RNDB Randolph Bancorp Inc

Randolph Bancorp, Inc. (the “Company” or “Randolph”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced a net loss of $235,000, or $0.05 per basic share and diluted share, for the three months ended March 31, 2022 compared to 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 and net income of $4.1 million, or $0.81 per basic share and $0.78 per diluted share, for the three months ended March 31, 2021. Excluding one-time events of $240,000 in severance expenses, $588,000 in merger expenses, and $290,000 for the reversal of a cease use liability, net income on a non-GAAP basis was $318,000, or $0.06 per diluted share, for the three months ended March 31, 2022. Excluding one-time events of $26,000 in severance expenses and $55,000 in loss on 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 charges of $109,000 in severance expenses, net income on a non-GAAP basis for the three months ended March 31, 2021 was $4.2 million, or $0.79 per diluted share.

At March 31, 2022, total assets were $770.3 million, compared to $803.3 million at December 31, 2021, a decrease of $33.0 million, or 4.1%. Total loans increased by $35.0 million, or 6.4%, to $584.8 million at March 31, 2022 from $549.8 million at December 31, 2021, and loans held for sale decreased by $22.1 million to $22.7 million at March 31, 2022 from $44.8 million at December 31, 2021. Cash and cash equivalents decreased by $44.4 million, or 38.4%, to $71.1 million at March 31, 2022, from $115.4 million as of December 31, 2021, as a result of decreases in brokered deposits and Federal Home Loan Bank of Boston (“FHLBB”) advances of $17.0 million and $5.0 million, respectively, in the quarter, dividends paid of $11.2 million, and net loan growth of $35.0 million, partially offset by a decrease in loans held for sale of $22.1 million. Compared to March 31, 2021, total assets grew $32.1 million, or 4.3%, from $738.2 million. The growth from the prior year period was driven by increases in total loans of $87.0 million, or 17.5%, and cash and cash equivalents of $16.1 million, or 29.3%, partially offset by a decrease in loans held for sale of $70.5 million, or 75.6%.

William M. Parent, President and Chief Executive Officer, stated, “In the first quarter, we saw many challenges in the mortgage banking environment, as the extent and pace of interest rate increases, and the slower winter season negatively impacted residential lending production and mortgage banking profitability. We are excited by the recently announced merger with Hometown Financial Group, Inc. and look forward to the anticipated closing of that transaction in the fourth quarter of 2022. I want to thank all of our employees who continue to contribute to the ongoing improvement of our company and their commitment to our customers.”

First Quarter Operating ResultsNet interest income decreased by $427,000, or 7.5%, to $5.3 million for the three months ended March 31, 2022 from $5.7 million for the three months ended December 31, 2021. This decrease was primarily due to a 14.1% decrease in average balances of 1-4 family residential loans, as a result of declining loans held for sale and the full quarter impact of a $35.6 million sale from portfolio occurring late in the fourth quarter of 2021 and a $52,000 decline in accretion of fees earned from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) to $106,000 in the first quarter of 2022. The yield earned on interest-earning assets decreased by 28 basis points from the prior quarter due to the change in asset mix, while the rate paid on interest-bearing liabilities was unchanged from the prior quarter. Accordingly, the net interest margin decreased by 28 basis points, to 2.86% in the first quarter of 2022 from 3.14% in the fourth quarter of 2021.

Net interest income increased by $176,000, or 3.5%, to $5.3 million for the three months ended March 31, 2022, from $5.1 million in the same period in the prior year. Relative to the prior year quarter, the net interest margin decreased by 14 basis points to 2.86%, from 3.00%. The improvement in net interest income primarily reflects a decrease in the cost of interest-bearing liabilities of 19 basis points from the prior year quarter.

The Company recognized a provision for loan losses of $71,000 for the quarter ended March 31, 2022, driven by loan growth. The allowance for loan losses was 1.09%, 1.14% and 1.32% of total loans at March 31, 2022, December 31, 2021 and March 31, 2021, respectively, and was 237.2%, 239.7% and 79.0% of non-performing assets at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

Non-interest income decreased $2.3 million, or 51.7%, to $2.2 million for the quarter ended March 31, 2022 from $4.5 million in the quarter ended December 31, 2021, due to a decrease of $2.5 million in the net gain on loan origination and sale activities. Sold mortgages totaled $129.9 million in the first quarter of 2022, compared to $297.3 million in the fourth quarter of 2021. The first quarter of 2022 ended with a mortgage pipeline of $42.7 million, compared to a pipeline of $85.9 million at the end of the fourth quarter of 2021, and loans held for sale were $22.7 million as of March 31, 2022, compared to $44.8 million as of December 31, 2021. Decreasing sales volumes and declines in the fair value of loans held for sale, reflecting rising interest rates and seasonality, contributed to the erosion in the gain on loan origination and sale activities from the prior quarter. Mortgage servicing fees increased $91,000, or 35.4%, to $348,000 for the first quarter of 2022 from $257,000 in the fourth quarter of 2021 as a result of a release to the valuation allowance of mortgage loan servicing rights of $135,000 in the first quarter of 2022, compared to a release of $43,000 in the fourth quarter of 2021, as interest rates increased at an accelerated pace in the first quarter of 2022.

