Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RNDB | |
Entity Registrant Name | Randolph Bancorp, Inc. | |
Entity Central Index Key | 0001667161 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Entity Incorporation, State or Country Code | MA | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 5,523,522 | |
Entity Shell Company | false | |
Entity File Number | 001-37780 | |
Entity Tax Identification Number | 81-1844402 | |
Entity Address, Address Line One | 10 Cabot Place | |
Entity Address, City or Town | Stoughton | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02072 | |
City Area Code | 781 | |
Local Phone Number | 963-2100 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 5,335 | $ 4,371 |
Interest-bearing deposits | 43,756 | 3,881 |
Total cash and cash equivalents | 49,091 | 8,252 |
Certificates of deposit | 490 | |
Securities available for sale, at fair value | 55,551 | 57,503 |
Loans held for sale, at fair value | 87,805 | 62,792 |
Loans, net of allowance for loan losses of $6,597 in 2020 and $4,280 in 2019 | 484,548 | 469,131 |
Federal Home Loan Bank of Boston stock, at cost | 3,797 | 2,417 |
Accrued interest receivable | 1,654 | 1,393 |
Mortgage servicing rights, net | 10,944 | 8,556 |
Premises and equipment, net | 5,133 | 5,748 |
Bank-owned life insurance | 8,577 | 8,441 |
Foreclosed real estate | 132 | |
Other assets | 15,736 | 6,281 |
Total assets | 722,968 | 631,004 |
Deposits: | ||
Non-interest bearing | 93,352 | 61,603 |
Interest bearing | 391,660 | 344,581 |
Brokered | 37,273 | 90,858 |
Total deposits | 522,285 | 497,042 |
Federal Reserve Bank advances | 15,318 | |
Federal Home Loan Bank of Boston advances | 66,903 | 44,403 |
Mortgagors' escrow accounts | 1,959 | 2,052 |
Post-employment benefit obligations | 2,289 | 2,464 |
Other liabilities | 19,276 | 6,581 |
Total liabilities | 628,030 | 552,542 |
Commitments and contingencies (Note 15) | ||
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: 5,524,390 shares at September 30, 2020 and 5,576,855 shares at December 31, 2019 | 55 | 56 |
Additional paid-in capital | 51,201 | 51,127 |
Retained earnings | 46,415 | 31,757 |
ESOP-Unearned compensation | (3,803) | (3,944) |
Accumulated other comprehensive income (loss), net of tax | 1,070 | (534) |
Total stockholders' equity | 94,938 | 78,462 |
Total liabilities and stockholders' equity | $ 722,968 | $ 631,004 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 6,597 | $ 4,280 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,524,390 | 5,576,855 |
Common stock, shares outstanding | 5,524,390 | 5,576,855 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Interest and dividend income: | |||||
Loans | $ 5,337,000 | $ 6,144,000 | $ 16,680,000 | $ 17,790,000 | |
Securities-taxable | 297,000 | 366,000 | 990,000 | 1,108,000 | |
Securities-tax exempt | 7,000 | 8,000 | 22,000 | 36,000 | |
Interest-bearing deposits and certificates of deposit | 7,000 | 23,000 | 68,000 | 77,000 | |
Total interest and dividend income | 5,648,000 | 6,541,000 | 17,760,000 | 19,011,000 | |
Interest expense: | |||||
Deposits | 730,000 | 1,365,000 | 3,237,000 | 3,746,000 | |
Borrowings | 249,000 | 603,000 | 696,000 | 1,825,000 | |
Total interest expense | 979,000 | 1,968,000 | 3,933,000 | 5,571,000 | |
Net interest income | 4,669,000 | 4,573,000 | 13,827,000 | 13,440,000 | |
Provision (credit) for loan losses | 546,000 | 2,338,000 | (144,000) | ||
Net interest income after provision (credit) for loan losses | 4,123,000 | 4,573,000 | 11,489,000 | 13,584,000 | |
Non-interest income: | |||||
Customer service fees | 330,000 | 363,000 | 902,000 | 1,054,000 | |
Gain on loan origination and sale activities, net | 18,102,000 | 5,782,000 | 39,616,000 | 13,438,000 | |
Mortgage servicing fees, net | 1,180,000 | (181,000) | (1,428,000) | 362,000 | |
Increase in cash surrender value of life insurance | 46,000 | 45,000 | 136,000 | 139,000 | |
Other | 216,000 | 294,000 | 598,000 | 578,000 | |
