Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market:
RNDB), the holding company for Envision Bank (the “Bank”), today
announced net losses of $142,000, or $0.03 per share, for the three
months ended September 30, 2018 and $1,859,000, or $0.33 per share
for the nine months ended September 30, 2018 compared to net income
of $49,000, or $0.01 per share, for the three months ended
September 30, 2017 and a net loss of $548,000, or $0.10 per share
for the nine months ended September 30 2017. The net loss for
the three and nine months ended September 30, 2018 included gains
totaling $320,000 due to the sale of a former branch office and an
insurance recovery. Excluding these non-recurring items, the net
loss would have been $462,000, or $0.08 per share, and $2,179,000,
or $0.39 per share, for the three and nine months ended September
30, 2018, respectively. The net loss for the nine months ended
September 30, 2017 included merger and integration costs of
$531,000 associated with the Company’s 2016 acquisition of First
Eastern Bankshares Corporation (“First Eastern”). Excluding these
non-recurring costs and related tax effects, the net loss would
have been $101,000, or $0.02 per share, for the nine months ended
September 30, 2017.
At September 30, 2018, total assets amounted to
$589.7 million compared to $565.9 million at June 30, 2018, an
increase of $23.8 million, or 4.2%. During this quarterly period,
net loans held in portfolio increased by $41.2 million while loans
held for sale decreased by $12.5 million. During this same period,
deposits increased by $4.3 million.
James P. McDonough, President and Chief
Executive Officer, stated, “Our operating results for the current
quarter continued to be negatively affected by margin compression
on loan sales. As we noted in our previous quarterly reports this
year, competitive pressures among banks and other lenders competing
for market share and lower demand for higher margin FHA loans have
contributed to this compression. In addition, softening in pricing
for mortgage-backed securities used to package the conventional
mortgages we sell to the secondary market has also contributed to
the decrease in margin and losses in our mortgage banking
business.”
Mr. McDonough added, “In December 2017, we
reduced our workforce in response to lower production volume. While
our residential loan originations have increased 13% this year, we
now face the new challenge of margin compression. With the
continuation of this trend, we are exploring ways to achieve
further cost savings in our mortgage banking operations. Our
commitment to mortgage banking remains as strong as ever and we
will continue to look to opportunities to expand our loan
origination capabilities.”
Third Quarter Operating
ResultsNet interest income increased by $444,000, or
11.6%, to $4,260,000 for the three months ended September 30, 2018
compared to the same period in the prior year. This improvement was
due to an increase in average interest-earning assets between
periods of $68.9 million, or 14.5%, as the Company continued to
leverage the capital raised in its 2016 initial public offering.
The net interest margin decreased in the third quarter of 2018 to
3.13% from 3.24% in the third quarter of 2017, due to a reduction
in the ratio of average interest-earning assets to average
interest-bearing liabilities from 135.4% in 2017 to 128.5% in 2018,
as well as increases in the cost of deposits and borrowings
attributable to steady increases in the federal funds rate during
the past two years combined with a flattening yield curve.
The Company recognized a provision for loan
losses of $178,000 for the three months ended September 30, 2018
while no provision was recorded for the three months ended
September 30, 2017. The provision in 2018 was directly attributable
to residential loan portfolio growth. Classified and nonaccrual
loan balances were stable during the quarter while regional and
local economic data trends, including housing prices, remained
positive. The allowance for loan losses was 0.82% of total loans at
September 30, 2018 compared to 0.92% at December 31, 2017 and was
186.2% of non-performing loans at September 30, 2018 compared to
165.9% at December 31, 2017.
Non-interest income decreased $363,000 from
$3,571,000 for the three months ended September 30, 2017 to
$3,208,000 for the three months ended September 30, 2018. Included
in non-interest income in the 2018 period were non-recurring gains
totaling $320,000 due to the sale of a former branch office and an
insurance recovery. Excluding these non-recurring gains,
non-interest income would have decreased by $683,000. This decrease
was entirely due to a decrease of $749,000, or 27.7%, in the gain
on loan origination and sale activities caused by a declining
profit margin. The declining profit margin represents a continuing
trend and is due to competitive pressures as banks, and other
lenders, compete based on rate to maintain market share, and lower
demand for FHA loans which have a higher profit margin than
conforming conventional loans. Other components of non-interest
income increased $66,000 between periods due primarily to higher
mortgage servicing fee income.