Non-interest income decreased $10.2 million, or 82.4%, to $2.2 million for the quarter ended March 31, 2022 from $12.4 million for the quarter ended March 31, 2021, principally due to a decrease of $9.7 million in the net gain on loan origination and sale activities. Sold mortgage loans totaled $129.9 million in the first quarter of 2022, compared to $503.3 million in the first quarter of 2021. The first quarter of 2022 ended with a mortgage pipeline of $42.7 million, compared to a pipeline of $239.5 million at the end of the first quarter of 2021. Mortgage servicing fees decreased $431,000 in the quarter ended March 31, 2022, relative to the prior year quarter, principally due to $315,000 in sub-servicer expenses incurred during the first quarter of 2022, as well as a decline in the release to the valuation allowance of mortgage loan servicing rights to $135,000 in the quarter ended March 31, 2022, compared to a release of $421,000 in the quarter ended March 31, 2021.

Non-interest expenses decreased $515,000, or 5.6%, in the quarter ended March 31, 2022 from $9.2 million in the quarter ended December 31, 2021. The decrease was due to a reduction in salaries and employee benefits expense of $930,000, or 15.3%, primarily attributed to lower commissions and incentives associated with lower residential loan production and by reductions in headcount related to the Company’s reduction in force initiative during the first quarter of 2022. Occupancy and equipment expenses decreased $348,000, or 48.8%, primarily due to the reversal of a cease use liability of $290,000 during the quarter. The decreases in salaries and employee benefits expenses and occupancy and equipment expenses were partially offset by severance expenses of $240,000 and increases to professional fees of $700,000, or 215.4%, as a result of $588,000 in merger expenses, in addition to seasonal increases in professional fees for annual reporting requirements.

Non-interest expenses decreased $3.2 million, or 27.2%, to $8.7 million in the quarter ended March 31, 2022 from $12.0 million in the quarter ended March 31, 2021. The decrease was principally due to a decrease in salaries and employee benefits of $3.3 million, primarily attributed to lower commissions and incentives associated with a normalization of residential loan production and reduced headcount. The decreases in salaries and benefits expenses and occupancy and equipment expenses were partially offset by severance related costs $240,000 and merger expenses of $588,000 during the first quarter of 2022.

The income tax benefit was $1.1 million for the three months ended March 31, 2022, compared to an income tax expense of $330,000 for the three months ended December 31, 2021 and $1.7 million for the three months ended March 31, 2021. Non-qualified stock option exercises during the quarter contributed to the income tax benefit, in addition to the net loss generated during the quarter.

Balance SheetAt March 31, 2022, total assets amounted to $770.3 million, compared to $803.3 million at December 31, 2021, a decrease of $33.0 million, or 4.1%. A $44.4 million decrease in cash and cash equivalents and a $22.1 million decrease in loans held for sale from the prior quarter were partially offset by a $35.0 million increase in net loans. The increase in net loans was primarily the result of a $35.4 million increase in 1-4 family residential loans from the prior quarter and a $1.8 million increase in commercial real estate loans, partially offset by decreases in construction and commercial and industrial loans. Deposits decreased by $13.5 million, or 2.1%, in the quarter, due to a $17.0 million decrease in brokered deposits, partially offset by an increase of $4.4 million in savings accounts and $2.2 million in money market accounts, as the Company managed its excess liquidity and the cost of its funding base.

Total assets at March 31, 2022 increased $32.1 million, or 4.3%, to $770.3 million from $738.2 million at March 31, 2021. Contributing to asset growth was an $87.6 million, or 17.7%, increase in net loans to $579.6 million at March 31, 2022 from $492.0 million at March 31, 2021. Cash and cash equivalents increased by $16.1 million, or 29.3%, to $71.1 million at March 31, 2022 from $55.0 million at March 31, 2021, principally due an increase of $64.4 million, or 11.5%, of deposits. Commercial real estate loans increased by $52.3 million, or 35.6%, as we focus on diversifying our loan mix. FHLBB advances decreased by $15.0 million to $45.0 million at March 31, 2022, from $60.0 million at March 31, 2021.

Total stockholders’ equity was $88.5 million at March 31, 2022 compared to $100.9 million at December 31, 2021. The decrease of $12.4 million reflects a net loss of $235,000, dividends of $11.2 million, a $1.8 million change in accumulated other comprehensive loss, net of taxes, as a result of the impact of increasing interest rates on available for sale securities, and share repurchases of $1.3 million, partially offset by proceeds from the exercise of options of $1.8 million and stock-based compensation of $284,000.

Total stockholders’ equity was $88.5 million at March 31, 2022 compared to $100.9 million at March 31, 2021. The decrease of $12.4 million relates mainly to dividends of $12.0 million, share repurchases of $7.0 million, and a change in accumulated other comprehensive loss, net of taxes, of $2.1 million, partially offset by net income over the past twelve months of $5.3 million, proceeds from the exercise of options of $2.0 million and stock-based compensation over the past twelve months of $1.2 million.

Proposed Transaction with Hometown FinancialOn March 28, 2022, the Company and Hometown Financial Group, Inc. (“Hometown”) entered into an Agreement and Plan of Merger pursuant to which, through a series of transactions, Hometown will acquire the Company in a cash transaction for total consideration valued at approximately $146.5 million. Under the terms of the Agreement and Plan of Merger, Company shareholders will receive $27.00 for each share of Company common stock. The transaction is expected to close in the fourth quarter of 2022 and is subject to customary closing conditions, including approval by the shareholders of the Company and required regulatory approvals.

Additional information about the transaction can be found in the joint press release issued on March 28, 2022, which is available on the Company’s website at www.randolphbancorp.com.

