Randolph Bancorp: William M. Parent, President And Chief

The following excerpt is from the company's SEC filing.
Executive Officer (617-925-1955)
RANDOLPH BANCORP, INC. ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS
QUINCY, Massachusetts, July 27, 2021 –
Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $1.6 million, or $0.32 per basic share and $0.31 per diluted share, for the three months ended June 30, 2021 compared to net income of $4.1 million, or $0.81 per basic and $0.78 per diluted share, for the three months ended March 31, 2021 and net income of $5.2 million, or $1.02 per basic and diluted share, for the thr ee months ended June 30, 2020. Excluding one-time events of $145,000 in severance expenses, $71,000 in other outsourcing expenses, and $29,000 in losses on disposals of fixed assets, earnings were $1.8 million, or $0.34 per diluted share, for the three months ended June 30, 2021. Excluding one-time charges of $109,000 in severance expenses, earnings were $4.2 million, or $0.79 per diluted share, for the three months ended March 31, 2021. Excluding $189,000 of operating expenses related to addressing the COVID-19 pandemic, net income for the three months ended June 30, 2020 was $5.4 million, or $1.06 per diluted share.
For the six months ended June 30, 2021, net income was $5.7 million, or $1.10 per diluted share, compared to net income of $4.4 million, or $0.86 per diluted share, for the six months ended June 30, 2020. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $5.9 million, or $1.15 per diluted share, for the six months ended June 30, 2021, compared to net income on a non-GAAP basis, excluding other certain nonrecurring items, of $6.0 million, or $1.17 per diluted share, for the six months ended June 30, 2020.
At June 30, 2021, total assets amounted to $744.1 million, compared to $738.2 million at March 31, 2021, an increase of $6.0 million, or 0.8%. Total loans increased by $48.6 million, or 9.8%, to $546.4 million at June 30, 2021 from $497.8 million at March 31, 2021, whereas loans held for sale decreased by $18.9 million to $74.3 million at June 30, 2021 from $93.2 million at March 31, 2021. Compared to June 30, 2020, total assets grew $20.1 million, or 2.8% from $724.0 million. The growth from the prior year period was driven by an increase in total loans of $50.4 million, or 10.2%, and an increase in loans held for sale of $12.6 million, partially offset by a decrease in cash and cash equivalents of $41.1 million.
William M. Parent, President and Chief Executive Officer, stated, “The second quarter was a positive quarter for our Company as we continued to see progress along our operating path. Strong loan growth, higher net interest margin, net interest income growth and improved credit metrics all reflect building momentum. The earnings decline from prior quarters reflects the normalization of the mortgage market as declining refinancing volume and compressed margins resulted in significantly lower overall originations and related income. We continue to work diligently to right size our operations to reflect market conditions but there will be a lagging period before our overall operating leverage initiatives are realized. We are pleased with the developments post re-opening of our local market and remain optimistic that we can continue to grow our business and generate recurring operating leverage.”
Second Quarter Operating Results
Net interest income increased by $108,000, or 2.1%, to $5.2 million for the three months ended June 30, 2021 from $5.1 million for the three months ended March 31, 2021. This increase was primarily due to a decrease in the cost of term certificates and a decrease in the volume of Federal Home Loan Bank of Boston (“FHLBB”) advances from the prior quarter. The average cost of certificates of deposit decreased by 31 basis points from the prior quarter, and the average balance of FHLBB advances decreased $19.4 million, or 27.3%, from the prior quarter. This contributed to a decrease of 9 basis points in the cost of interest-bearing liabilities in the second quarter of 2021. The improvement in the cost of funding was partially offset by a decrease in the average yield earned on interest-earning assets of 3 basis points, driven by declines in the volume of and yield on investment securities. Accordingly, the net interest margin increased by 4 basis points, to 3.00% in the second quarter from 2.96% in the first quarter.
