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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

Commission File Number: 001-37780

Randolph Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Massachusetts	81-1844402
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2 Batterymarch Park, Suite 301
Quincy, Massachusetts	02169
(Address of principal executive offices)	(Zip Code)

(781) 963-2100

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	RNDB	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2022, there were 5,181,977 shares of the registrant’s common stock outstanding.

Table of Contents

		Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
	Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	1
	Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021	2
	Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021	3
	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021	4
	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		27
Item 3. Quantitative and Qualitative Disclosures About Market Risk		36
Item 4. Controls and Procedures		36
PART II—OTHER INFORMATION		36
Item 1. Legal Proceedings		36
Item 1A. Risk Factors		36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		38
Item 3. Defaults Upon Senior Securities		38
Item 4. Mine Safety Disclosures		38
Item 5. Other Information		38
Item 6. Exhibits		38
SIGNATURES		39

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets (Unaudited)

(In thousands except for share data)

	March 31,			December 31,
	2022			2021
Assets
Cash and due from banks	$	2,546		$	3,501
Interest-bearing deposits		68,526			111,948
Total cash and cash equivalents		71,072			115,449
Securities available for sale, at fair value		48,836			51,666
Loans held for sale, at fair value		22,698			44,766
Loans, net of allowance for loan losses of $6,357 in 2022 and $6,289 in 2021		579,591			544,621
Federal Home Loan Bank of Boston stock, at cost		2,734			2,940
Accrued interest receivable		1,434			1,500
Mortgage servicing rights, net		15,378			15,616
Premises and equipment, net		7,718			7,684
Bank-owned life insurance		8,824			8,784
Other assets		11,999			10,252
Total assets	$	770,284		$	803,278

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	142,793		$	145,666
Interest bearing		481,886			492,481
Total deposits		624,679			638,147
Federal Home Loan Bank of Boston advances		45,000			50,000
Mortgagors' escrow accounts		2,773			2,128
Post-employment benefit obligations		2,064			2,222
Other liabilities		7,290			9,878
Total liabilities		681,806			702,375

Commitments and contingencies (Note 13)
Stockholders' Equity:
Preferred stock, no par value; authorized: 1,000,000 shares; issued: none		—			—
Common stock, $.01 par value; authorized: 15,000,000 shares; issued and outstanding: 5,180,670 shares at March 31, 2022 and 5,113,825 shares at December 31, 2021		52			50
Additional paid-in capital		44,904			44,078
Retained earnings		49,042			60,524
ESOP-Unearned compensation		(3,521	)		(3,568	)
Accumulated other comprehensive income, net of tax		(1,999	)		(181	)
Total stockholders' equity		88,478			100,903
Total liabilities and stockholders' equity	$	770,284		$	803,278

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands except per share amounts)

	Three Months Ended March 31,
	2022			2021
Interest and dividend income:
Loans	$	5,467		$	5,508
Securities-taxable		216			240
Securities-tax exempt		4			6
Interest-bearing deposits and certificates of deposit		42			7
Total interest and dividend income		5,729			5,761

Interest expense:
Deposits		315			438
Federal Reserve Bank and Federal Home Loan Bank of Boston advances		147			232
Total interest expense		462			670

Net interest income		5,267			5,091
Provision (credit) for loan losses		71			(213	)
Net interest income after provision (credit) for loan losses		5,196			5,304

Non-interest income:
Customer service fees		365			367
Gain on loan origination and sale activities, net		1,264			10,993
Mortgage servicing fees, net		348			779
Increase in cash surrender value of life insurance		40			40
Other		175			244
Total non-interest income		2,192			12,423

Non-interest expenses:
Salaries and employee benefits		5,154			8,437
Occupancy and equipment		365			744
Data processing		345			263
Professional fees		1,025			561
Marketing		157			170
FDIC insurance		58			54
Other		1,602			1,722
Total non-interest expenses		8,706			11,951
Income (loss) before income taxes		(1,318	)		5,776
Income tax expense (benefit)		(1,083	)		1,664
Net income (loss)	$	(235	)	$	4,112

Earnings (loss) per common share
Basic	$	(0.05	)	$	0.81
Diluted	$	(0.05	)	$	0.78
Weighted average shares outstanding
Basic		4,815,325			5,056,165
Diluted		5,014,538			5,254,907