Additional Information about the Proposed Transaction and Where to Find ItIn connection with the proposed merger, the Company will file a proxy statement with the Securities and Exchange Commission (“SEC”). Hometown will also file relevant materials in connection with its proposed acquisition of the Company. Shareholders of the Company are urged to read the proxy statement and other relevant documents and any amendments or supplements to those documents, because they will contain important information which should be considered before making any decision regarding the transaction. A free copy of the proxy statement, as well as other filings containing information about the Company and Hometown, when they become available, may be obtained at the SEC’s Internet site (http://www.sec.gov). Copies of the proxy statement may also be obtained, free of charge, from the Company’s website at www.RandolphBancorp.com under the “SEC Filings” tab or by directing a request to:

Lauren MessmoreExecutive Vice President and CFORandolph Bancorp, Inc.2 Batterymarch Park, Suite 301Quincy, MA 02169

Participants in the SolicitationThe Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in connection with the merger. Information about the Company’s directors and executive officers is set forth in the proxy statement for the Company’s 2021 annual meeting of shareholders, as filed with the Securities and Exchange Commission on April 9, 2021 and other relevant documents regarding the proposed merger to be filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.

The information available through Randolph’s website is not and shall not be incorporated by reference into this or other filings that the Company makes with the SEC.

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 StatementsCertain 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 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, failure to obtain necessary regulatory approvals for the proposed transaction with Hometown; failure to obtain shareholder approvals or to satisfy any of the conditions to the proposed transaction with Hometown on a timely basis or at all or other delays in completing the merger; the reputational risks and the reaction of Randolph’s customers to the proposed transaction; 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 MeasuresThe 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.

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

														% Change
		March 31,				December 31,				March 31,				Mar 2022 vs.				Mar 2022 vs.
		2022				2021				2021				Dec 2021				Mar 2021
Assets
Cash and cash equivalents		$	71,072			$	115,449			$	54,950				(38.4	)%			29.3	%
Securities available for sale, at fair value			48,836				51,666				54,148				(5.5	)%			(9.8	)%
Loans held for sale, at fair value			22,698				44,766				93,176				(49.3	)%			(75.6	)%
Loans:
1-4 family residential			271,755				236,364				239,190				15.0	%			13.6	%
Home equity			58,501				57,295				49,073				2.1	%			19.2	%
Commercial real estate			199,255				197,423				146,930				0.9	%			35.6	%
Construction			32,544				33,961				29,975				(4.2	)%			8.6	%
Total real estate loans			562,055				525,043				465,168				7.0	%			20.8	%
Commercial and industrial			15,478				17,242				23,869				(10.2	)%			(35.2	)%
Consumer			7,267				7,552				8,724				(3.8	)%			(16.7	)%
Total loans			584,800				549,837				497,761				6.4	%			17.5	%
Allowance for loan losses			(6,357	)			(6,289	)			(6,563	)			1.1	%			(3.1	)%
Net deferred loan costs and fees, and purchase premiums			1,148				1,073				785				7.0	%			46.2	%
Loans, net			579,591				544,621				491,983				6.4	%			17.8	%
Federal Home Loan Bank of Boston stock, at cost			2,734				2,940				3,576				(7.0	)%			(23.5	)%
Accrued interest receivable			1,434				1,500				1,501				(4.4	)%			(4.5	)%
Mortgage servicing rights, net			15,378				15,616				14,744				(1.5	)%			4.3	%
Premises and equipment, net			7,718				7,684				4,709				0.4	%			63.9	%
Bank-owned life insurance			8,824				8,784				8,662				0.5	%			1.9	%
Foreclosed real estate, net			-				-				132			-		%			(100.0	)%
Other assets			11,999				10,252				10,607				17.0	%			13.1	%
Total assets		$	770,284			$	803,278			$	738,188				(4.1	)%			4.3	%
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing		$	142,793			$	145,666			$	118,623				(2.0	)%			20.4	%
Savings accounts			196,145				191,712				192,712				2.3	%			1.8	%
NOW accounts			53,329				53,996				62,772				(1.2	)%			(15.0	)%
Money market accounts			92,769				90,544				78,236				2.5	%			18.6	%
Term certificates			106,515				106,112				75,690				0.4	%			40.7	%
Interest bearing brokered			33,128				50,117				32,225				(33.9	)%			2.8	%
Total deposits			624,679				638,147				560,258				(2.1	)%			11.5	%
Federal Home Loan Bank of Boston advances			45,000				50,000				60,024				(10.0	)%			(25.0	)%
Mortgagors' escrow accounts			2,773				2,128				1,924				30.3	%			44.1	%
Post-employment benefit obligations			2,064				2,222				2,235				(7.1	)%			(7.7	)%
Other liabilities			7,290				9,878				12,888				(26.2	)%			(43.4	)%
Total liabilities			681,806				702,375				637,329				(2.9	)%			7.0	%
Stockholders' Equity:
Common stock			52				50				53				4.0	%			(1.9	)%
Additional paid-in capital			44,904				44,078				48,613				1.9	%			(7.6	)%
Retained earnings			49,042				60,524				55,801				(19.0	)%			(12.1	)%
ESOP-Unearned compensation			(3,521	)			(3,568	)			(3,709	)			(1.3	)%			(5.1	)%
Accumulated other comprehensive income (loss), net of tax			(1,999	)			(181	)			101				1004.4	%			(2079.2	)%
Total stockholders' equity			88,478				100,903				100,859				(12.3	)%			(12.3	)%
Total liabilities and stockholders' equity		$	770,284			$	803,278			$	738,188				(4.1	)%			4.3	%

