false 2022 Q2 0001667161 --12-31 true false P3Y http://fasb.org/us-gaap/2022#OtherAssets http://fasb.org/us-gaap/2022#OtherAssets http://fasb.org/us-gaap/2022#OtherLiabilities http://fasb.org/us-gaap/2022#OtherLiabilities true 2022 0 P3Y 0 P5Y P10Y P6Y2M12D P7Y7M9D P7Y9M14D P7Y1M17D P1Y11M8D P2Y1M17D P1Y9M14D P2Y25D 0001667161 2022-01-01 2022-06-30 xbrli:shares 0001667161 2022-07-31 iso4217:USD 0001667161 2022-06-30 0001667161 2021-12-31 iso4217:USD xbrli:shares 0001667161 2022-04-01 2022-06-30 0001667161 2021-04-01 2021-06-30 0001667161 2021-01-01 2021-06-30 0001667161 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2022-04-01 2022-06-30 0001667161 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2021-04-01 2021-06-30 0001667161 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2022-01-01 2022-06-30 0001667161 us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember 2021-01-01 2021-06-30 0001667161 us-gaap:CommonStockMember 2021-03-31 0001667161 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001667161 us-gaap:RetainedEarningsMember 2021-03-31 0001667161 rndb:UnearnedCompensationESOPMember 2021-03-31 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001667161 2021-03-31 0001667161 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001667161 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2021-04-01 2021-06-30 0001667161 us-gaap:CommonStockMember 2021-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001667161 us-gaap:RetainedEarningsMember 2021-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2021-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001667161 2021-06-30 0001667161 us-gaap:CommonStockMember 2022-03-31 0001667161 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001667161 us-gaap:RetainedEarningsMember 2022-03-31 0001667161 rndb:UnearnedCompensationESOPMember 2022-03-31 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001667161 2022-03-31 0001667161 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0001667161 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2022-04-01 2022-06-30 0001667161 us-gaap:CommonStockMember 2022-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001667161 us-gaap:RetainedEarningsMember 2022-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2022-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001667161 us-gaap:CommonStockMember 2020-12-31 0001667161 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001667161 us-gaap:RetainedEarningsMember 2020-12-31 0001667161 rndb:UnearnedCompensationESOPMember 2020-12-31 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001667161 2020-12-31 0001667161 us-gaap:RetainedEarningsMember 2021-01-01 2021-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-06-30 0001667161 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2021-01-01 2021-06-30 0001667161 us-gaap:CommonStockMember 2021-12-31 0001667161 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001667161 us-gaap:RetainedEarningsMember 2021-12-31 0001667161 rndb:UnearnedCompensationESOPMember 2021-12-31 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001667161 us-gaap:RetainedEarningsMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-06-30 0001667161 us-gaap:CommonStockMember 2022-01-01 2022-06-30 0001667161 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-06-30 0001667161 rndb:UnearnedCompensationESOPMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-01-01 2021-12-31 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2021-01-01 2021-12-31 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2021-01-01 2021-12-31 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-01-01 2022-06-30 0001667161 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-01-01 2021-12-31 0001667161 us-gaap:USTreasurySecuritiesMember 2022-06-30 0001667161 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2022-06-30 0001667161 us-gaap:CorporateDebtSecuritiesMember 2022-06-30 0001667161 us-gaap:MunicipalBondsMember 2022-06-30 0001667161 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 rndb:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 rndb:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 rndb:CollateralizedMortgageObligationsIssuedByUSGovernmentGuaranteedMember 2022-06-30 0001667161 us-gaap:USTreasurySecuritiesMember 2021-12-31 0001667161 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2021-12-31 0001667161 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0001667161 us-gaap:MunicipalBondsMember 2021-12-31 0001667161 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0001667161 rndb:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0001667161 us-gaap:CommercialMortgageBackedSecuritiesMember 2021-12-31 0001667161 rndb:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0001667161 rndb:CollateralizedMortgageObligationsIssuedByUSGovernmentGuaranteedMember 