Randolph Bancorp, Inc. Announces First Quarter 2022 Financial Results

QUINCY, Mass., April 26, 2022 (GLOBE NEWSWIRE) -- Randolph Bancorp, Inc. (the “Company” or “Randolph”) (NASDAQGlobalMarket: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.