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In thousands)

	Three Months Ended March 31,
	2022			2021
Net income (loss)	$	(235	)	$	4,112

Other comprehensive income (loss):
Securities available for sale:
Unrealized holding gains (losses)		(2,363	)		(917	)
Related tax effects		542			119
Net-of-tax amount		(1,821	)		(798	)

Supplemental retirement plan:
Reclassification adjustments ⁽¹⁾:
Actuarial losses		11			12
Prior service credits		(8	)		(8	)
		3			4
Related tax effects		—			—
Net-of-tax amount		3			4
Total other comprehensive income (loss)		(1,818	)		(794	)
Comprehensive income (loss)	$	(2,053	)	$	3,318

(1)	Amounts are included in other non-interest expenses in the consolidated statements of operations.

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

Three months ended March 31, 2022 and 2021

																Accumulated
							Additional						Unearned			Other			Total
	Common Stock						Paid-in			Retained			Compensation			Comprehensive			Stockholders’
	Shares			Amount			Capital			Earnings			ESOP			Income (Loss)			Equity
	(Dollars in thousands)
Balance at December 31, 2020		5,495,514		$	54		$	50,937		$	51,689		$	(3,756	)	$	895		$	99,819
Net income		—			—			—			4,112			—			—			4,112
Other comprehensive loss		—			—			—			—			—			(794	)		(794	)
Stock repurchased		(130,295	)		(1	)		(2,651	)		—			—			—			(2,652	)
Share redemption for tax withholdings for restricted stock vesting		(173	)		—			(3	)		—			—			—			(3	)
Stock-based compensation		—			—			283			—			—			—			283
ESOP shares committed to be released		(806	)		—			47			—			47			—			94
Balance at March 31, 2021		5,364,240		$	53		$	48,613		$	55,801		$	(3,709	)	$	101		$	100,859

Balance at December 31, 2021		5,113,825		$	50		$	44,078		$	60,524		$	(3,568	)	$	(181	)	$	100,903
Net income (loss)		—			—			—			(235	)		—			—			(235	)
Dividends paid		—			—			—			(11,247	)		—			—			(11,247	)
Other comprehensive loss		—			—			—			—			—			(1,818	)		(1,818	)
Stock repurchased		(58,572	)		—			(1,327	)		—			—			—			(1,327	)
Restricted stock awards forfeited		(704	)		—			—			—			—			—			—
Share redemption for tax withholdings for restricted stock vesting		(182	)		—			(4	)		—			—			—			(4	)
Stock-based compensation		—			—			284			—			—			—			284
ESOP shares committed to be released		—			—			65			—			47			—			112
Proceeds from the exercise of options, net		126,303			2			1,808			—			—			—			1,810
Balance at March 31, 2022		5,180,670		$	52		$	44,904		$	49,042		$	(3,521	)	$	(1,999	)	$	88,478

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Three Months Ended March 31,
	2022			2021
Cash flows from operating activities:
Net income (loss)	$	(235	)	$	4,112
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Provision (credit) for loan losses		71			(213	)
Loans originated for sale		(109,270	)		(487,808	)
Net gain on sales of mortgage loans		(1,264	)		(10,993	)
Proceeds from sales of mortgage loans		131,556			515,419
Net amortization of securities		58			95
Net change in deferred loan costs and fees, and purchase premiums		(75	)		339
Depreciation and amortization		181			182
Stock-based compensation		284			283
ESOP expense		112			94
Increase in cash surrender value of life insurance		(40	)		(40	)
Amortization of mortgage servicing rights		749			840
Increase (decrease) in valuation allowance of mortgage servicing rights		(135	)		(421	)
Other, net		(3,215	)		6,508
Net cash provided by operating activities		18,777			28,397

Cash flows from investing activities:
Securities available for sale:
Purchases		(1,796	)		(3,913	)
Principal payments on mortgage-backed securities		2,205			4,119
Loan originations, net of principal repayments		(34,054	)		(2,900	)
Loan purchases		(912	)		—
Redemptions of Federal Home Loan Bank of Boston stock		206			—
Purchases of premises and equipment		(216	)		(110	)
Net cash used in investing activities		(34,567	)		(2,804	)