Non-interest expenses increased $218,000, or
3.0%, from $7,209,000 for the three months ended September 30, 2017
to $7,427,000 for the three months ended September 30, 2018. This
increase was primarily due to salaries and employee benefits which
increased $141,000, or 3.0%, despite a reduction in full-time
equivalent employees from 201 at June 30, 2017 to 183 at September
30, 2018. Items giving rise to the increase in salaries and
employee benefits included stock-based compensation of $128,000,
transition payments to new loan originators of $77,000, increased
commissions of $66,000 due to a 23% increase in residential loan
originations, and salary increases averaging 2.5% or $65,000. Other
components of non-interest expenses increased by $98,000 in
aggregate with increased occupancy costs associated with new
facilities, stock-based compensation for directors and
volume-related mortgage banking operating costs more than
offsetting lower spending for marketing and professional fees.
A federal tax provision of $129,000 was
recognized for the three months ended September 30, 2017 while no
provision or benefit for federal income taxes was recognized for
the three months ended September 30, 2018. State income taxes of
$5,000 were provided during the three months ended September 30,
2018. The 2017 tax provision resulted from, and was limited to, an
offsetting tax benefit attributable to other comprehensive income
caused by appreciation during 2017 in the fair value of
available-for-sale securities. The Company has a net operating loss
carryforward (“NOL”) at September 30, 2018 of $13.4 million. Since
2014, the NOL as well as other deferred tax assets have been
subject to a full valuation allowance, which totaled $3.2 million
at September 30, 2018. We evaluate this position on a
quarterly basis. Based on recent operating results, we concluded
that the valuation allowance should be maintained at September 30,
2018.
Year-to-Date Operating
ResultsNet interest income increased by $1,286,000
million, or 11.7%, for the nine months ended September 30, 2018
compared to the same period in the prior year. This increase was
due to an increase in average interest-earning assets between
periods of $62.7 million, or 13.7%, as the Company continued to
leverage the capital raised in its 2016 initial public
offering. The net interest margin decreased in 2018 to 3.15%
from 3.24% in 2017 due primarily to a reduction in the ratio of
average interest-earning assets to average interest-bearing
liabilities from 136.9% in 2017 to 129.3% in 2018, as well as
increases in the cost of deposits and borrowings attributable to
steady increases in the federal funds rate during the past two
years combined with a flattening yield curve.
The Company recognized a provision for loan
losses of $183,000 and $335,000 for the nine months ended September
30, 2018 and 2017, respectively. The provision in both periods was
primarily attributable to loan portfolio growth. In addition, the
provision in 2018 was favorably affected by reductions in the
qualitative portion of the allowance for loan losses (“ALLL”) for
both commercial real estate loans and home equity loans and an
increase in the qualitative portion of the ALLL for consumer loans.
Together these changes reduced the amount that would have been
provided based on loan growth by $265,000.
Non-interest income decreased $2,017,000 from
$10,415,000 for the nine months ended September 30, 2017 to
$8,398,000 for the nine months ended September 30, 2018. Included
in non-interest income in the 2018 period were non-recurring gains
totaling $320,000 due to the sale of a former branch office and an
insurance recovery. Excluding these non-recurring gains,
non-interest income would have decreased $2,337,000 due primarily
to a decrease of $1,908,000, or 26.3%, in the gain on loan
origination and sale activities. This decrease is primarily
attributable to a declining profit margin experienced throughout
2018 due to competitive pressures as banks, and other lenders,
compete based on rate to maintain market share, and lower demand
for FHA loans which have a higher profit margin than conforming
conventional loans. Other components of non-interest income
decreased $429,000 between periods due primarily to a reduction in
net mortgage servicing fees of $214,000 resulting from the sale of
$379 million in serviced loans in July 2017, as well as the gain
recognized on the sale of mortgage servicing rights totaling
$150,000.
Non-interest expenses increased $570,000 from
$21,766,000 for the nine months ended September 30, 2017 to
$22,336,000 for the nine months ended September 30, 2018. Included
in non-interest expenses in the 2017 period were $531,000 in merger
and integration costs associated with the First Eastern
acquisition. Excluding this non-recurring item, non-interest
expenses increased $1,101,000, or 5.2%, in the nine months ended
September 30, 2018 compared to the same period in the prior
year. Salaries and employee benefits increased $107,000
despite a reduction in full-time equivalent employees from 220 at
December 31, 2016 to 183 at September 30, 2018. Items giving rise
to the increase in salaries and employee benefits included
stock-based compensation of $380,000, transition payments to new
loan originators of $304,000, increased commissions of $189,000 due
to a 13% increase in residential loan originations, and salary
increases averaging 2.5% or $195,000. These increases totaling
$1,068,000 fully offset cost savings associated with the reduction
in employee headcount.