Net interest income increased by $466,000, or 9.8%, to $5.2 million for the three months ended June 30, 2021 from $4.7 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin increased by 12 basis points to 3.00%, from 2.88%. The improvement reflects the shortening and downward pricing of deposit liabilities, which exceeded the decrease in rates earned on interest-earning assets in the lower interest rate environment. The cost of interest-bearing liabilities decreased by 59 basis points, whereas the yield on interest-earning assets declined by 36 basis points between periods.
The Company recognized a credit for loan losses of $27,000 for the quarter ended June 30, 2021, driven by changes in the qualitative factors related to the impact of the COVID-19 pandemic and the economic outlook used in the Company’s calculation, along with improvements in credit quality trends, which were partially offset by total loan growth of $48.6 million from the prior quarter. The allowance for loan losses was 1.19%, 1.32% and 1.22% of total loans at June 30, 2021, March 31, 2021 and June 30, 2020, respectively, and was 101.9%, 79.0% and 179.3% of non-performing assets at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.
Non-interest income decreased $5.6 million, or 45.1%, to $6.8 million for the quarter ended June 30, 2021 from $12.4 million in the quarter ended March 31, 2021, due to a decrease of $5.3 million in the net gain on loan origination and sale activities, in addition to a decrease in net mortgage servicing fees of $398,000. Sold mortgages totaled $342.8 million in the second quarter of 2021, compared to $503.3 million in the first quarter of 2021. The second quarter of 2021 ended with a mortgage pipeline of $139.7 million, compared to a pipeline of $239.5 million at the end of the first quarter of 2021, contributing to the decrease in the net gain on loan origination and sales activities. Mortgage servicing fees decreased $398,000, or 51.1%, to $381,000 for the second quarter of 2021 from $779,000 in the first quarter of 2021 due to a positive fair value adjustment of $421,000 in the first quarter of 2021, based on an increase in mortgage interest rates from the end of 2020, and an impairment charge of $65,000 taken in the second quarter of 2021, as mortgage interest rates declined slightly from the prior quarter.
Non-interest income decreased $6.7 million, or 49.5%, to $6.8 million for the quarter ended June 30, 2021 from $13.5 million for the quarter ended June 30, 2020, principally due to a decrease of $8.6 million in the net gain on loan origination and sale activities, partially offset by an increase of $1.7 million in net mortgage servicing fees. Sold mortgage loans totaled $342.8 million in the second quarter of 2021, compared to sold mortgage loans of $442.9 million during the second quarter of 2020. The second quarter of 2021 ended with a mortgage pipeline of $139.7 million, compared to a pipeline of $329.3 million at the end of the second quarter of 2020. Mortgage servicing fees increased $1.7 million in the quarter ended June 30, 2021, principally due to an impairment of mortgage servicing rights of $1.5 million in the quarter ended June 30, 2020.
Non-interest expenses decreased $1.3 million, or 11.1%, to $10.6 million in the quarter ended June 30, 2021 from $12.0 million in the quarter ended March 31, 2021. The decrease was due to a decrease in salaries and employee benefits expense of $1.1 million, or 13.4%, primarily driven by lower commissions paid on mortgage originations and a decrease in
2 Batterymarch Park, Suite 301, Quincy, MA 02169  |  877.963.2100  |  
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professional fees of $238,000 or 42.4% from the prior quarter
Occupancy and equipment expenses decreased $
,000 in the quarter ended
, 2021 from the prior quarter due to the closing of residential lending offices.
Non-interest expenses decreased $752,000 to $10.6 million in the quarter ended June 30, 2021 from $11.4 million in the quarter ended June 30, 2020. The decrease is principally due to a decrease in salaries and employee benefits of $1.1 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production, partially offset by a $401,000 increase in other non-interest expenses, which included an increase in the provision for unfunded commitments, driven by growth in unfunded commercial real estate and commercial construction commitments as of June 30, 2021.
The income tax benefit was $162,000 for the three months ended June 30, 2021 compared to income tax expense of $1.7 million and $594,000 for the three months ended March 31, 2021 and June 30, 2020, respectively. During the three months ended June 30, 2021, the Company reversed a valuation allowance on its charitable contribution carryforwards totaling $531,000. The remaining income tax expense for 2021 is expected to reflect an effective tax rate of 28.5%.
