Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Return on average assets: (1, 5)
GAAP			0.41	%			1.66	%			0.86	%			2.26	%			2.95	%
Non-GAAP (2)			0.44	%			1.79	%			0.96	%			2.30	%			3.11	%
Return on average equity: (1, 6)
GAAP			3.07	%			12.09	%			6.11	%			15.90	%			21.05	%
Non-GAAP (2)			3.29	%			13.00	%			6.79	%			16.21	%			22.18	%
Net interest margin (10)			3.14	%			3.36	%			3.01	%			3.00	%			3.00	%
Non-interest income to total income:
GAAP			44.33	%			57.69	%			56.73	%			70.93	%			75.57	%
Non-GAAP (2)			44.63	%			57.69	%			56.83	%			70.93	%			75.57	%
Profit percentage (9)
GAAP			9.85	%			30.20	%			11.55	%			31.76	%			37.33	%
Non-GAAP (2)			10.59	%			32.53	%			13.56	%			32.39	%			39.09	%
Efficiency ratio: (7)
GAAP			90.15	%			69.80	%			88.45	%			68.24	%			62.67	%
Non-GAAP (2)			89.41	%			67.47	%			86.44	%			67.61	%			60.91	%
Tier 1 capital to average assets (3)			13.23	%			13.38	%			13.72	%			13.81	%			13.85	%
Non-performing assets as a percentage of total assets (4)			0.33	%			0.20	%			0.86	%			1.14	%			1.01	%
Allowance for loan losses as a percentage of total loans (4)			1.14	%			1.13	%			1.19	%			1.32	%			1.39	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)			1.15	%			1.14	%			1.22	%			1.36	%			1.41	%
Allowance for loan losses as a percentage of non-performing assets			239.67	%			427.66	%			101.89	%			78.99	%			94.58	%
Allowance for loan losses as a percentage of non-performing loans			239.67	%			427.66	%			101.89	%			77.75	%			92.87	%
Tangible book value per share (8)		$	19.73			$	19.71			$	19.16			$	18.80			$	18.16
Outstanding shares			5,113,825				5,103,619				5,254,522				5,364,240				5,495,514

(1) Annualized for quarterly periods presented.
(2) See page 26 – Reconciliation of GAAP to Non-GAAP Net Income.
(3) Average assets calculated on a quarterly basis for all periods presented.
(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average total assets.
(6) This non-GAAP measure represents net income divided by average stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $24,000, $26,000, $28,000, $31,000, and $33,000 at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 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.
(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

Randolph Bancorp, Inc.
Selected Financial Highlights
(Unaudited)

		At or for the Year Ended
		December 31,				December 31,
		2021				2020
Return on average assets: (1, 5)
GAAP			1.29	%			2.89	%
Non-GAAP (2)			1.36	%			3.11	%
Return on average equity: (1, 6)
GAAP			9.31	%			22.54	%
Non-GAAP (2)			9.83	%			24.28	%
Net interest margin (10)			3.13	%			2.90	%
Non-interest income to total income:
GAAP			59.25	%			74.60	%
Non-GAAP (2)			59.31	%			74.60	%
Profit percentage (9)
GAAP			22.69	%			37.65	%
Non-GAAP (2)			24.07	%			39.80	%
Efficiency ratio: (7)
GAAP			77.31	%			62.35	%
Non-GAAP (2)			75.93	%			59.71	%
Tier 1 capital to average assets (3)			13.58	%			13.85	%
Non-performing assets as a percentage of total assets (4)			0.33	%			1.01	%
Allowance for loan losses as a percentage of total loans (4)			1.14	%			1.39	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)			1.15	%			1.41	%
Allowance for loan losses as a percentage of non-performing assets			239.67	%			94.58	%
Allowance for loan losses as a percentage of non-performing loans			239.67	%			92.87	%
Tangible book value per share (8)		$	19.73			$	18.16
Outstanding shares			5,113,825				5,495,514

(1) Annualized for quarterly periods presented.
(2) See page 27 – Reconciliation of GAAP to Non-GAAP Net Income.
(3) Average assets calculated on an annual basis for all periods presented.
(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average total assets.
(6) This non-GAAP measure represents net income divided by average stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $24,000 and $33,000 at December 31, 2021 and December 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.
(10) During the fourth quarter of 2021, the Company changed the yield calculation method from the “30/360” to the “Actual/Actual” method. Management believes that the “Actual/Actual” method provides a more consistent and relevant metric for yield performance comparisons.

Randolph Bancorp, Inc.
COVID-19 Supplemental Disclosure
(Unaudited)

Loan Payment Deferrals

		As of December 31, 2021
		Commercial loans				Residential and consumer loans				Residential loans serviced for others
		(Dollars in thousands)
Balance outstanding		$	226,234			$	323,603			$	1,975,876
COVID-19 related loan payment deferrals:
Loans in COVID-19-related loan payment deferral		$	-			$	1,991			$	5,292
Loans in deferral as a percentage of category loans			0.0	%			0.6	%			0.3	%
Loans with suspended payment		$	-			$	1,991			$	2,026
Loans with reduced payment			-				-				3,266
Loans which obtained a COVID-19-related payment deferral but have since resumed payment		$	37,539			$	17,115			$	63,084
Loans reinstated (borrower paid any unpaid principal and interest)			23,267				1,426				4,499
Loans on a repayment plan			-				-				1,313
Loans which resumed payment but deferred principal and/or interest payments to maturity			4,549				8,494				31,025
Loans which were paid off completely			9,723				7,195				26,247

Randolph Bancorp, Inc.
COVID-19 Supplemental Disclosure
(Unaudited)

COVID-19 Highly Impacted Sectors

		As of December 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		$	1,042				$	1,042				$	-				$	-				$	1,042			$	-			$	-
Hotels/hospitality			9,506					9,453					53					-					53				9,453				-
Restaurants/food service			2,488					1,468					1,020					-					2,489				-				-
Retail/shopping center			15,642					11,980					-					3,662					14,635				1,006				-
Other sectors (2)			8,851					8,592					59					200					8,852				-				-
Total loans in COVID-19 impacted sectors		$	37,529				$	32,535				$	1,132				$	3,862				$	27,071			$	10,459			$	-
Percentage of commercial loans outstanding		16.6		%			16.5		%			6.6		%			33.4		%
Commercial loans outstanding		$	226,234				$	197,423				$	17,242				$	11,569
Loan to value secured by real estate (3)							59.4		%								62.0		%

(1) This disclosure focuses on industries with balances that are significant to the portfolio at December 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.

 

FAQ

What were Randolph Bancorp's Q4 2021 earnings results?

Randolph Bancorp reported a net income of $786,000, or $0.17 per diluted share for Q4 2021.

How much did the special dividend declared by Randolph Bancorp amount to?

Randolph Bancorp declared a special dividend of $2.00 per share.

What is the total asset growth reported by Randolph Bancorp for Q4 2021?

Total assets grew by 6.9% to $803.3 million in Q4 2021.

What decline did Randolph Bancorp experience in its net income for 2021?

For the year ended December 31, 2021, net income was $9.6 million, down from $19.9 million in 2020.

What changes occurred to Randolph Bancorp's loan portfolio in Q4 2021?

Total loans decreased by $20.2 million, or 3.5%, to $549.8 million at December 31, 2021.