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

		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Assets
Cash and cash equivalents		$	71,072			$	115,449			$	12,876			$	34,876			$	54,950
Securities available for sale, at fair value			48,836				51,666				51,725				50,212				54,148
Loans held for sale, at fair value			22,698				44,766				75,400				74,277				93,176
Loans:
1-4 family residential			271,755				236,364				265,561				263,992				239,190
Home equity			58,501				57,295				56,124				50,555				49,073
Commercial real estate			199,255				197,423				185,100				167,691				146,930
Construction			32,544				33,961				34,479				29,140				29,975
Total real estate loans			562,055				525,043				541,264				511,378				465,168
Commercial and industrial			15,478				17,242				19,896				25,826				23,869
Consumer			7,267				7,552				8,860				9,194				8,724
Total loans			584,800				549,837				570,020				546,398				497,761
Allowance for loan losses			(6,357	)			(6,289	)			(6,432	)			(6,523	)			(6,563	)
Net deferred loan costs and fees, and purchase premiums			1,148				1,073				1,031				785				785
Loans, net			579,591				544,621				564,619				540,660				491,983
Federal Home Loan Bank of Boston stock, at cost			2,734				2,940				3,239				2,855				3,576
Accrued interest receivable			1,434				1,500				1,763				1,523				1,501
Mortgage servicing rights, net			15,378				15,616				15,402				15,375				14,744
Premises and equipment, net			7,718				7,684				6,462				5,115				4,709
Bank-owned life insurance			8,824				8,784				8,744				8,703				8,662
Foreclosed real estate, net			-				-				-				-				132
Other assets			11,999				10,252				10,867				10,546				10,607
Total assets		$	770,284			$	803,278			$	751,097			$	744,142			$	738,188
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing		$	142,793			$	145,666			$	134,058			$	124,683			$	118,623
Savings accounts			196,145				191,712				188,346				190,584				192,712
NOW accounts			53,329				53,996				53,804				51,059				62,772
Money market accounts			92,769				90,544				73,562				73,967				78,236
Term certificates			106,515				106,112				73,519				74,631				75,690
Interest bearing brokered			33,128				50,117				50,116				57,059				32,225
Total deposits			624,679				638,147				573,405				571,983				560,258
Federal Home Loan Bank of Boston advances			45,000				50,000				62,900				50,016				60,024
Mortgagors' escrow accounts			2,773				2,128				1,905				1,783				1,924
Post-employment benefit obligations			2,064				2,222				2,182				2,226				2,235
Other liabilities			7,290				9,878				10,108				17,424				12,888
Total liabilities			681,806				702,375				650,500				643,432				637,329
Stockholders' Equity:
Common stock			52				50				50				52				53
Additional paid-in capital			44,904				44,078				43,574				46,740				48,613
Retained earnings			49,042				60,524				60,504				57,378				55,801
ESOP-Unearned compensation			(3,521	)			(3,568	)			(3,615	)			(3,662	)			(3,709	)
Accumulated other comprehensive income (loss), net of tax			(1,999	)			(181	)			84				202				101
Total stockholders' equity			88,478				100,903				100,597				100,710				100,859
Total liabilities and stockholders' equity		$	770,284			$	803,278			$	751,097			$	744,142			$	738,188

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

		Three Months Ended												% Change
		March 31,				December 31,				March 31,				Mar 2022 vs.				Mar 2022 vs.
		2022				2021				2021				Dec 2021				Mar 2021
Interest and dividend income:
Loans		$	5,467			$	5,923			$	5,508				(7.7	)%			(0.7	)%
Securities-taxable			216				217				240				(0.5	)%			(10.0	)%
Securities-tax exempt			4				4				6				0.0	%			(33.3	)%
Interest-bearing deposits and certificates of deposit			42				13				7				223.1	%			500.0	%
Total interest and dividend income			5,729				6,157				5,761				(7.0	)%			(0.6	)%
Interest expense:
Deposits			315				308				438				2.3	%			(28.1	)%
Borrowings			147				155				232				(5.2	)%			(36.6	)%
Total interest expense			462				463				670				(0.2	)%			(31.0	)%
Net interest income			5,267				5,694				5,091				(7.5	)%			3.5	%
Provision (credit) for loan losses			71				(108	)			(213	)			(165.7	)%			(133.3	)%
Net interest income after provision (credit) for loan losses			5,196				5,802				5,304				(10.4	)%			(2.0	)%
Non-interest income:
Customer service fees			365				422				367				(13.5	)%			(0.5	)%
Gain on loan origination and sale activities, net			1,264				3,723				10,993				(66.0	)%			(88.5	)%
Mortgage servicing fees, net			348				257				779				35.4	%			(55.3	)%
Increase in cash surrender value of life insurance			40				41				40				(2.4	)%			0.0	%
Other			175				92				244				90.2	%			(28.3	)%
Total non-interest income			2,192				4,535				12,423				(51.7	)%			(82.4	)%
Non-interest expenses:
Salaries and employee benefits			5,154				6,084				8,437				(15.3	)%			(38.9	)%
Occupancy and equipment			365				713				744				(48.8	)%			(50.9	)%
Data processing			345				237				263				45.6	%			31.2	%
Professional fees			1,025				325				561				215.4	%			82.7	%
Marketing			157				245				170				(35.9	)%			(7.6	)%
FDIC insurance			58				55				54				5.5	%			7.4	%
Other non-interest expenses			1,602				1,562				1,722				2.6	%			(7.0	)%
Total non-interest expenses			8,706				9,221				11,951				(5.6	)%			(27.2	)%
Income (loss) before income taxes			(1,318	)			1,116				5,776				(218.1	)%			(122.8	)%
Income tax expense (benefit)			(1,083	)			330				1,664				(428.2	)%			(165.1	)%
Net income (loss)		$	(235	)		$	786			$	4,112				(129.9	)%			(105.7	)%
Net income (loss) per share:
Basic		$	(0.05	)		$	0.17			$	0.81
Diluted		$	(0.05	)		$	0.16			$	0.78
Weighted average shares outstanding:
Basic			4,815,325				4,743,833				5,056,165
Diluted			5,014,538				4,993,750				5,254,907
Dividends declared per share		$	2.15			$	0.15			$	-