2021-12-31 0001667161 us-gaap:DebtSecuritiesMember us-gaap:USTreasurySecuritiesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember rndb:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember rndb:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember us-gaap:CommercialMortgageBackedSecuritiesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember 2022-06-30 0001667161 us-gaap:DebtSecuritiesMember us-gaap:USTreasurySecuritiesMember 2021-12-31 0001667161 us-gaap:DebtSecuritiesMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2021-12-31 0001667161 us-gaap:DebtSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0001667161 us-gaap:DebtSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0001667161 us-gaap:DebtSecuritiesMember 2021-12-31 rndb:Debt_Security xbrli:pure 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateSectorMember 2022-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateSectorMember 2021-12-31 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateSectorMember 2022-06-30 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember us-gaap:RealEstateSectorMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:RealEstateSectorMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:RealEstateSectorMember 2021-12-31 0001667161 us-gaap:ConstructionLoansMember us-gaap:RealEstateSectorMember 2022-06-30 0001667161 us-gaap:ConstructionLoansMember us-gaap:RealEstateSectorMember 2021-12-31 0001667161 us-gaap:RealEstateSectorMember 2022-06-30 0001667161 us-gaap:RealEstateSectorMember 2021-12-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-12-31 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-03-31 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-03-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2022-03-31 0001667161 us-gaap:ConstructionLoansMember 2022-03-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2022-03-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2022-03-31 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 us-gaap:ConstructionLoansMember 2022-04-01 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2022-06-30 0001667161 us-gaap:ConstructionLoansMember 2022-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-03-31 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-03-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-03-31 0001667161 us-gaap:ConstructionLoansMember 2021-03-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-03-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-03-31 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 us-gaap:ConstructionLoansMember 2021-04-01 2021-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-06-30 0001667161 us-gaap:ConstructionLoansMember 2021-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-12-31 0001667161 us-gaap:ConstructionLoansMember 2021-12-31 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 us-gaap:ConstructionLoansMember 2022-01-01 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2020-12-31 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2020-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-12-31 0001667161 us-gaap:ConstructionLoansMember 2020-12-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2020-12-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2020-12-31 0001667161 rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 us-gaap:ConstructionLoansMember 2021-01-01 2021-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-12-31 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-06-30 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-12-31 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 rndb:FinancingReceivables30To89DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 rndb:FinancingReceivables30To89DaysPastDueMember rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-06-30 0001667161 rndb:FinancingReceivables30To89DaysPastDueMember 2022-06-30 0001667161 rndb:FinancingReceivables30To89DaysPastDueMember rndb:OneToFourFamilyLoansMember us-gaap:ResidentialPortfolioSegmentMember 2021-12-31 0001667161 rndb:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-04-01 2022-06-30 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-04-01 2021-06-30 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2022-01-01 2022-06-30 0001667161 rndb:HomeEquityLoansAndLinesOfCreditMember us-gaap:ResidentialPortfolioSegmentMember 2021-01-01 2021-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember srt:MinimumMember 2022-01-01 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember srt:MaximumMember 2022-01-01 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember srt:MaximumMember 2022-01-01 2022-06-30 rndb:Office 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2022-01-01 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2022-01-01 