Also contributing to the increase in
non-interest expenses were higher occupancy and equipment costs of
$200,000 due to investments made in connection with the relocation
of the Andover loan operations center as well as the relocation of
two branch offices. Marketing costs increased $243,000 due to
additional advertising associated with the re-branding to Envision
Bank. Other non-interest expenses increased $746,000 between
periods primarily due to $217,000 of director stock-based
compensation costs, additional mortgage banking operating costs of
$281,000 primarily due to increased production volume, and smaller
increases for software maintenance, data communications and
interchange fees.
A federal tax benefit of $151,000 was recognized
for the nine months ended September 30, 2017 while no federal tax
benefit was recognized for the nine months ended September 30,
2018. The 2017 tax benefit resulted from, and was limited to, an
offsetting tax provision attributable to other comprehensive income
caused by appreciation in 2017 in the fair value of
available-for-sale securities. State income taxes of $14,000 and
$3,000 were provided during the nine months ended September 30,
2018 and 2017, respectively.
Balance SheetTotal assets were
$589.7 million at September 30, 2018 compared to $531.9 million at
December 31, 2017, an increase of $57.8 million, or 10.9%. This
growth resulted from an increase in portfolio loans which increased
$68.5 million. Partially offsetting this increase was a $7.2
million reduction in the investment portfolio consistent with the
Company’s strategy to allocate a greater portion of its
interest-earning assets to loans. The growth in loans was primarily
funded by a $60.3 million increase in deposits.
Net loans totaled $468.9 million at September
30, 2018, an increase of $68.5 million, or 17.1%, from December 31,
2017. This growth occurred primarily in residential mortgage loans
which increased $55.8 million, or 28.1%, primarily due to
additional loan production associated with mortgage loan
originators hired in 2018.
Deposits increased $60.3 million, or 16.4%, to
$427.2 million at September 30, 2018 from $366.8 million at
December 31, 2017. Included in this increase was $46.6 million
of brokered deposits. The Company has significantly increased its
utilization of brokered deposits in 2018 due to their lower costs
in comparison to FHLBB advances. Non-brokered deposits increased
$13.7 million, or 3.8%, during the first nine months of 2018
primarily due to increases in money market accounts and term
certificates, both product types where the Company raised its
interest rates to meet competition.
Total stockholders’ equity was $78.1 million at
September 30, 2018 compared to $81.5 million at December 31, 2017.
The decrease of $3.4 million during the first nine months of 2018
was due to the net loss of $1.9 million, a reduction in the fair
value of available-for-sale securities of $1.7 million and stock
repurchases of $630,000. These items were partially offset by
equity adjustments of $737,000 related to the stock benefit plan
and employee stock ownership plan. The Company’s tier one capital
to average assets was 14.1% at September 30, 2018 compared to 16.0%
at December 31, 2017. The Company and the Bank exceeded all
regulatory capital requirements at September 30, 2018.
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 six retail branch locations,
four loan production offices and loan operations centers in
Stoughton, North Attleboro and Andover, Massachusetts.
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. 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 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 MeasuresThe
Company uses certain non-GAAP financial measures, such as return on
average assets, return on average equity, non-interest income to
total income and the efficiency ratio, 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. A
table reconciling the Company’s GAAP to non-GAAP net loss is
presented herein.