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

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Interest and dividend income:
Loans		$	5,467			$	5,923			$	6,226			$	5,505			$	5,508
Securities-taxable			216				217				219				223				240
Securities-tax exempt			4				4				4				6				6
Interest-bearing deposits and certificates of deposit			42				13				4				8				7
Total interest and dividend income			5,729				6,157				6,453				5,742				5,761
Interest expense:
Deposits			315				308				299				345				438
Borrowings			147				155				178				198				232
Total interest expense			462				463				477				543				670
Net interest income			5,267				5,694				5,976				5,199				5,091
Provision (credit) for loan losses			71				(108	)			(90	)			(27	)			(213	)
Net interest income after provision (credit) for loan losses			5,196				5,802				6,066				5,226				5,304
Non-interest income:
Customer service fees			365				422				410				419				367
Gain on loan origination and sale activities, net			1,264				3,723				7,229				5,740				10,993
Mortgage servicing fees, net			348				257				274				381				779
Increase in cash surrender value of life insurance			40				41				41				41				40
Other			175				92				195				235				244
Total non-interest income			2,192				4,535				8,149				6,816				12,423
Non-interest expenses:
Salaries and employee benefits			5,154				6,084				6,381				7,310				8,437
Occupancy and equipment			365				713				714				621				744
Data processing			345				237				367				301				263
Professional fees			1,025				325				490				323				561
Marketing			157				245				134				200				170
FDIC insurance			58				55				54				54				54
Other non-interest expenses			1,602				1,562				1,719				1,818				1,722
Total non-interest expenses			8,706				9,221				9,859				10,627				11,951
Income (loss) before income taxes			(1,318	)			1,116				4,356				1,415				5,776
Income tax expense (benefit)			(1,083	)			330				1,230				(162	)			1,664
Net income (loss)		$	(235	)		$	786			$	3,126			$	1,577			$	4,112
Net income (loss) per share:
Basic		$	(0.05	)		$	0.17			$	0.64			$	0.32			$	0.81
Diluted		$	(0.05	)		$	0.16			$	0.62			$	0.31			$	0.78
Weighted average shares outstanding:
Basic			4,815,325				4,743,833				4,869,155				4,921,182				5,056,165
Diluted			5,014,538				4,993,750				5,074,676				5,135,582				5,254,907
Dividends declared per share		$	2.15			$	0.15			$	-			$	-			$	-

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

	Three Months Ended
	March 31, 2022												December 31, 2021												March 31, 2021
	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)	$	274,883			$	2,400				3.54	%		$	319,855			$	2,790				3.46	%		$	336,805			$	2,974				3.58	%
Home equity		57,046				470				3.34	%			57,183				480				3.33	%			48,383				433				3.63	%
Commercial real estate		197,330				1,921				3.95	%			186,943				1,880				3.99	%			146,683				1,406				3.89	%
Construction		32,734				296				3.67	%			34,246				331				3.83	%			30,350				295				3.94	%
Total real estate loans		561,993				5,087				3.67	%			598,227				5,481				3.63	%			562,221				5,108				3.68	%
Commercial and industrial		16,631				277				6.75	%			18,311				331				7.17	%			21,860				274				5.08	%
Consumer		7,617				103				5.48	%			8,313				111				5.30	%			9,940				126				5.14	%
Total loans		586,241				5,467				3.78	%			624,851				5,923				3.76	%			594,021				5,508				3.76	%
Investment securities(2) (3)		52,930				221				1.69	%			54,314				222				1.62	%			57,818				247				1.73	%
Interest-earning deposits		107,866				42				0.16	%			41,161				13				0.13	%			35,492				7				0.08	%
Total interest-earning assets		747,037				5,730				3.11	%			720,326				6,158				3.39	%			687,331				5,762				3.40	%
Noninterest-earning assets		41,939												43,478												42,045
Total assets	$	788,976											$	763,804											$	729,376
Interest-bearing liabilities:
Savings accounts		194,120				72				0.15	%			191,464				72				0.15	%			190,313				98				0.21	%
NOW accounts		62,039				43				0.28	%			62,838				29				0.18	%			69,511				48				0.28	%
Money market accounts		93,174				36				0.16	%			77,140				36				0.19	%			75,994				54				0.29	%
Term certificates		143,320				164				0.46	%			135,406				171				0.50	%			96,978				238				1.00	%
Total interest-bearing deposits		492,653				315				0.26	%			466,848				308				0.26	%			432,796				438				0.41	%
FHLBB and FRB advances		48,333				147				1.23	%			53,592				155				1.15	%			70,857				232				1.33	%
Total interest-bearing liabilities		540,986				462				0.35	%			520,440				463				0.35	%			503,653				670				0.54	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		140,454												127,486												106,929
Other noninterest-bearing liabilities		11,559												13,305												15,375
Total liabilities		692,999												661,231												625,957
Total stockholders' equity		95,977												102,573												103,419
Total liabilities and stockholders' equity	$	788,976											$	763,804											$	729,376
Net interest income					$	5,268											$	5,695											$	5,092
Interest rate spread(4)										2.76	%											3.04	%											2.86	%
Net interest-earning assets(5)	$	206,051											$	199,886											$	183,678
Net interest margin(6)										2.86	%											3.14	%											3.00	%
Cost of deposits (8)										0.20	%											0.21	%											0.33	%
Cost of funds (9)										0.27	%											0.28	%											0.45	%
Ratio of interest-earning assets to interest-bearing liabilities		138.09	%											138.41	%											136.47	%