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember 2022-01-01 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsAccrualMember 2021-12-31 rndb:Lease 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2022-01-01 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember 2022-01-01 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember 2021-01-01 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember 2022-06-30 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 rndb:TroubleDebtRestructuringsListedAsNonAccrualMember 2021-12-31 rndb:Contract 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-01-01 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:HomeEquityLoansAndLinesOfCreditMember 2021-01-01 2021-12-31 0001667161 2021-01-01 2021-12-31 rndb:TDR 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-04-01 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-04-01 2021-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-01-01 2022-06-30 0001667161 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-01-01 2021-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:NoteRatedMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:NoteRatedMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2022-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember rndb:NoteRatedMember 2022-06-30 0001667161 rndb:NoteRatedMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:PassMember 2022-06-30 0001667161 us-gaap:PassMember us-gaap:ConstructionLoansMember 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember us-gaap:PassMember 2022-06-30 0001667161 us-gaap:PassMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SpecialMentionMember 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SpecialMentionMember 2022-06-30 0001667161 us-gaap:SpecialMentionMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SubstandardMember 2022-06-30 0001667161 us-gaap:SubstandardMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2022-06-30 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2022-06-30 0001667161 us-gaap:ConstructionLoansMember 2022-06-30 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2022-06-30 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:NoteRatedMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:NoteRatedMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember rndb:NoteRatedMember 2021-12-31 0001667161 rndb:NoteRatedMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:PassMember 2021-12-31 0001667161 us-gaap:PassMember us-gaap:ConstructionLoansMember 2021-12-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember us-gaap:PassMember 2021-12-31 0001667161 us-gaap:PassMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SpecialMentionMember 2021-12-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SpecialMentionMember 2021-12-31 0001667161 us-gaap:SpecialMentionMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SubstandardMember 2021-12-31 0001667161 us-gaap:SubstandardMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:OneToFourFamilyLoansMember 2021-12-31 0001667161 us-gaap:ResidentialPortfolioSegmentMember rndb:SecondMortgagesAndHomeEquityLoansAndLinesOfCreditMember 2021-12-31 0001667161 us-gaap:CommercialRealEstatePortfolioSegmentMember 2021-12-31 0001667161 us-gaap:ConstructionLoansMember 2021-12-31 0001667161 rndb:CommercialAndIndustrialPortfolioSegmentMember 2021-12-31 0001667161 us-gaap:ConsumerPortfolioSegmentMember 2021-12-31 0001667161 rndb:DerivativeLoanCommitmentsMember 2022-06-30 0001667161 rndb:DerivativeLoanCommitmentsMember 2021-12-31 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:OtherAssetsMember 2022-06-30 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:OtherAssetsMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember us-gaap:OtherAssetsMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember us-gaap:OtherAssetsMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember us-gaap:OtherLiabilitiesMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsAndToBeAnnouncedSecuritiesMember us-gaap:OtherLiabilitiesMember 2021-12-31 0001667161 rndb:FoundationMember 2022-01-01 2022-06-30 0001667161 rndb:OctoberTwoThousandTwentyOneShareRepurchaseProgramMember 2021-10-01 2021-10-31 0001667161 rndb:OctoberTwoThousandTwentyOneShareRepurchaseProgramMember 2022-01-25 2022-01-25 0001667161 rndb:OctoberTwoThousandTwentyOneShareRepurchaseProgramMember 2021-10-31 0001667161 rndb:OctoberTwoThousandTwentyOneShareRepurchaseProgramMember 2022-01-25 0001667161 rndb:OctoberTwoThousandTwentyOneShareRepurchaseProgramMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandSeventeenStockOptionAndIncentivePlanMember us-gaap:EmployeeStockOptionMember 2022-06-30 0001667161 rndb:TwoThousandSeventeenStockOptionAndIncentivePlanMember