Randolph Bancorp, Inc.Consolidated Balance Sheets(Dollars in
thousands)(Unaudited)
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
Cash and due from banks |
|
$ |
3,262 |
|
|
$ |
3,562 |
|
Interest-bearing deposits |
|
|
2,658 |
|
|
|
5,260 |
|
Total cash and cash equivalents |
|
|
5,920 |
|
|
|
8,822 |
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
|
2,695 |
|
|
|
2,940 |
|
Securities available for sale, at fair value |
|
|
54,405 |
|
|
|
61,576 |
|
Loans held for sale, at fair value |
|
|
24,120 |
|
|
|
25,390 |
|
Loans, net of allowance for loan losses of $3,890 in 2018 and
$3,737 in 2017 |
|
|
468,938 |
|
|
|
400,373 |
|
Federal Home Loan Bank of Boston stock, at cost |
|
|
3,471 |
|
|
|
3,310 |
|
Accrued interest receivable |
|
|
1,521 |
|
|
|
1,432 |
|
Mortgage servicing rights, net |
|
|
7,316 |
|
|
|
6,397 |
|
Premises and equipment, net |
|
|
6,521 |
|
|
|
8,670 |
|
Bank-owned life insurance |
|
|
8,186 |
|
|
|
8,037 |
|
Foreclosed real estate |
|
|
82 |
|
|
|
193 |
|
Other assets |
|
|
6,507 |
|
|
|
4,752 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
589,682 |
|
|
$ |
531,892 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity |
|
Deposits: |
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
66,810 |
|
|
$ |
62,130 |
|
Interest bearing |
|
|
306,759 |
|
|
|
297,691 |
|
Brokered |
|
|
53,604 |
|
|
|
7,015 |
|
Total deposits |
|
|
427,173 |
|
|
|
366,836 |
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank of Boston advances |
|
|
77,411 |
|
|
|
75,954 |
|
Mortgagors' escrow accounts |
|
|
1,810 |
|
|
|
907 |
|
Post-employment benefit obligations |
|
|
2,588 |
|
|
|
2,750 |
|
Other liabilities |
|
|
2,570 |
|
|
|
3,962 |
|
Total liabilities |
|
|
511,552 |
|
|
|
450,409 |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
60 |
|
|
|
61 |
|
Additional paid-in capital |
|
|
56,549 |
|
|
|
56,493 |
|
Retained earnings |
|
|
28,556 |
|
|
|
30,415 |
|
ESOP-Unearned compensation |
|
|
(4,179 |
) |
|
|
(4,319 |
) |
Accumulated other comprehensive loss, net of
tax |
|
|
(2,856 |
) |
|
|
(1,167 |
) |
Total stockholders' equity |
|
|
78,130 |
|
|
|
81,483 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
589,682 |
|
|
$ |
531,892 |
|
Randolph Bancorp, Inc.Consolidated Statements of
Operations(Dollars in thousands except per share
amounts)(Unaudited)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,036 |
|
|
$ |
3,936 |
|
|
$ |
13,917 |
|
|
$ |
11,049 |
|
Other interest and dividend income |
|
|
432 |
|
|
|
453 |
|
|
|
1,317 |
|
|
|
1,399 |
|
Total interest and dividend income |
|
|
5,468 |
|
|
|
4,389 |
|
|
|
15,234 |
|
|
|
12,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,208 |
|
|
|
573 |
|
|
|
2,958 |
|
|
|
1,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
4,260 |
|
|
|
3,816 |
|
|
|
12,276 |
|
|
|
10,990 |
|
Provision for loan losses |
|
|
178 |
|
|
|
— |
|
|
|
183 |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
4,082 |
|
|
|
3,816 |
|
|
|
12,093 |
|
|
|
10,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on loan origination and sale activities,
net |
|
|
1,956 |
|
|
|
2,705 |
|
|
|
5,356 |
|
|
|
7,264 |
|
Gain on sale of building |
|
|
230 |
|
|
|
— |
|
|
|
230 |
|
|
|
— |
|
Gain on sales of securities |
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
Other |
|
|
1,022 |
|
|
|
866 |
|
|
|
2,763 |
|
|
|
3,151 |
|
Total non-interest income |
|
|
3,208 |
|
|
|
3,571 |
|
|
|
8,398 |
|
|
|
10,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,788 |
|
|
|
4,647 |
|
|
|
14,166 |
|
|
|
14,059 |
|
Occupancy and equipment |
|
|
728 |
|
|
|
682 |
|
|
|
2,157 |
|
|
|
1,957 |
|
Professional fees |
|
|
252 |
|
|
|
367 |
|
|
|
824 |
|
|
|
1,019 |
|
Marketing |
|
|
205 |
|
|
|
277 |
|
|
|
867 |
|
|
|
624 |
|
Merger and integration costs |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
531 |
|
Other non-interest expenses |
|
|
1,454 |
|
|
|
1,229 |
|
|
|
4,322 |
|
|
|
3,576 |
|
Total non-interest expenses |
|
|
7,427 |
|
|
|
7,209 |
|
|
|
22,336 |
|
|
|
21,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(137 |
) |
|
|
178 |
|
|
|
(1,845 |
) |
|
|
(696 |
) |