(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 March 31, 2022, December 31, 2021, and March 31, 2021, 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
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Interest-earning assets:
Loans:
1-4 family residential		$	274,883			$	319,855			$	345,576			$	319,087			$	336,805
Home equity			57,046				57,183				53,345				49,789				48,383
Commercial real estate			197,330				186,943				174,319				159,423				146,683
Construction			32,734				34,246				32,690				29,902				30,350
Total real estate loans			561,993				598,227				605,930				558,201				562,221
Commercial and industrial			16,631				18,311				22,693				25,497				21,860
Consumer			7,617				8,313				12,820				9,052				9,940
Total loans			586,241				624,851				641,443				592,750				594,021
Investment securities			52,930				54,314				54,229				55,376				57,818
Interest-earning deposits			107,866				41,161				11,002				43,888				35,492
Total interest-earning assets			747,037				720,326				706,674				692,014				687,331
Non-interest earning assets			41,939				43,478				44,614				40,257				42,045
Total assets		$	788,976			$	763,804			$	751,288			$	732,271			$	729,376
Interest-bearing liabilities:
Savings accounts		$	194,120			$	191,464			$	189,254			$	192,434			$	190,313
NOW accounts			62,039				62,838				61,951				69,730				69,511
Money market accounts			93,174				77,140				73,662				72,469				75,994
Term certificates			143,320				135,406				113,787				104,604				96,978
Total interest-bearing deposits			492,653				466,848				438,654				439,237				432,796
FHLBB and FRB advances			48,333				53,592				64,047				51,502				70,857
Total interest-bearing liabilities			540,986				520,440				502,701				490,739				503,653
Noninterest-bearing liabilities:
Noninterest-bearing deposits			140,454				127,486				126,165				124,656				106,929
Other noninterest-bearing liabilities			11,559				13,305				19,021				13,606				15,375
Total liabilities			692,999				661,231				647,887				629,001				625,957
Total stockholders' equity			95,977				102,573				103,401				103,270				103,419
Total liabilities and stockholders' equity		$	788,976			$	763,804			$	751,288			$	732,271			$	729,376

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

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Interest-earning assets:
Loans:
1-4 family residential		$	2,400			$	2,790			$	3,021			$	2,763			$	2,974
Home equity			470				480				475				412				433
Commercial real estate			1,921				1,880				1,809				1,666				1,406
Construction			296				331				310				289				295
Total real estate loans			5,087				5,481				5,615				5,130				5,108
Commercial and industrial			277				331				493				266				274
Consumer			103				111				118				109				126
Total loans			5,467				5,923				6,226				5,505				5,508
Investment securities			221				222				224				230				247
Interest-earning deposits			42				13				4				8				7
Total interest-earning assets			5,730				6,158				6,454				5,743				5,762
Interest-bearing liabilities:
Savings accounts		$	72			$	72			$	76			$	89			$	98
NOW accounts			43				29				23				38				48
Money market accounts			36				36				41				43				54
Term certificates			164				171				159				175				238
Total interest-bearing deposits			315				308				299				345				438
FHLBB and FRB advances			147				155				178				198				232
Total interest-bearing liabilities			462				463				477				543				670
Net interest income			5,268				5,695				5,977				5,200				5,092