us-gaap:EmployeeStockOptionMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandSeventeenStockOptionAndIncentivePlanMember us-gaap:RestrictedStockMember 2022-06-30 0001667161 rndb:TwoThousandSeventeenStockOptionAndIncentivePlanMember srt:MinimumMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandSeventeenStockOptionAndIncentivePlanMember srt:MaximumMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandAndTwentyInducementPlanMember us-gaap:RestrictedStockMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandAndTwentyInducementPlanMember us-gaap:EmployeeStockOptionMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandAndTwentyInducementPlanMember 2022-01-01 2022-06-30 0001667161 rndb:TwoThousandAndTwentyOneEquityPlanMember srt:MaximumMember 2022-06-30 0001667161 rndb:TwoThousandAndTwentyOneEquityPlanMember us-gaap:PerformanceSharesMember 2021-08-13 2021-08-13 0001667161 rndb:TwoThousandAndTwentyOneEquityPlanMember us-gaap:RestrictedStockMember 2021-08-13 2021-08-13 0001667161 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0001667161 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-06-30 0001667161 us-gaap:EmployeeStockOptionMember 2022-04-01 2022-06-30 0001667161 us-gaap:EmployeeStockOptionMember 2021-04-01 2021-06-30 0001667161 us-gaap:RestrictedStockMember 2021-12-31 0001667161 us-gaap:PerformanceSharesMember 2021-12-31 0001667161 rndb:RestrictedStockAwardsAndPerformanceBasedRestrictedStockUnitsMember 2021-12-31 0001667161 us-gaap:RestrictedStockMember 2022-01-01 2022-06-30 0001667161 rndb:RestrictedStockAwardsAndPerformanceBasedRestrictedStockUnitsMember 2022-01-01 2022-06-30 0001667161 us-gaap:RestrictedStockMember 2022-06-30 0001667161 us-gaap:PerformanceSharesMember 2022-06-30 0001667161 rndb:RestrictedStockAwardsAndPerformanceBasedRestrictedStockUnitsMember 2022-06-30 0001667161 us-gaap:PerformanceSharesMember 2022-01-01 2022-06-30 0001667161 us-gaap:RestrictedStockMember 2021-01-01 2021-06-30 0001667161 us-gaap:RestrictedStockMember 2022-04-01 2022-06-30 0001667161 us-gaap:RestrictedStockMember 2021-04-01 2021-06-30 0001667161 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsIncludingTBAsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 rndb:ForwardLoanSaleCommitmentsIncludingTBAsMember us-gaap:FairValueMeasurementsRecurringMember 2022-06-30 0001667161 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:DerivativeLoanCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsIncludingTBAsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 rndb:ForwardLoanSaleCommitmentsIncludingTBAsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001667161 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-06-30 0001667161 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-06-30 0001667161 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001667161 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001667161 us-gaap:FairValueMeasurementsNonrecurringMember 2022-01-01 2022-06-30 0001667161 us-gaap:FairValueMeasurementsNonrecurringMember 2022-06-30 0001667161 us-gaap:FairValueMeasurementsNonrecurringMember 2021-12-31 0001667161 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-06-30 0001667161 us-gaap:FairValueInputsLevel2Member 2022-06-30 0001667161 us-gaap:FairValueInputsLevel3Member 2022-06-30 0001667161 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-12-31 0001667161 us-gaap:FairValueInputsLevel2Member 2021-12-31 0001667161 us-gaap:FairValueInputsLevel3Member 2021-12-31 0001667161 us-gaap:LoanOriginationCommitmentsMember 2022-06-30 0001667161 us-gaap:LoanOriginationCommitmentsMember 2021-12-31 0001667161 rndb:UnusedLinesAndLettersOfCreditMember 2022-06-30 0001667161 rndb:UnusedLinesAndLettersOfCreditMember 2021-12-31 0001667161 rndb:UnadvancedFundsOnConstructionLoansMember 2022-06-30 0001667161 rndb:UnadvancedFundsOnConstructionLoansMember 2021-12-31 0001667161 rndb:OverdraftMember 2022-06-30 0001667161 rndb:OverdraftMember 2021-12-31 rndb:Segment 0001667161 rndb:EnvisionBankMember 2022-04-01 2022-06-30 0001667161 rndb:EnvisionMortgageMember 2022-04-01 2022-06-30 0001667161 rndb:EnvisionBankMember 2022-06-30 0001667161 rndb:EnvisionMortgageMember 2022-06-30 0001667161 rndb:EnvisionBankMember 2022-01-01 2022-06-30 0001667161 rndb:EnvisionMortgageMember 2022-01-01 2022-06-30 0001667161 rndb:EnvisionBankMember 2021-04-01 2021-06-30 0001667161 rndb:EnvisionMortgageMember 2021-04-01 2021-06-30 0001667161 rndb:EnvisionBankMember 2021-06-30 0001667161 rndb:EnvisionMortgageMember 2021-06-30 0001667161 rndb:EnvisionBankMember 2021-01-01 2021-06-30 0001667161 rndb:EnvisionMortgageMember 2021-01-01 2021-06-30 0001667161 srt:MinimumMember 2022-06-30 0001667161 srt:MaximumMember 2022-06-30 0001667161 srt:MinimumMember 2022-01-01 2022-06-30 0001667161 rndb:RandolphSavingsBankMember 2022-06-30 0001667161 rndb:RandolphSavingsBankMember 2021-12-31 rndb:LeaseAgreement