Cash flows from financing activities:
Net increase (decrease) in non-interest bearing deposits		(2,873	)		21,892
Net increase (decrease) in interest bearing deposits		(10,595	)		10,059
Net decrease in Federal Reserve Bank borrowings		—			(11,431	)
Repayments of long-term Federal Home Loan Bank of Boston advances		(5,000	)		(1,871	)
Net increase (decrease) in mortgagors' escrow accounts		645			(414	)
Repurchases of common stock		(1,327	)		(2,652	)
Proceeds from exercise of stock options		1,810			—
Common stock dividends paid		(11,247	)		—
Net cash provided by (used in) financing activities		(28,587	)		15,583

Net change in cash and cash equivalents		(44,377	)		41,176
Cash and cash equivalents at beginning of period		115,449			13,774
Cash and cash equivalents at end of period	$	71,072		$	54,950
Supplemental cash flow information:
Interest paid on deposits and borrowed funds	$	512		$	794
Income taxes paid	$	555		$	655
Non-cash item:
Transfer of held for sale loans to portfolio	$	—		$	5,565
Initial recognition of operating lease at commencement	$	—		$	1,310

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements

March 31, 2022 and 2021

1.	BASIS OF FINANCIAL STATEMENT PRESENTATION

The unaudited consolidated financial statements include the accounts of Randolph Bancorp, Inc. (“Bancorp”) and its wholly-owned subsidiary, Envision Bank (the “Bank”, together with Bancorp, the “Company”). The Bank has subsidiaries involved in owning investment securities and foreclosed real estate properties and a subsidiary which provides loan closing services. All intercompany accounts and transactions have been eliminated in consolidation.

These unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying interim financial statements do not include all information required under GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period.

For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC.

2.	RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting requirements. In May 2020, FASB amended the effective date on the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021 for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is still permitted, and the Company adopted the standard during the three months ended March 31, 2021. As of March 31, 2021, the Company held right-of-use assets (“ROUs”) related to operating leases of $1.1 million, and recognized the ROUs in the Company’s Consolidated Balance Sheet in other assets. The corresponding operating lease liability is recognized in the Company’s Consolidated Balance Sheet in other liabilities for $1.1 million.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (“CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This replaces the existing probable incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgements used in determining the allowance for loan losses, as well as the credit quality and underwriting standards of an organization’s loan portfolio. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. In November 2019, FASB issued ASU 2019-10 which extended the effective date for adoption of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 31, 2022, including interim periods therein. Early adoption is permitted. The Company has formed a working group consisting of accounting, credit and data systems personnel to lead our implementation of this ASU. The working group is evaluating the alternative methodologies which are available and has engaged professional advisors to assist in implementation.

3.	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities are reported as a separate component of stockholders’ equity, such items, along with net income (loss), are components of comprehensive income (loss).

The components of accumulated other comprehensive income (loss), included in total stockholders’ equity, are as follows:

	March 31,			December 31,
	2022			2021
	(In thousands)
Securities available for sale:
Net unrealized gain (loss)	$	(2,114	)	$	249
Tax effect		478			(64	)
Net-of-tax amount		(1,636	)		185

Supplemental retirement plan
Unrecognized net actuarial loss		(635	)		(646	)
Unrecognized net prior service credit		214			222
		(421	)		(424	)
Tax effect		58			58
Net-of-tax amount		(363	)		(366	)
Accumulated other comprehensive income (loss)	$	(1,999	)	$	(181	)

4.	SECURITIES AVAILABLE FOR SALE

The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
March 31, 2022

Debt securities:
U.S. Treasury	$	12,732	$	—	$	(687	)	$	12,045
U.S. Government-sponsored enterprises		1,996		—		(59	)		1,937
Corporate		2,501		—		(80	)		2,421
Municipal		350		1		—			351
Residential mortgage-backed securities:
U.S. Government-sponsored enterprises		21,447		60		(1,031	)		20,476
Commercial mortgage-backed securities:
U.S. Government-sponsored enterprises		8,701		—		(211	)		8,490
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises		749		—		(22	)		727
U.S. Government-guaranteed		2,474		—		(85	)		2,389
Total securities available for sale	$	50,950	$	61	$	(2,175	)	$	48,836

December 31, 2021

Debt securities:
U.S. Treasury	$	10,939	$	—	$	(168	)	$	10,771
U.S. Government-sponsored enterprises		1,995		—		(17	)		1,978
Corporate		2,510		33		(7	)		2,536
Municipal		351		2		—			353
Residential mortgage-backed securities:
U.S. Government-sponsored enterprises		23,349		324		(194	)		23,479
Commercial mortgage-backed securities:
U.S. Government-sponsored enterprises		8,733		223		—			8,956
U.S. Government-guaranteed		103		—		—			103
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises		796		14		—			810
U.S. Government-guaranteed		2,641		39		—			2,680
Total securities available for sale	$	51,417	$	635	$	(386	)	$	51,666

There were no sales of securities during the three months ended March 31, 2022 and 2021.