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

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Interest-earning assets:
Loans:
1-4 family residential			3.54	%			3.46	%			3.47	%			3.47	%			3.58	%
Home equity			3.34	%			3.33	%			3.53	%			3.32	%			3.63	%
Commercial real estate			3.95	%			3.99	%			4.12	%			4.19	%			3.89	%
Construction			3.67	%			3.83	%			3.76	%			3.88	%			3.94	%
Total real estate loans			3.67	%			3.63	%			3.68	%			3.69	%			3.68	%
Commercial and industrial			6.75	%			7.17	%			8.62	%			4.18	%			5.08	%
Consumer			5.48	%			5.30	%			3.65	%			4.83	%			5.14	%
Total loans			3.78	%			3.76	%			3.85	%			3.73	%			3.76	%
Investment securities			1.69	%			1.62	%			1.64	%			1.67	%			1.73	%
Interest-earning deposits			0.16	%			0.13	%			0.14	%			0.07	%			0.08	%
Total interest-earning assets			3.11	%			3.39	%			3.62	%			3.33	%			3.40	%
Interest-bearing liabilities:
Savings accounts			0.15	%			0.15	%			0.16	%			0.19	%			0.21	%
NOW accounts			0.28	%			0.18	%			0.15	%			0.22	%			0.28	%
Money market accounts			0.16	%			0.19	%			0.22	%			0.24	%			0.29	%
Term certificates			0.46	%			0.50	%			0.55	%			0.67	%			1.00	%
Total interest-bearing deposits			0.26	%			0.26	%			0.27	%			0.32	%			0.41	%
FHLBB and FRB advances			1.23	%			1.15	%			1.10	%			1.54	%			1.33	%
Total interest-bearing liabilities			0.35	%			0.35	%			0.38	%			0.44	%			0.54	%
Interest rate spread			2.76	%			3.04	%			3.24	%			2.89	%			2.86	%
Net interest rate margin			2.86	%			3.14	%			3.36	%			3.01	%			3.00	%
Cost of deposits			0.20	%			0.21	%			0.21	%			0.25	%			0.33	%
Cost of funds			0.27	%			0.28	%			0.30	%			0.35	%			0.45	%
Ratio of interest-earning assets to interest-bearing liabilities			138.09	%			138.41	%			140.58	%			141.01	%			136.47	%

(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
		March 31, 2022 vs. December 31, 2021
		Increase (Decrease)								Total
		Due to Changes in								Increase
		Volume				Rate				(Decrease)
Interest-earning assets:
Loans:
1-4 family residential		$	(338	)		$	(52	)			(390	)
Home equity			3				(13	)			(10	)
Commercial real estate			68				(27	)			41
Construction			(12	)			(23	)			(35	)
Total real estate loans			(279	)			(115	)			(394	)
Commercial and industrial			(27	)			(27	)			(54	)
Consumer			(7	)			(1	)			(8	)
Total loans			(313	)			(143	)			(456	)
Investment securities			(4	)			3				(1	)
Interest-earning deposits			17				12				29
Total interest-earning assets			(300	)			(128	)			(428	)
Interest-bearing liabilities:
Savings accounts			-				-				-
NOW accounts			-				14				14
Money market accounts			6				(6	)			-
Term certificates			8				(15	)			(7	)
Total interest-bearing deposits			14				(7	)			7
FHLBB and FRB advances			(12	)			4				(8	)
Total interest-bearing liabilities			2				(3	)			(1	)
Change in net interest income		$	(302	)		$	(125	)		$	(427	)

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

		Three Months Ended
		March 31, 2022 vs. 2021
		Increase (Decrease)								Total
		Due to Changes in								Increase
		Volume				Rate				(Decrease)
Interest-earning assets:
Loans:
1-4 family residential		$	(488	)		$	(86	)			(574	)
Home equity			77				(40	)			37
Commercial real estate			447				68				515
Construction			21				(20	)			1
Total real estate loans			57				(78	)			(21	)
Commercial and industrial			(60	)			63				3
Consumer			(28	)			5				(23	)
Total loans			(31	)			(10	)			(41	)
Investment securities			(17	)			(9	)			(26	)
Interest-earning deposits			5				30				35
Total interest-earning assets			(43	)			11				(32	)
Interest-bearing liabilities:
Savings accounts			2				(28	)			(26	)
NOW accounts			(4	)			(1	)			(5	)
Money market accounts			10				(28	)			(18	)
Term certificates			86				(160	)			(74	)
Total interest-bearing deposits			94				(217	)			(123	)
FHLBB and FRB advances			(66	)			(19	)			(85	)
Total interest-bearing liabilities			28				(236	)			(208	)
Change in net interest income		$	(71	)		$	247			$	176

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

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Gain on loan origination and sale activities, net
Gain on sale of mortgages and realized gain from derivative financial instruments, net		$	3,093			$	4,818			$	6,339			$	6,545			$	15,876
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value			(1,559	)			(1,360	)			549				1,091				(3,816	)
Capitalized residential mortgage loan servicing rights			377				942				783				1,476				2,797
Net change in fair value of derivative loan commitments and forward loan sale commitments			(647	)			(677	)			(442	)			(3,372	)			(3,864	)
Gain on loan origination and sales activities, net		$	1,264			$	3,723			$	7,229			$	5,740			$	10,993
Mortgage servicing fees, net
Residential mortgage loan servicing fees		$	1,277			$	1,355			$	1,282			$	1,205			$	1,170
Amortization of residential mortgage loan servicing rights			(749	)			(831	)			(795	)			(759	)			(812	)
Release (provision) to the valuation allowance of mortgage loan servicing rights			135				43				39				(65	)			421
Sub-servicer expenses (1)			(315	)			(310	)			(252	)			-				-
Mortgage servicing fees, net		$	348			$	257			$	274			$	381			$	779
Total gain on loan origination and sales activities and mortgage servicing fees		$	1,612			$	3,980			$	7,503			$	6,121			$	11,772
Principal balance of loans originated for sale		$	110,371			$	222,644			$	260,519			$	309,033			$	487,675
Principal balance of loans sold		$	129,858			$	297,316			$	260,473			$	342,762			$	503,285
Ending notional amount of derivative loan commitments		$	42,678			$	85,887			$	158,085			$	139,748			$	239,509
Loans held for sale, at fair value		$	22,698			$	44,766			$	75,400			$	74,277			$	93,176
Margin on loans sold (2)			2.67	%			1.94	%			2.73	%			2.34	%			3.71	%