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 June 30, 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 a 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 July 31, 2022, there were 5,202,743 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 June 30, 2022 and December 31, 2021	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended June 30, 2022 and 2021	4
	Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended June 30, 2022 and 2021	5
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		31
Item 3. Quantitative and Qualitative Disclosures About Market Risk		45
Item 4. Controls and Procedures		45
PART II—OTHER INFORMATION		46
Item 1. Legal Proceedings		46
Item 1A. Risk Factors		46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		46
Item 3. Defaults Upon Senior Securities		46
Item 4. Mine Safety Disclosures		46
Item 5. Other Information		46
Item 6. Exhibits		47
SIGNATURE		48

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets (Unaudited)

(In thousands except for share data)

	June 30,			December 31,
	2022			2021
Assets
Cash and due from banks	$	3,732		$	3,501
Interest-bearing deposits		11,159			111,948
Total cash and cash equivalents		14,891			115,449
Securities available for sale, at fair value		47,142			51,666
Loans held for sale, at fair value		9,736			44,766
Loans, net of allowance for loan losses of $6,602 in 2022 and $6,289 in 2021		657,618			544,621
Federal Home Loan Bank of Boston stock, at cost		1,778			2,940
Accrued interest receivable		1,699			1,500
Mortgage servicing rights, net		15,093			15,616
Premises and equipment, net		7,669			7,684
Bank-owned life insurance		8,865			8,784
Other assets		10,262			10,252
Total assets	$	774,753		$	803,278

Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing	$	146,635		$	145,666
Interest-bearing		494,729			492,481
Total deposits		641,364			638,147
Federal Home Loan Bank of Boston advances		32,946			50,000
Mortgagors' escrow accounts		2,546			2,128
Post-employment benefit obligations		2,055			2,222
Other liabilities		6,564			9,878
Total liabilities		685,475			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: 5,197,680 shares at June 30, 2022 and 5,113,825 shares at December 31, 2021		52			50
Additional paid-in capital		45,501			44,078
Retained earnings		49,290			60,524
ESOP-Unearned compensation		(2,651	)		(3,568	)
Accumulated other comprehensive income (loss), net of tax		(2,914	)		(181	)
Total stockholders' equity		89,278			100,903
Total liabilities and stockholders' equity	$	774,753		$	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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Interest and dividend income:
Loans	$	6,182		$	5,505		$	11,649		$	11,013
Securities-taxable		221			223			437			463
Securities-tax exempt		4			6			8			12
Interest-bearing deposits and certificates of deposit		45			8			87			15
Total interest and dividend income		6,452			5,742			12,181			11,503

Interest expense:
Deposits		342			345			657			783
Borrowings		99			198			246			430
Total interest expense		441			543			903			1,213

Net interest income		6,011			5,199			11,278			10,290
Provision (credit) for loan losses		269			(27	)		340			(240	)
Net interest income after provision (credit) for loan losses		5,742			5,226			10,938			10,530

Non-interest income:
Customer service fees		372			419			737			786
Gain on loan origination and sale activities, net		484			5,740			1,748			16,733
Mortgage servicing fees, net		509			381			857			1,160
Increase in cash surrender value of life insurance		41			41			81			81
Other		419			235			594			479
Total non-interest income		1,825			6,816			4,017			19,239
Non-interest expenses:
Salaries and employee benefits		4,414			7,310			9,568			15,747
Occupancy and equipment		559			621			924			1,365
Data processing		378			301			723			564
Professional fees		578			323			1,603			884
Marketing		151			200			308			370
FDIC insurance		62			54			120			108
Other		1,342			1,818			2,944			3,540
Total non-interest expenses		7,484			10,627			16,190			22,578
Income before income taxes		83			1,415			(1,235	)		7,191
Income tax expense (benefit)		(165	)		(162	)		(1,248	)		1,502
Net income	$	248		$	1,577		$	13		$	5,689