Income tax provision (benefit) |
|
|
5 |
|
|
|
129 |
|
|
|
14 |
|
|
|
(148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(142 |
) |
|
$ |
49 |
|
|
$ |
(1,859 |
) |
|
$ |
(548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share (basic and
diluted) |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
|
$ |
(0.33 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
5,567,596 |
|
|
|
5,429,564 |
|
|
|
5,585,571 |
|
|
|
5,427,262 |
|
Randolph Bancorp, Inc.Reconciliation of GAAP to Non-GAAP Net
Income (Loss)(In thousands)(Unaudited)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) - GAAP basis |
|
$ |
(142 |
) |
|
$ |
49 |
|
|
$ |
(1,859 |
) |
|
$ |
(548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income adjustments: |
|
|
(230 |
) |
|
|
— |
|
|
|
(230 |
) |
|
|
— |
|
Gain on sale of building |
|
|
(90 |
) |
|
|
— |
|
|
|
(90 |
) |
|
|
— |
|
Gain on insurance recovery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and integration costs |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
531 |
|
Related tax effects |
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
(84 |
) |
Net income (loss) - Non-GAAP basis |
|
$ |
(462 |
) |
|
$ |
115 |
|
|
$ |
(2,179 |
) |
|
$ |
(101 |
) |
The Company’s management believes that the
presentation of net income (loss) on a non-GAAP basis excluding
non-recurring items provides useful information for evaluating
operating results and any related trends that may be affecting the
Company’s business. These disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP.
Randolph Bancorp, Inc. Selected Financial
Highlights(Unaudited)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Return on average assets: (1,4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
(0.10 |
%) |
|
|
0.04 |
% |
|
|
(0.45 |
%) |
|
|
(0.15 |
%) |
Non-GAAP (2) |
|
|
(0.32 |
%) |
|
|
0.09 |
% |
|
|
(0.53 |
%) |
|
|
(0.03 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity: (1,5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
(0.72 |
%) |
|
|
0.23 |
% |
|
|
(3.10 |
%) |
|
|
(0.87 |
%) |
Non-GAAP (2) |
|
|
(2.33 |
%) |
|
|
0.54 |
% |
|
|
(3.63 |
%) |
|
|
(0.16 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.13 |
% |
|
|
3.24 |
% |
|
|
3.15 |
% |
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income to total income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
36.98 |
% |
|
|
44.86 |
% |
|
|
35.54 |
% |
|
|
45.55 |
% |
Non-GAAP (2) |
|
|
34.56 |
% |
|
|
44.86 |
% |
|
|
34.65 |
% |
|
|
45.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
99.45 |
% |
|
|
97.59 |
% |
|
|
108.04 |
% |
|
|
101.69 |
% |
Non-GAAP (2) |
|
|
103.74 |
% |
|
|
97.50 |
% |
|
|
109.59 |
% |
|
|
99.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average assets |
|
|
14.10 |
% |
|
|
16.35 |
% |
|
|
14.72 |
% |
|
|
16.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets as a percentage of total assets |
|
|
0.35 |
% |
|
|
0.43 |
% |
|
|
0.35 |
% |
|
|
0.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage of total loans (3) |
|
|
0.82 |
% |
|
|
0.94 |
% |
|
|
0.82 |
% |
|
|
0.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage of non-performing
loans |
|
|
186.21 |
% |
|
|
162.54 |
% |
|
|
186.21 |
% |
|
|
162.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
|
$ |
13.04 |
|
|
$ |
14.16 |
|
|
$ |
13.04 |
|
|
$ |
14.16 |
|
(1) Annualized for quarterly and year-to-date periods
presented.(2) See page 7 - Reconciliation of GAAP to Non-GAAP Net
Income (Loss).(3) Total loans exclude loans held for sale but
include net deferred loan costs and fees.(4) This non-GAAP measure
represents net income (loss) divided by average total assets.(5)
This non-GAAP measure represents net income (loss) divided by
average stockholders’ equity.(6) This non-GAAP measure represents
total non-interest expenses divided by the sum of net interest
income and non-interest income.
For More Information, Contact:Michael K. Devlin, Executive Vice
President and Chief Financial Officer
(617-925-1961)mdevlin@envisionbank.com
Randolph Bancorp (NASDAQ:RNDB)
過去 株価チャート
から 6 2024 まで 7 2024
Randolph Bancorp (NASDAQ:RNDB)
過去 株価チャート
から 7 2023 まで 7 2024