The amortized cost and fair value of debt securities by contractual maturity at March 31, 2022 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized		Fair
	Cost		Value
	(In thousands)
Within 1 year	$	2,511	$	2,504
After 1 year through 5 years		9,344		8,928
After 5 years through 10 years		5,724		5,322
		17,579		16,754
Mortgage-backed securities		33,371		32,082
	$	50,950	$	48,836

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	Less Than Twelve Months					Over Twelve Months
	Gross					Gross
	Unrealized			Fair		Unrealized		Fair
	Losses			Value		Losses		Value
March 31, 2022	(In thousands)
Debt securities:
U.S. Treasury	$	(687	)	$	10,248	$	—	$	—
U.S. Government-sponsored enterprises		(59	)		1,937		—		—
Corporate		(80	)		2,420		—		—
Residential mortgage-backed securities
U.S. Government-sponsored enterprises		(1,031	)		16,288		—		—
Commercial mortgage-backed securities
U.S. Government-sponsored enterprises		(211	)		8,490		—		—
Collateralized mortgage obligations
U.S. Government-sponsored enterprises		(22	)		727		—		—
U.S. Government-guaranteed		(85	)		2,389		—		—
Total debt securities	$	(2,175	)	$	42,499	$	—	$	—

December 31, 2021
U.S. Treasury		(168	)		10,771	$	—	$	—
U.S. Government-sponsored enterprises		(17	)		1,978		—		—
Corporate		(7	)		723		—		—
Residential mortgage-backed securities
U.S. Government-sponsored enterprises		(194	)		11,477		—		—
Total debt securities	$	(386	)	$	24,949	$	—	$	—

At March 31, 2022, 50 debt securities had unrealized losses with aggregate depreciation of 4.87% from the Company’s amortized cost basis. The Company had 17 securities in a loss position at December 31, 2021. The unrealized losses at March 31, 2022 were due to interest rate increases since the date on which they were purchased. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of these investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell any debt securities and it is more likely than not that the Company will not be required to sell any debt securities before recovery of its amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at March 31, 2022.

5.	LOANS AND ALLOWANCE FOR LOAN LOSSES

A summary of the loan portfolio is as follows:

	March 31, 2022			December 31, 2021
	(In thousands)
Real estate loans:
Residential:
One- to four-family	$	271,755		$	236,364
Home equity loans and lines of credit		58,501			57,295
Commercial		199,255			197,423
Construction		32,544			33,961
		562,055			525,043
Commercial and industrial		15,478			17,242
Consumer		7,267			7,552
Total loans		584,800			549,837
Allowance for loan losses		(6,357	)		(6,289	)
Net deferred loan costs and fees, and purchase premiums		1,148			1,073
	$	579,591		$	544,621

The following tables present activity in the allowance for loan losses by loan category for the three months ended March 31, 2022 and 2021, and allocation of the allowance to each category as of March 31, 2022 and December 31, 2021:

	Residential 1-4 Family		Second Mortgages and HELOC			Commercial Real Estate			Construction		Commercial and Industrial			Consumer			Total
	(In thousands)
Three Months Ended March 31, 2022

Allowance at December 31, 2021	$	1,093	$	462		$	3,451		$	697	$	499		$	87		$	6,289
Provision (credit) for loan losses		142		(11	)		(49	)		19		(23	)		(7	)		71
Loans charged-off		—		—			—			—		—			(4	)		(4	)
Recoveries		1		—			—			—		—			—			1
Balance at March 31, 2022	$	1,236	$	451		$	3,402		$	716	$	476		$	76		$	6,357

Three Months Ended March 31,

Randolph Bancorp, Inc. 10-Q