Total non-interest income | 19,874,000 | 6,303,000 | 39,824,000 | 15,571,000 | |
Non-interest expenses: | |||||
Salaries and employee benefits | 7,911,000 | 7,010,000 | 24,439,000 | [1] | 18,514,000 |
Occupancy and equipment | 859,000 | 673,000 | 2,395,000 | 1,972,000 | |
Data processing | 242,000 | 179,000 | 663,000 | 570,000 | |
Professional fees | 253,000 | 264,000 | 888,000 | 819,000 | |
Marketing | 154,000 | 275,000 | 458,000 | 643,000 | |
FDIC insurance | 41,000 | (55,000) | 136,000 | 91,000 | |
Other | 1,591,000 | 1,372,000 | 4,410,000 | 3,850,000 | |
Total non-interest expenses | 11,051,000 | 9,718,000 | 33,389,000 | 26,459,000 | |
Income before income taxes | 12,946,000 | 1,158,000 | 17,924,000 | 2,696,000 | |
Income tax expense | 2,661,000 | 14,000 | 3,266,000 | 97,000 | |
Net income | $ 10,285,000 | $ 1,144,000 | $ 14,658,000 | $ 2,599,000 | |
Earnings per common share: | |||||
Basic | $ 2.01 | $ 0.21 | $ 2.86 | $ 0.48 | |
Diluted | $ 2.01 | $ 0.21 | $ 2.86 | $ 0.48 | |
Weighted average shares outstanding: | |||||
Basic | 5,120,367 | 5,345,786 | 5,123,705 | 5,429,339 | |
Diluted | 5,120,367 | 5,345,786 | 5,126,077 | 5,429,339 | |
[1] | Salaries and benefits for the nine months ended September 30, 2020, include the severance and vested stock acceleration costs related to the retirement of the Chief Executive Officer and Chief Financial Officer of the Bank. Total cost of this event was $1.38 million, of which $1.03 million was allocated to the Bank segment and the remainder, $344,000, was allocated to the mortgage segment |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Net income | $ 10,285 | $ 1,144 | $ 14,658 | $ 2,599 | |
Securities available for sale: | |||||
Unrealized holding gains (losses) | (108) | 259 | 1,613 | 1,653 | |
Reclassification adjustment for net gains realized in income | 0 | 0 | 0 | 0 | |
Net unrealized gains (losses) | (108) | 259 | 1,613 | 1,653 | |
Net-of-tax amount | (108) | 259 | 1,613 | 1,653 | |
Related tax effects | 0 | 0 | 0 | 0 | |
Net-of-tax amount | (3) | (12) | (9) | (36) | |
Total other comprehensive income (loss) | (111) | 247 | 1,604 | 1,617 | |
Comprehensive income | 10,174 | 1,391 | 16,262 | 4,216 | |
Supplemental Retirement Plan [Member] | |||||
Securities available for sale: | |||||
Actuarial losses | [1] | 9 | 9 | 27 | 27 |
Prior service credits | [1] | (12) | (21) | (36) | (63) |
Net change in supplemental retirement plan | $ (3) | $ (12) | $ (9) | $ (36) | |
[1] | Amounts are included in other non-interest expenses in the consolidated statements of operations. |
Consolidated Statements Changes
Consolidated Statements Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation ESOP [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Beginning balance at Dec. 31, 2018 | $ 77,961 | $ 60 | $ 55,608 | $ 28,329 | $ (4,132) | $ (1,904) |
Beginning balance, shares at Dec. 31, 2018 | 5,903,793 | |||||
Net income | 2,599 | 2,599 | ||||
Other comprehensive income | 1,617 | 1,617 | ||||
Stock repurchased | (3,470) | $ (3) | (3,467) | |||
Stock repurchased, shares | (233,476) | |||||
Restricted stock awards granted, shares | 33,335 | |||||
Restricted stock awards forfeited, shares | (2,500) | |||||
Stock-based compensation | 681 | 681 | ||||
ESOP shares committed to be released | 203 | 62 | 141 | |||
Ending balance at Sep. 30, 2019 | 79,591 | $ 57 | 52,884 | 30,928 | (3,991) | (287) |
Ending balance, shares at Sep. 30, 2019 | 5,701,152 | |||||
Beginning balance at Dec. 31, 2018 | 77,961 | $ 60 | 55,608 | 28,329 | (4,132) | (1,904) |
Beginning balance, shares at Dec. 31, 2018 | 5,903,793 | |||||
Ending balance at Dec. 31, 2019 | 78,462 | $ 56 | 51,127 | 31,757 | (3,944) | (534) |
Ending balance, shares at Dec. 31, 2019 | 5,576,855 | |||||
Beginning balance at Jun. 30, 2019 | 79,353 | $ 58 | 54,083 | 29,784 | (4,038) | (534) |
Beginning balance, shares at Jun. 30, 2019 | 5,797,705 | |||||
Net income | 1,144 | 1,144 | ||||
Other comprehensive income | 247 | 247 | ||||