(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 March 31, 2022
		Envision Bank				Envision Mortgage				Consolidated Total
Net interest income		$	5,011			$	256			$	5,267
Provision for loan losses			71				-				71
Net interest income after provision for loan losses			4,940				256				5,196
Non-interest income:
Customer service fees			355				10				365
Gain on loan origination and sale activities, net (1)			-				1,991				1,991
Mortgage servicing fees, net			(205	)			553				348
Other			99				116				215
Total non-interest income			249				2,670				2,919
Non-interest expenses:
Salaries and employee benefits			1,935				3,219				5,154
Occupancy and equipment			512				(147	)			365
Other non-interest expenses(2)			1,911				1,276				3,187
Total non-interest expenses			4,358				4,348				8,706
Income (loss) before income taxes and elimination of inter-segment profit		$	831			$	(1,422	)			(591	)
Elimination of inter-segment profit											(727	)
Income (loss) before income taxes											(1,318	)
Income tax expense (benefit)											(1,083	)
Net income (loss)										$	(235	)

(1) Before elimination of inter-segment profit.(2) Other non-interest expenses include merger expenses of $588,000. The full amount was allocated to Envision Bank.

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, 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 March 31, 2021
		Envision Bank				Envision Mortgage				Consolidated Total
Net interest income		$	4,201			$	890			$	5,091
Provision (credit) for loan losses			(213	)			-				(213	)
Net interest income after provision for loan losses			4,414				890				5,304
Non-interest income:
Customer service fees			340				27				367
Gain on loan origination and sale activities, net (1)			-				11,674				11,674
Mortgage servicing fees, net			(94	)			873				779
Other			151				133				284
Total non-interest income			397				12,707				13,104
Non-interest expenses:
Salaries and employee benefits			1,802				6,635				8,437
Occupancy and equipment			443				301				744
Other non-interest expenses			1,087				1,683				2,770
Total non-interest expenses			3,332				8,619				11,951
Income before income taxes and elimination of inter-segment profit		$	1,479			$	4,978				6,457
Elimination of inter-segment profit											(681	)
Income before income taxes											5,776
Income tax expense											1,664
Net income										$	4,112

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

				Quarter Ended
				March 31, 2022
Adjustments		Income Statement Section		Income (Loss) Before Taxes				Provision (Credit) for Income Taxes				Net Income (Loss)				Earnings (Loss) per Share (diluted)
GAAP basis				$	(1,318	)		$	(1,083	)		$	(235	)		$	(0.05	)
Merger expenses(1)		Non-interest expense			588				-				588				0.12
Reversal of cease use liability		Non-interest expense			(290	)			(89	)			(201	)			(0.04	)
Severance expenses		Non-interest expense			240				74				166				0.03
Non-GAAP basis				$	(780	)		$	(1,098	)		$	318			$	0.06
				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

(1) Merger expenses are not tax-deductible and therefore no provision for income taxes is calculated in the table.

Randolph Bancorp, Inc. Selected Financial Highlights(Unaudited)

		At or for the Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2022				2021				2021				2021				2021
Return on average assets: (1, 5)
GAAP			(0.12	%)			0.41	%			1.66	%			0.86	%			2.26	%
Non-GAAP (2)			0.16	%			0.44	%			1.79	%			0.96	%			2.30	%
Return on average equity: (1, 6)
GAAP			(0.98	%)			3.07	%			12.09	%			6.11	%			15.90	%
Non-GAAP (2)			1.33	%			3.29	%			13.00	%			6.79	%			16.21	%
Net interest margin (10)			2.86	%			3.14	%			3.36	%			3.01	%			3.00	%
Non-interest income to total income:
GAAP			29.39	%			44.33	%			57.69	%			56.73	%			70.93	%
Non-GAAP (2)			29.39	%			44.63	%			57.69	%			56.83	%			70.93	%
Profit percentage (9)
GAAP			(16.72	%)			9.85	%			30.20	%			11.55	%			31.76	%
Non-GAAP (2)			(9.51	%)			10.59	%			32.53	%			13.56	%			32.39	%
Efficiency ratio: (7)
GAAP			116.72	%			90.15	%			69.80	%			88.45	%			68.24	%
Non-GAAP (2)			109.51	%			89.41	%			67.47	%			86.44	%			67.61	%
Tier 1 capital to average assets (3)			11.47	%			13.23	%			13.38	%			13.72	%			13.81	%
Non-performing assets as a percentage of total assets (4)			0.37	%			0.33	%			0.20	%			0.86	%			1.14	%
Allowance for loan losses as a percentage of total loans (4)			1.09	%			1.14	%			1.13	%			1.19	%			1.32	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans (4)			1.09	%			1.15	%			1.14	%			1.22	%			1.36	%
Allowance for loan losses as a percentage of non-performing assets			237.17	%			239.67	%			427.66	%			101.89	%			78.99	%
Allowance for loan losses as a percentage of non-performing loans			237.17	%			239.67	%			427.66	%			101.89	%			77.75	%
Tangible book value per share (8)		$	17.07			$	19.73			$	19.71			$	19.16			$	18.80
Outstanding shares			5,180,670				5,113,825				5,103,619				5,254,522				5,364,240

(1) Annualized for quarterly periods presented.(2) See page 20 – 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.(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 $22,000, $24,000, $26,000, $28,000, and $31,000 at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, 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.

For More Information, Contact:William M. Parent, President and Chief Executive Officer (617-925-1955)