Year-to-Date Operating Results
Net interest income increased by $1.1 million, or 12.4%, for the six months ended June 30, 2021 compared to the same period in the prior year. The change reflects the shortening and downward pricing of deposit liabilities, exceeding the decreases in the rates earned on interest-earning assets because of the lower interest-rate environment. In addition, the composition of our deposit base improved as the average balance of savings and NOW accounts for the six months ended June 30, 2021 increased $44.7 million, or 30.5%, and $26.8 million, or 62.6%, respectively, from the six months ended June 30, 2020, while the average balance of our term certificates decreased $73.1 million, or 42.0%, from the prior year. The activity resulted in a 69 basis point decrease in the cost of interest-bearing liabilities.
The Company recognized a credit for loan losses of $240,000 for the six months ended June 30, 2021 compared to a provision of $1.8 million in the prior year period. At June 30, 2021, improvements to qualitative factors related to the impact of the COVID-19 pandemic, the economic outlook, and credit quality trends all helped to generate the credit for loan losses, partially offset by provisions for loan growth.
Non-interest income decreased $712,000, or 3.6%, to $19.2 million for the six months ended June 30, 2021 from $20.0 million in the six months ended June 30, 2020, principally due to a decrease of $4.8 million in the net gain on loan origination and sale activities. Mortgage loans sold were $846.0 million in the first half of 2021, compared to $657.9 million in the first half of 2020. Net gain on loan origination and sale activities decreased, while mortgage loans sold increased compared to the prior year quarter, as a result of both shrinking loan sale margins and the impact of a decreasing mortgage banking pipeline during the six months ended June 30, 2021 compared to an increasing mortgage banking pipeline during the six months ended June 30, 2020. Mortgage servicing fees increased $3.8 million in the first half of 2021 to $1.2 million from a loss of $2.6 million in the first half of 2020, due to positive fair value adjustments of $356,000 in the first half of 2021 and impairment charges of $3.1 million in the first half of 2020.
Non-interest expenses increased $240,000, or 1.1%, to $22.6 million for the six months ended June 30, 2021 from $22.3 million for the six months ended June 30, 2020. Non-interest expenses in the first half of 2020 included one-time charges of $1,375,000 related to the retirement of senior executives as well as $207,000 of COVID-19 pandemic-related expenses. Increases to non-interest expenses during the six months ended June 30, 2021 related to higher recurring salaries and benefits and other non-interest expenses related to increased mortgage loan production, professional fees associated with the outsourcing of the Company’s residential loan servicing functions, and an increase in the provision for unfunded commitments related to new commercial real estate and commercial construction commitments. Occupancy and equipment expenses decreased $172,000 in the first half of 2021 over the prior year period, partly as a result of decreased rental expenses due to the closures of residential lending offices, in addition to the absence of significant COVID-19 pandemic spending on cleaning and supplies.
Income tax expenses increased to $1.5 million for the six months ended June 30, 2021 from $605,000 for the six months ended June 30, 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 June 30, 2021, total assets amounted to $744.1 million, compared to $738.2 million at March 31, 2021, an increase of $6.0 million, or 0.8%. A $48.7 million increase in net loans from the prior quarter was partially offset by a $20.1 million decrease in cash and cash equivalents and an $18.9 million decrease in loans held for sale. Net loan growth of 9.9% was driven by 1-4 family residential real estate growth of $24.8 million and commercial real estate growth of $20.8 million. Deposits increased by $11.7 million in the quarter, including an increase of $6.1 million in non-interest bearing deposits. In addition, the Company reduced borrowings by $10 million in the quarter.