Stock repurchased | (1,441) | $ (1) | (1,440) | |||
Stock repurchased, shares | (96,553) | |||||
Stock-based compensation | 223 | 223 | ||||
ESOP shares committed to be released | 65 | 18 | 47 | |||
Ending balance at Sep. 30, 2019 | 79,591 | $ 57 | 52,884 | 30,928 | (3,991) | (287) |
Ending balance, shares at Sep. 30, 2019 | 5,701,152 | |||||
Beginning balance at Dec. 31, 2019 | 78,462 | $ 56 | 51,127 | 31,757 | (3,944) | (534) |
Beginning balance, shares at Dec. 31, 2019 | 5,576,855 | |||||
Net income | 14,658 | 14,658 | ||||
Other comprehensive income | 1,604 | 1,604 | ||||
Stock repurchased | (1,217) | $ (1) | (1,216) | |||
Stock repurchased, shares | (101,131) | |||||
Restricted stock awards granted, shares | 63,130 | |||||
Restricted stock awards forfeited, shares | (9,251) | |||||
Share redemption for tax withholdings for restricted stock vesting | (60) | (60) | ||||
Share redemption for tax withholdings for restricted stock vesting, shares | (5,213) | |||||
Stock-based compensation | 1,327 | 1,327 | ||||
ESOP shares committed to be released | 164 | 23 | 141 | |||
Ending balance at Sep. 30, 2020 | 94,938 | $ 55 | 51,201 | 46,415 | (3,803) | 1,070 |
Ending balance, shares at Sep. 30, 2020 | 5,524,390 | |||||
Beginning balance at Jun. 30, 2020 | 84,529 | $ 55 | 51,013 | 36,130 | (3,850) | 1,181 |
Beginning balance, shares at Jun. 30, 2020 | 5,479,884 | |||||
Net income | 10,285 | 10,285 | ||||
Other comprehensive income | (111) | (111) | ||||
Stock repurchased | (16) | (16) | ||||
Stock repurchased, shares | (1,624) | |||||
Restricted stock awards granted, shares | 48,130 | |||||
Restricted stock awards forfeited, shares | (2,000) | |||||
Stock-based compensation | 199 | 199 | ||||
ESOP shares committed to be released | 52 | 5 | 47 | |||
Ending balance at Sep. 30, 2020 | $ 94,938 | $ 55 | $ 51,201 | $ 46,415 | $ (3,803) | $ 1,070 |
Ending balance, shares at Sep. 30, 2020 | 5,524,390 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 14,658,000 | $ 2,599,000 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Provision (credit) for loan losses | 2,338,000 | (144,000) |
Loans originated for sale | (1,144,058,000) | (616,301,000) |
Net gain on sales of mortgage loans | (43,539,000) | (13,590,000) |
Proceeds from sales of mortgage loans | 1,158,237,000 | 579,990,000 |
Net amortization of securities | 218,000 | 92,000 |
Net change in deferred loan costs and fees, and purchase premiums | 324,000 | (43,000) |
Depreciation and amortization | 1,028,000 | 643,000 |
Stock-based compensation | 1,327,000 | 681,000 |
ESOP expense | 164,000 | 203,000 |
Increase in cash surrender value of life insurance | (136,000) | (139,000) |
Net (increase) decrease in mortgage servicing rights | (2,388,000) | (673,000) |
Other, net | 545,000 | (196,000) |
Net cash provided by (used in) operating activities | (11,282,000) | (46,878,000) |
Cash flows from investing activities: | ||
Redemptions of certificates of deposit | 490,000 | 1,715,000 |
Securities available for sale: | ||
Purchases | (11,543,000) | |
Calls/maturities | 4,500,000 | 500,000 |
Principal payments on mortgage-backed securities | 10,390,000 | 4,430,000 |
Net loan originations (repayments) | (10,155,000) | 891,000 |
Loan purchases | (1,519,000) | (2,684,000) |
Proceeds from residential portfolio sales | 23,689,000 | |
Redemptions (purchases) of Federal Home Loan Bank of Boston stock | (1,380,000) | 1,715,000 |
Purchases of premises and equipment | (503,000) | (259,000) |
Loss on disposal of assets | 90,000 | |
Proceeds from sale of foreclosed real estate | 61,000 | |
Net cash (used in) provided by investing activities | (9,630,000) | 30,058,000 |
Cash flows from financing activities: | ||
Net increase in non-brokered deposits | 78,828,000 | 18,019,000 |
Net increase (decrease) in brokered deposits | (53,585,000) | 35,681,000 |
Net increase in short-term Federal Reserve Bank borrowings | 15,318,000 | |