Earnings per common share:
Basic	$	0.05		$	0.32		$	0.00		$	1.14
Diluted	$	0.05		$	0.31		$	0.00		$	1.10

Weighted average shares outstanding:
Basic		4,839,796			4,921,182			4,827,628			4,988,283
Diluted		5,076,181			5,135,582			5,046,444			5,193,643

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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net income	$	248		$	1,577		$	13		$	5,689

Other comprehensive income:
Securities available for sale:
Unrealized holding gains (losses)		(1,193	)		125			(3,556	)		(792	)
Related tax effects		275			(28	)		817			91
Net-of-tax amount		(918	)		97			(2,739	)		(701	)

Supplemental retirement plan:
Reclassification adjustments ⁽¹⁾:
Actuarial losses		11			12			22			24
Prior service credits		(8	)		(8	)		(16	)		(16	)
		3			4			6			8
Related tax effects		—			—			—			—
Net-of-tax amount		3			4			6			8

Total other comprehensive income (loss)		(915	)		101			(2,733	)		(693	)

Comprehensive income (loss)	$	(667	)	$	1,678		$	(2,720	)	$	4,996

(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 June 30, 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 March 31, 2021		5,364,240		$	53		$	48,613		$	55,801	$	(3,709	)	$	101		$	100,859
Net income		—			—			—			1,577		—			—			1,577
Other comprehensive income		—			—			—			—		—			101			101
Stock repurchased		(108,691	)		(1	)		(2,177	)		—		—			—			(2,178	)
Share redemptions for tax withholdings
for restricted stock vesting		(1,027	)		—			(20	)		—		—			—			(20	)
Stock-based compensation		—			—			270			—		—			—			270
ESOP shares committed to be released		—			—			54			—		47			—			101
Balance at June 30, 2021		5,254,522		$	52		$	46,740		$	57,378	$	(3,662	)	$	202		$	100,710

Balance at March 31, 2022		5,180,670		$	52		$	44,904		$	49,042	$	(3,521	)	$	(1,999	)	$	88,478
Net income		—			—			—			248		—			—			248
Other comprehensive loss		—			—			—			—		—			(915	)		(915	)
Share redemptions for tax withholdings
for restricted stock vesting		(1,827	)		—			(48	)		—		—			—			(48	)
Stock-based compensation		—			—			297			—		—			—			297
ESOP shares committed to be released		—			—			76			—		870			—			946
Proceeds from the exercise of options, net		18,837			—			272			—		—			—			272
Balance at June 30, 2022		5,197,680		$	52		$	45,501		$	49,290	$	(2,651	)	$	(2,914	)	$	89,278

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

Six Months Ended June 30, 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		—			—			—			5,689			—			—			5,689
Other comprehensive loss		—			—			—			—			—			(693	)		(693	)
Stock repurchased		(239,792	)		(2	)		(4,812	)		—			—			—			(4,814	)
Share redemption for tax withholdings
for restricted stock vesting		(1,200	)		—			(23	)		—			—			—			(23	)
Stock-based compensation		—			—			537			—			—			—			537
ESOP shares committed to be released		—			—			101			—			94			—			195
Balance at June 30, 2021		5,254,522		$	52		$	46,740		$	57,378		$	(3,662	)	$	202		$	100,710

Balance at December 31, 2021		5,113,825		$	50		$	44,078		$	60,524		$	(3,568	)	$	(181	)	$	100,903
Net income		—			—			—			13			—			—			13
Dividends paid at $2.15 per share		—			—			—			(11,247	)		—			—			(11,247	)
Other comprehensive loss		—			—			—			—			—			(2,733	)		(2,733	)
Stock repurchased		(58,572	)		—			(1,327	)		—			—			—			(1,327	)
Restricted stock awards forfeited		(704	)		—			—			—			—			—			—
Share redemption for tax withholdings
for restricted stock vesting		(2,009	)		—			(52	)		—			—			—			(52	)
Stock-based compensation		—			—			581			—			—			—			581
ESOP shares committed to be released		—			—			141			—			917			—			1,058
Proceeds from the exercise of options, net		145,140			2			2,080			—			—			—			2,082
Balance at June 30, 2022		5,197,680		$	52		$	45,501		$	49,290		$	(2,651	)	$	(2,914	)	$	89,278