Total assets at June 30, 2021 increased $20.1 million, or 2.8% from $724.0 million at June 30, 2020. Contributing to asset growth was a $49.7 million increase in net loans to $540.7 million at June 30, 2021 from $490.9 million at June 30, 2020. Cash and cash equivalents decreased by $41.1 million, or 54.1%, to $34.9 million at June 30, 2021 from $76.0 million at June 30, 2020, mainly to fund growth in net loans as well as loans held for sale. Commercial real estate loans increased by $32.9 million, or 24.4%, as we focus on diversifying our loan mix. The increase in total assets from the prior year quarter was also funded by continued deposit growth. Retail deposits totaled $514.9 million at June 30, 2021, increasing by $31.9 million, or 6.6%, from $483.0 million at June 30, 2020. Driving the growth in retail deposits was customers’ receipt of government stimulus and our focus on deposit gathering. FHLBB advances decreased by $21.9 million to $50.0 million at June 30, 2021, from $71.9 million at June 30, 2020. Federal Reserve Bank advances decreased by $15.0 million between periods.
Total stockholders’ equity was $100.7 million at June 30, 2021 compared to $100.9 million at March 31, 2021. The decrease of $149,000 reflects share repurchases during the period of $2.2 million, partially offset by net income of $1.6 million and an increase in the fair value of available-for-sale securities, net of taxes, of $97,000.
Total stockholders’ equity was $100.7 million at June 30, 2021 compared to $84.5 million at June 30, 2020. The increase of $16.2 million relates mainly to net income from the previous twelve months of $21.2 million, partially offset by share repurchases of $5.4 million and a decrease in the fair value of available-for-sale securities, net of taxes, of $879,000.
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 Small Business Administration’s (“SBA’s”) Paycheck Protection Program (“PPP”), for which we funded $26.2 million of SBA PPP Loans through June 30, 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 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. 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 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 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 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 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.
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
% Change
Jun 2021 vs.
Mar 2021
Jun 2020
Assets
34,876
54,950
76,003
Certificates of deposit
(100.0
Securities available for sale, at fair value
50,212
54,148
54,462
Loans held for sale, at fair value
74,277
93,176
61,673
Loans:
263,992
239,190
246,236
Home equity
50,555
49,073
43,493
167,691
146,930
134,750
Construction
29,140
29,975
35,181
Total real estate loans
511,378
465,168
459,660
Commercial and industrial
25,826
23,869
22,940
Consumer
13,435
546,398
497,761
496,035
Allowance for loan losses
(6,523
(6,563
(6,059
Net deferred loan costs and fees, and purchase premiums
Loans, net
540,660
491,983
490,938
Federal Home Loan Bank of Boston stock, at cost
Accrued interest receivable
Mortgage servicing rights, net
15,375
14,744
Premises and equipment, net
Bank-owned life insurance
Foreclosed real estate, net
Other assets
10,546
10,607
12,572
744,142
738,188
724,041
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing
124,683
118,623
89,014
Savings accounts
190,584
192,712
165,234
51,059
62,772
48,014
Money market accounts
73,967
78,236
75,827
Term certificates
74,631
75,690
104,905
Interest bearing brokered
57,059
32,225
55,972
Total deposits
571,983
560,258
538,966
15,010
Federal Home Loan Bank of Boston advances
50,016
60,024
71,944
Mortgagors' escrow accounts
Post-employment benefit obligations
Other liabilities
17,424
12,888
Total liabilities
643,432
637,329
639,512
Stockholders' Equity:
Common stock
Additional paid-in capital
46,740
48,613
51,013
Retained earnings
57,378
55,801
36,130
ESOP-Unearned compensation
(3,662
(3,709
(3,850
Accumulated other comprehensive income, net of tax
Total stockholders' equity
100,710
100,859
84,529
Total liabilities and stockholders' equity
Consolidated Balance Sheet Trend
December 31,
September 30,
13,774
49,091
55,366
55,551
119,112
87,805
235,648
235,955