Net increase (decrease) in short-term Federal Home Loan Bank of Boston borrowings | (14,822,000) | (49,665,000) |
Issuance of long-term Federal Home Loan Bank of Boston advances | 40,000,000 | 20,000,000 |
Repayments of long-term Federal Home Loan Bank of Boston advances | (2,678,000) | (1,703,000) |
Net increase (decrease) in mortgagors' escrow accounts | (93,000) | 70,000 |
Repurchases of common stock | (1,217,000) | (3,470,000) |
Net cash provided by financing activities | 61,751,000 | 18,932,000 |
Net change in cash and cash equivalents | 40,839,000 | 2,112,000 |
Cash and cash equivalents at beginning of period | 8,252,000 | 7,118,000 |
Cash and cash equivalents at end of period | 49,091,000 | 9,230,000 |
Supplemental cash flow information: | ||
Interest paid on deposits and borrowed funds | 4,225,000 | 5,328,000 |
Income taxes paid | 1,025,000 | 15,000 |
Non-cash item: | ||
Transfer of held for sale loans to portfolio | 6,537,000 | 6,553,000 |
Transfer of portfolio loan to held for sale | 28,608,000 | |
Donation of land, net | $ 73,000 | |
Transfer of portfolio loan to foreclosed real estate | $ 132,000 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | 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 nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 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, 2019, as filed with the SEC. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Global Pandemic Affecting Rando
Global Pandemic Affecting Randolph Bancorp, Inc. | 9 Months Ended |
Sep. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Global Pandemic Affecting Randolph Bancorp, Inc. In 2020 | 3 . GLOBAL PANDEMIC AFFECTING RANDOLPH BANCORP, INC. IN 2020 On March 13, 2020, the United States Government declared a national emergency in response to the coronavirus (“COVID-19”) outbreak. This outbreak has caused, among other things, widespread shutdowns of businesses and volatile markets and has severely disrupted normal economic activity in the region the Company serves as well as across the nation. The following summarizes the more significant financial repercussions of this national emergency for the Company. Credit Quality and Allowance for Loan Losses The Company established a $558,000 allowance for loan losses during the first nine months of 2020 directly related to its estimate, based on available information, of probable incurred losses resulting from the impact of the COVID-19 pandemic. As the Company acquires additional information on overall economic prospects together with further assessments of the impact on individual borrowers, the loss estimated will be revised as needed, and these revisions could be material. The Company’s approach to estimat ing the impact of this pandemic on credit quality is presented in Note 6 – “ Loans and Allowance for Loan Losses . ” Disaster Response Plan Costs The Company implemented its disaster response plans when the national emergency was declared and a stay at home order was issued in the Commonwealth of Massachusetts. To operate in this mode the Company incurred expenses for, among other things, compensation for front-line and quarantined employees, buying equipment for a remote workforce, cleaning of office and branch buildings, and communications with customers regarding the status of the Company’s operations. These plan costs amounted to $229,000 through the first nine months of 2020. Loan Payment Deferral and Paycheck Protection Program In response to the pandemic’s effect on our customers, the Company implemented a series of measures through the date of this report, including participation in the Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP”) and granting payment deferrals for residential mortgage, home equity and certain commercial borrowers who were current in their payments. As of September 30, 2020, the Company had a balance of $15.4 million loans as part of the PPP. These loans are included with commercial and industrial loans, are pledged to the Federal