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Six Months Ended June 30,
	2022			2021
Cash flows from operating activities:
Net income	$	13		$	5,689
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Provision (credit) for loan losses		340			(240	)
Loans originated for sale		(152,733	)		(815,453	)
Net gain on sales of mortgage loans		(1,748	)		(16,733	)
Proceeds from sales of mortgage loans		188,791			864,851
Net amortization of securities		100			178
Net change in deferred loan costs and fees, and purchase premiums		(289	)		339
Depreciation and amortization		360			353
Loss on sale of foreclosed assets		—			5
Stock-based compensation		581			537
ESOP expense		235			195
Increase in cash surrender value of life insurance		(81	)		(81	)
Amortization of mortgage servicing rights		1,481			1,571
Decrease in valuation allowance of mortgage servicing rights		(421	)		(356	)
Other, net		(1,915	)		8,571
Net cash provided by operating activities		34,714			49,426

Cash flows from investing activities:
Redemptions of certificates of deposit
Securities available for sale:
Purchases		(2,691	)		(3,913	)
Calls/maturities		—			500
Principal payments on mortgage-backed securities		3,561			7,597
Net loan repayments (originations)		(112,136	)		(46,707	)
Loan purchases		(912	)		(959	)
Redemptions (purchases) of Federal Home Loan Bank of Boston stock		1,162			721
Purchases of premises and equipment		(345	)		(708	)
Proceeds from the sale of foreclosed real estate		—			127
Loss on disposal of assets		—			21
Net cash used in investing activities		(111,361	)		(43,321	)

Cash flows from financing activities:
Net increase in non-interest bearing deposits		969			27,952
Net increase in interest-bearing deposits		2,248			15,724
Net increase (decrease) in short-term Federal Reserve Bank borrowings		—			(11,431	)
Net increase (decrease) in short-term Federal Home Loan Bank of Boston borrowings		17,946			5,000
Repayments of long-term Federal Home Loan Bank of Boston advances		(35,000	)		(16,879	)
Net increase (decrease) in mortgagors' escrow accounts		418			(555	)
Repurchases of common stock		(1,327	)		(4,814	)
Proceeds from exercise of stock options		2,082			—
Common stock dividends paid		(11,247	)		—
Net cash provided by (used in) financing activities		(23,911	)		14,997

Net change in cash and cash equivalents		(100,558	)		21,102
Cash and cash equivalents at beginning of period		115,449			13,774
Cash and cash equivalents at end of period	$	14,891		$	34,876
Supplemental cash flow information:
Interest paid on deposits and borrowed funds	$	959		$	1,380
Income taxes paid	$	560		$	2,257
Non-cash item:
Transfer of held for sale loans to portfolio	$	—		$	9,449

See accompanying notes to unaudited consolidated financial statements.

RANDOLPH BANCORP, INC. AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements

June 30, 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. When necessary, certain amounts in prior year financial statements have been reclassified to conform to the current year’s presentation.

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 and six months ended June 30, 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 June 2016, 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 15, 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. Although certain changes in assets and liabilities are reported as a separate component of stockholders’ equity, such items, along with net income, are components of comprehensive income.

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

	June 30,			December 31,
	2022			2021
	(In thousands)
Securities available for sale:
Net unrealized gain (loss)	$	(3,307	)	$	249
Tax effect		753			(64	)
Net-of-tax amount		(2,554	)		185
Supplemental retirement plan
Unrecognized net actuarial loss		(624	)		(646	)
Unrecognized net prior service credit		206			222
		(418	)		(424	)
Tax effect		58			58
Net-of-tax amount		(360	)		(366	)
Accumulated other comprehensive income (loss)	$	(2,914	)	$	(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

Amortized

Unrealized

Fair

Cost

Gains

Losses

Value

(In thousands)

June 30, 2022

Debt securities:

U.S. Treasury

13,632

—

Randolph Bancorp, Inc. 10-Q