48,166
48,097
143,893
141,862
31,050
32,064
458,757
457,978
20,259
20,388
10,289
11,696
489,305
490,062
(6,784
(6,597
483,644
484,548
12,377
10,944
18,126
15,736
721,072
722,968
96,731
93,352
185,481
175,316
53,530
47,032
77,393
74,874
83,444
94,438
31,728
37,273
528,307
522,285
11,431
15,318
61,895
66,903
14,900
19,276
621,253
628,030
50,937
51,201
51,689
46,415
(3,756
(3,803
99,819
94,938
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
Three Months Ended
Interest and dividend income:
Other interest and dividend income
Total interest and dividend income
Interest expense
Provision (credit) for loan losses
(102.5
Net interest income after provision (credit) for loan losses
Non-interest income:
Customer service fees
Gain on loan origination and sale activities, net
10,993
14,370
Mortgage servicing fees, net
(1,354
(128.1
Total non-interest income
12,423
13,499
Non-interest expenses:
Salaries and employee benefits
Professional fees
Marketing
FDIC insurance
Other non-interest expenses
Total non-interest expenses
10,627
11,951
11,379
Income before income taxes
Income tax expense (benefit)
(109.7
(127.3
Net income per share:
Diluted
Weighted average shares outstanding:
4,921,182
5,056,165
5,092,490
5,135,582
5,254,907
Year to Date
11,013
11,343
11,503
12,112
10,290
(113.4
10,530
16,733
21,514
(2,608
(144.5
19,239
19,951
15,747
16,527
22,578
22,338
4,988,283
5,107,700
5,193,643
Consolidated Statements of Operations Trend
14,620
18,102
15,587
19,874
12,927
11,051
12,946
10,285
5,135,069
5,120,367
5,244,414
Average Balances/Yields
Outstanding
Earned/
Yield/
Interest-earning assets:
  Loans
592,750
594,021
576,964
  Investment securities
(2) (3)
55,376
57,818
58,119
  Interest-earning deposits
43,888
35,492
22,918
Total interest-earning assets
692,014
687,331
658,001
Noninterest-earning assets
40,257
42,045
40,156
732,271
729,376
698,157
Interest-bearing liabilities:
  Savings accounts
192,434
190,313
158,427
  NOW accounts
69,730
69,511
46,593
  Money market accounts
72,469
75,994
71,396
  Term certificates
104,604
96,978
159,224
Total interest-bearing deposits
439,237
432,796
435,640
  FHLBB and FRB advances
51,502
70,857
79,133
Total interest-bearing liabilities
490,739
503,653
514,773
Noninterest-bearing liabilities:
  Noninterest-bearing deposits
124,656
106,929
77,947
  Other noninterest-bearing liabilities
13,606
22,893
629,001
625,957
615,613
103,270
103,419
82,544
Interest rate spread
Net interest-earning assets
201,275
183,678
143,228
Net interest margin
Ratio of interest-earning assets to interest-bearing liabilities
141.01
136.47
127.82
(1) Includes nonaccruing loan balances and interest received on such loans.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $1,000, $1,000 and $1,000 for the three months ended June, 2021, March 31, 2021 and June 30, 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.
Average Balance and Yields
593,382
554,053
56,590
58,459
39,713
20,688
689,685
11,504
633,200
12,115
41,146
35,965
730,831
669,165
191,379
146,635
69,621
42,821
74,222
74,895
100,812
173,939
436,034
438,290
61,126
63,118
497,160
501,408
115,841
70,333
14,486
16,221
627,487
587,962
103,344
81,204
669,166
192,525
131,792
138.72
126.28
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $2,000 and $3,000 for the six months ended June 30, 2021 and 2020, respectively.
Average Balances Trend
580,002
559,370
58,329
57,211
30,573
48,949
668,904
665,530
Non-interest earning assets
45,015
41,037
713,919
706,567
181,653
170,762
59,005
57,646
75,106
72,369
112,260
131,053
428,024
431,830
77,584
82,639
505,608
514,469
94,540
88,394
13,539
12,724
613,687
615,587
100,232
90,980
Net interest rate margin
132.30
129.36
Rate/Volume Analysis
June 30, 2021 vs. March 31, 2021
Increase (Decrease)
Due to Changes in
           Total interest-earning assets
           Total interest-bearing deposits
           Total interest-bearing liabilities
Change in net interest income
June 30, 2021 vs. 2020
(1,156
(1,248
(1,724
(1,252
(1,742
Segment Information
For the Three Months Ended June 30, 2021
Consolidated Total
Gain on loan origination and sale activities, net
Income before income taxes and elimination of inter-segment profit
Elimination of inter-segment profit
Before elimination of inter-segment profit.