Reserve’s Paycheck Protection Program Liquidity Facility and have no direct effect on the Company’s capital ratios. T In accordance with interagency guidance issued in March 2020 and/or the CARES Act enacted in March 2020, these short-term deferrals are not considered troubled debt restructurings, provided the loan was current as of the date the deferral program was implemented, or December 31, 2019 for deferrals made under the CARES Act. The Company has agreed to loan payment deferrals on commercial loans totaling $37.0 million, residential real estate loans in portfolio totaling $17.9 million and residential real estate loans serviced for others totaling $66.8 million as of September 30, 2020. The commercial loan payment deferrals are concentrated in the hotel and hospitality, restaurant and retail service industries. The qualifying residential real estate and commercial loan borrowers were required to contact the Company to receive loan payment deferrals. The table below summarizes the status of the bank’s loan deferral activity at September 30, 2020: Deferrals Suspended/ Resumed Full Granted Reduced Payment Payment Payoff (In thousands) September 30, 2020 Real estate loans: Residential: One-to-four family $ 14,902 $ 5,270 $ 8,825 $ 807 Home equity loans and lines of credit 2,984 1,314 1,670 - Commercial 33,286 19,287 13,999 - Total real estate loans 51,172 25,871 24,494 807 Commercial and industrial 3,710 33 1,830 1,847 Consumer 20 - 20 - Total $ 54,902 $ 25,904 $ 26,344 $ 2,654 The payment deferral programs were applied prospectively from the respective dates of the events and did not change the delinquency status of the loans as of such dates. Accordingly, if all payments were current at the date of the event, the loan will not be reported as past due during the deferral period. Furthermore, for loans subject to the deferral programs on which payments were past due prior to the event, the delinquency status of such loans was frozen to the status that existed at the date of the event until the end of the deferral period. Accordingly, the table below summarizes the risk rating and for all loans that were granted deferral, and any loans that were listed in nonaccrual status at September 30, 2020: Pass Rated / Special Sub- Non- Not Rated Mention standard (1) accrual (1) (2) (In thousands) September 30, 2020 Real estate loans: Residential: One-to-four family $ 13,071 $ 778 $ 246 $ 196 Home equity loans and lines of credit 2,984 - - - Commercial 19,451 5,378 8,457 6,986 Total real estate loans 35,506 6,156 8,703 7,182 Commercial and industrial 1,378 452 33 33 Consumer 20 - - - Total $ 36,904 $ 6,608 $ 8,736 $ 7,215 (1) Includes one commercial real estate relationship for which a $2.8 million full repayment was made in early October 2020. (2) Nonaccrual loans are risk rated as either special mention or substandard and are included as a balance in those columns. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 4 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities are reported as a separate component of stockholders’ equity, such items, along with net income (loss), are components of comprehensive income (loss). The components of accumulated other comprehensive income (loss), included in total stockholders’ equity, are as follows: September 30, December 31, 2020 2019 (In thousands) Securities available for sale: Net unrealized gain $ 1,780 $ 167 Tax effect (313 ) (313 ) Net-of-tax amount 1,467 (146 ) Supplemental retirement plan Unrecognized net actuarial loss (625 ) (652 ) Unrecognized net prior service credit 275 311 (350 ) (341 ) Tax effect (47 ) (47 ) Net-of-tax amount (397 ) (388 ) Accumulated other comprehensive income (loss) $ 1,070 $ (534 ) |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale | 5 . 