Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment information as of and for the three and six months ended June 30, 2022 follows:

	For the Three Months Ended June 30, 2022
	Envision Bank			Envision Mortgage			Consolidated Total
	(in thousands)
Net interest income	$	5,741		$	270		$	6,011
Provision for loan losses		269			—			269
Net interest income after provision for loan losses		5,472			270			5,742

Non-interest income:
Customer service fees		365			7			372
Gain on loan origination and sale activities, net ⁽¹⁾		—			1,920			1,920
Mortgage servicing fees, net		(240	)		749			509
Other		369			91			460
Total non-interest income		494			2,767			3,261

Non-interest expenses:
Salaries and employee benefits		1,831			2,583			4,414
Occupancy and equipment		447			112			559
Other non-interest expenses		1,357			1,154			2,511
Total non-interest expenses		3,635			3,849			7,484
Income (loss) before income taxes and elimination of inter-segment profit	$	2,331		$	(812	)		1,519
Elimination of inter-segment profit								(1,436	)
Income before income taxes								83

Income tax expense (benefit)								(165	)
Net income							$	248

Total assets, June 30, 2022	$	718,602		$	56,151		$	774,753

	For the Six Months Ended June 30, 2022
	Envision Bank			Envision Mortgage			Consolidated Total
	(in thousands)
Net interest income	$	10,751		$	527		$	11,278
Provision for loan losses		340			—			340
Net interest income after provision for loan losses		10,411			527			10,938

Non-interest income:
Customer service fees		720			17			737
Gain on loan origination and sale activities, net ⁽¹⁾		—			3,911			3,911
Mortgage servicing fees, net		(445	)		1,302			857
Other		468			207			675
Total non-interest income		743			5,437			6,180

Non-interest expenses:
Salaries and employee benefits		3,766			5,802			9,568
Occupancy and equipment		959			(35	)		924
Other non-interest expenses		3,268			2,430			5,698
Total non-interest expenses		7,993			8,197			16,190
Income (loss) before income taxes and elimination of inter-segment profit	$	3,161		$	(2,233	)		928
Elimination of inter-segment profit								(2,163	)
Income (loss) before income taxes								(1,235	)

Income tax expense (benefit)								(1,248	)
Net income							$	13

(1)

Before elimination of inter-segment profit.

Segment information as of and for the three and six months ended June 30, 2021 follows:

	For the Three Months Ended June 30, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
	(in thousands)
Net interest income	$	4,535		$	664	$	5,199
Provision (credit) for loan losses		(27	)		—		(27	)
Net interest income after provision (credit) for loan losses		4,562			664		5,226

Non-interest income:
Customer service fees		393			26		419
Gain on loan origination and sale activities, net ⁽¹⁾		—			6,558		6,558
Mortgage servicing fees, net		(94	)		475		381
Other		158			118		276
Total non-interest income		457			7,177		7,634

Non-interest expenses:
Salaries and employee benefits		1,746			5,564		7,310
Occupancy and equipment		407			214		621
Other non-interest expenses		1,265			1,431		2,696
Total non-interest expenses		3,418			7,209		10,627

Income before income taxes and elimination of inter-segment profit	$	1,601		$	632		2,233
Elimination of inter-segment profit							(818	)
Income before income taxes							1,415
Income tax expense (benefit)							(162	)
Net income						$	1,577

Total assets, June 30, 2021	$	608,686		$	135,456	$	744,142

	For the Six Months Ended June 30, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
	(in thousands)
Net interest income	$	8,736		$	1,554	$	10,290
Provision (credit) for loan losses		(240	)		—		(240	)
Net interest income after provision (credit) for loan losses		8,976			1,554		10,530

Non-interest income:
Customer service fees		733			53		786
Gain on loan origination and sale activities, net ⁽¹⁾		—			18,232		18,232
Mortgage servicing fees, net		(189	)		1,349		1,160
Other		309			251		560
Total non-interest income		853			19,885		20,738

Non-interest expenses:
Salaries and employee benefits ⁽²⁾		3,548			12,199		15,747
Occupancy and equipment		851			514		1,365
Other non-interest expenses		2,349			3,117		5,466
Total non-interest expenses		6,748			15,830		22,578
Income before income taxes and elimination of inter-segment profit	$	3,081		$	5,609		8,690
Elimination of inter-segment profit							(1,499	)
Income before income taxes							7,191

Income tax expense							1,502
Net income						$	5,689

(1)

Before elimination of inter-segment profit.

Randolph Bancorp, Inc. 10-Q