The information above was derived from the internal management reporting system used to measure performance of the segments.
For the Three Months Ended March 31, 2021
11,674
12,707
13,104
For the Three Months Ended June 30, 2020
Provision for loan losses
Net interest income after provision for loan losses
14,736
(1,258
(1,353
13,631
13,866
Income (loss) before income taxes and elimination of inter-segment profit
For the Six Months Ended June 30, 2021
18,232
19,885
20,738
12,199
15,830
(1,499
For the Six Months Ended June 30, 2020
22,209
(2,426
20,085
20,646
14,243
(1,389
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands, except per share amounts)
Quarter Ended
Adjustments
Income Statement Section
Income Before Taxes
Provision (credit) for Income Taxes
Earnings per Share (diluted)
Loss on disposal of fixed assets
Accrued severance expenses
Other outsourcing expenses
Non-GAAP basis
Provision for Income Taxes
December 31, 2020
Residential lending office closure
COVID-19 related expenses
September 30, 2020
12,968
10,303
Income (Loss) Before Taxes
Net Income (Loss)
Retirement salary and benefits compensation
Accelerated vesting of stock-based compensation
Selected Financial Highlights
At or for the Three Months Ended
Return on average assets:
(1, 5)
Return on average equity:
(1, 6)
Non-interest income to total income:
Profit percentage
Efficiency ratio:
Tier 1 capital to average assets
Non-performing assets as a percentage of total assets
Allowance for loan losses as a percentage of total loans
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans
Allowance for loan losses as a percentage of non-performing assets
101.89
179.31
Allowance for loan losses as a percentage of non-performing loans
186.60
Tangible book value per share
Outstanding shares
5,254,522
5,364,240
5,495,514
5,524,390
5,479,884
Annualized for quarterly periods presented.
See page 16 – Reconciliation of GAAP to Non-GAAP Net Income.
Average assets calculated on a quarterly basis for all periods presented.
Total loans exclude loans held for sale but includes net deferred loan costs and fees.
This non-GAAP measure represents net income divided by average total assets.
This non-GAAP measure represents net income divided by average stockholders’ equity.
This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $28,000, $31,000, $33,000, $36,000, and $38,000 at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, and June 30, 2020, respectively, divided by outstanding shares at period end.
This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.
At or for the Six Months Ended
This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $28,000 and $38,000 at June 30, 2021 and June 30, 2020, respectively, divided by outstanding shares at period end.
COVID-19 Supplemental Disclosure
As of June 30, 2021
Commercial loans
Residential and consumer loans
Residential loans serviced for others
Balance outstanding
202,743
343,655
1,999,083
COVID-19 related loan payment deferrals:
Loans in COVID-19-related loan payment deferral
Loans in deferral as a percentage of category loans
Loans with suspended payment
Loans with reduced payment
Loans which obtained a COVID-19-related payment deferral but
have since resumed payment
36,955
17,683
61,872
Loans reinstated (borrower paid any unpaid principal and interest)
Loans on a repayment plan
Loans which resumed payment but deferred principal and/or
interest payments to maturity
28,594
39,077
Loans which were paid off completely
15,687
As of June 30, 2021
Exposure Balance
Exposure by Risk Weighting
Estate
Deferred
Industry
Secured
Industrial
Criticized
Payments
Group home/care facility
Hotels/hospitality
Restaurants/food service
Retail/shopping center
21,887
14,560
16,604
Other sectors
11,385
Total loans in COVID-19 impacted sectors
41,348
36,114
29,582
11,766
Percentage of commercial loans outstanding
Commercial loans outstanding
182,277
11,478
Loan to value secured by real estate
This disclosure focuses on industries with balances that are significant to the portfolio at June 30, 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.
Includes customers operating in various sectors which have been impacted by COVID-19.
Loan to value secured by real estate equals the exposure balance divided by the most recent appraised value.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Randolph Bancorp: William M. Parent, President And Chief - Sept. 20, 2021

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