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 Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) September 30, 2020 Debt securities: Corporate 4,319 24 (7 ) 4,336 Municipal 744 6 — 750 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 34,190 974 — 35,164 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,887 551 — 9,438 U.S. Government-guaranteed 1,023 24 — 1,047 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,049 58 — 1,107 U.S. Government-guaranteed 3,559 150 — 3,709 Total securities available for sale $ 53,771 $ 1,787 $ (7 ) $ 55,551 December 31, 2019 Debt securities: U.S. Government-sponsored enterprises $ 4,000 $ 13 $ (1 ) $ 4,012 Corporate 1,513 15 — 1,528 Municipal 744 9 — 753 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 35,238 458 (286 ) 35,410 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,977 — (53 ) 8,924 U.S. Government-guaranteed 1,363 7 — 1,370 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,395 23 — 1,418 U.S. Government-guaranteed 4,106 10 (28 ) 4,088 Total securities available for sale $ 57,336 $ 535 $ (368 ) $ 57,503 There were no sales of securities during the nine months ended September 30, 2020 and 2019. The amortized cost and fair value of debt securities by contractual maturity at September 30, 2020 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 505 $ 510 After 1 year through 5 years 3,486 3,511 After 5 years through 10 years 1,072 1,065 5,063 5,086 Mortgage-backed securities 48,708 50,465 $ 53,771 $ 55,551 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value September 30, 2020 (In thousands) Corporate $ (7 ) $ 1,065 $ — $ — December 31, 2019 U.S. Government-sponsored enterprises $ — $ — $ (1 ) $ 1,999 Residential mortgage-backed securities: U.S. Government-sponsored enterprises (123 ) 11,256 (163 ) 9,632 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises (53 ) 8,924 — — Collateralized mortgage obligations: U.S. Government-guaranteed (15 ) 1,891 (13 ) 883 Total $ (191 ) $ 22,071 $ (177 ) $ 12,514 At September 30, 2020, one debt security had unrealized losses with aggregate depreciation of 0.65% from the Company’s amortized cost basis. The unrealized losses at September 30, 2020 were due to securities price fluctuations since the time they were purchased. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of these investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell any debt securities and it is more likely than not that the Company will not be required to sell any debt securities before recovery of its amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at September 30, 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 6 . LOANS AND ALLOWANCE FOR LOAN LOSSES A summary of the loan portfolio is as follows: September 30, 2020 December 31, 2019 (In thousands) Real estate loans: Residential: One-to-four family $ 235,955 $ 244,711 Home equity loans and lines of credit 48,097 41,669 Commercial 141,862 125,405 Construction 32,064 35,485 457,978 447,270 Commercial and industrial 20,388 9,093 Consumer 11,696 15,641 Total loans 490,062 472,004 Allowance for loan losses (6,597 ) (4,280 ) Net deferred loan costs and fees, and purchase premiums 1,083 1,407 $ 484,548 $ 469,131 The following table s present activity in the allowance for loan losses by loan category for the three and nine months ended September 30, 2020 and 2019 , and allocation of the allowance to each category as of September 30, 2020 and December 31, 2019 : Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) Three Months Ended September 30, 2020 Allowance at June 30, 2020 $ 1,553 $ 378 $ 2,766 $ 897 $ 319 $ 146 $ 6,059 Provision (credit) for loan losses 30 77 589 (90 ) (75 ) 15 546 Loans charged-off — (3 ) — — — (8 ) (11 ) Recoveries — — — — 2 1 3 Balance at September 30, 2020 $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Three Months Ended September 30, 2019 Allowance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Provision (credit) for loan losses 43 (6 ) 22 (30 ) 6 (35 ) — Loans charged-off — — — — — (3 ) (3 ) Recoveries 2 — — — — - 2 Balance at September 30, 2019 $ 1,063 $ 291 $ 1,647 $ 725 $ 270 $ 157 $ 4,153 Nine Months Ended September 30, 2020 Allowance at December 31, 2019 $ 1,096 $ 289 $ 1,840 $ 692 $ 235 $ 128 $ 4,280 Provision for loan losses 480 166 1,515 115 9 53 2,338 Loans charged-off — (3 ) — — — (37 ) (40 ) Recoveries 7 — — — 2 10 19 Balance at September 30, 2020 $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Nine Months Ended September 30, 2019 Allowance at December 31, 2018 $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Provision (credit) for loan losses (52 ) (1 ) (1 ) (40 ) 5 (55 ) (144 ) Loans charged-off — — — — — (171 ) (171 ) Recoveries 23 — — — — 8 31 Balance at September 30, 2019 $ 1,063 $ 291 $ 1,647 $ 725 $ 270 $ 157 $ 4,153 Additional information pertaining to the allowance for loan losses at September 30, 2020 and December 31, 2019 is as follows: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total September 30, 2020 (In thousands) Allowance for impaired loans $ 79 $ — $ — $ — $ — $ — $ 79 Allowance for non-impaired loans 1,504 452 3,355 807 246 154 6,518 Total allowance for loan losses $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Impaired loans $ 4,581 $ 607 $ 7,028 $ — $ 33 $ — $ 12,249 Non-impaired loans 231,374 47,490 134,834 32,064 20,355 11,696 477,813 Total loans $ 235,955 $ 48,097 $ 141,862 $ 32,064 $ 20,388 $ 11,696 $ 490,062 December 31, 2019 Allowance for impaired loans $ 116 $ — $ — $ — $ — $ — $ 116 Allowance for non-impaired loans 980 289 1,840 692 235 128 4,164 Total allowance for loan losses $ 1,096 $ 289 $ 1,840 $ 692 $ 235 $ 128 $ 4,280 Impaired loans $ 5,640 $ 407 $ 46 $ — $ — $ — $ 6,093 Non-impaired loans 239,071 41,262 125,359 35,485 9,093 15,641 465,911 Total loans $ 244,711 $ 41,669 $ 125,405 $ 35,485 $ 9,093 $ 15,641 $ 472,004 As described in Note 3 – “Global Pandemic Affecting Randolph Bancorp, Inc. in 2020,” the COVID-19 pandemic has affected the Company’s operations in the first nine months of 2020. This pandemic has severely disrupted normal economic activity in the communities the Company serves along with the rest of the nation. It is impossible to know the full extent of the impact of the COVID-19 pandemic and the continued effects it may have on the Company’s operations. Management has determined a separate element of the allowance to represent the estimate of probable incurred losses associated with the impact of the pandemic events on the Company’s loan portfolios. This estimate is judgmental and subject to changes as conditions evolve. This qualitative element of the allowance was determined based on the impact the pandemic has had on current employment levels, economic activity in the Company’s geographic regions, and the time it could take for the affected regions to return to a more normalized operating environment. The following is a summary of past due and non-accrual loans at September 30, 2020 and December 31, 2019: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Non-accrual Loans (In thousands) September 30, 2020 Residential one-to-four family $ 267 $ 246 $ 582 $ 1,095 $ 2,215 Home equity loans and lines of credit — 66 — 66 582 Commercial real estate — — — — 6,986 Construction — — — — — Commercial and industrial — — — — 33 Consumer — — — — — Total $ 267 $ 312 $ 582 $ 1,161 $ 9,816 December 31, 2019 Residential one-to-four family $ 215 $ 587 $ — $ 802 $ 2,922 Home equity loans and lines of credit 188 244 — 432 336 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 76 11 — 87 — Total $ 479 $ 842 $ — $ 1,321 $ 3,258 The following is a summary of impaired loans at September 30, 2020 and December 31, 2019: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) September 30, 2020 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,636 $ 3,660 Home equity loans and lines of credit 607 607 Commercial real estate 7,028 7,028 Commercial and industrial 33 33 Total 11,304 11,328 Impaired loans with a valuation allowance: Residential one-to-four family 945 959 $ 79 945 959 79 Total impaired loans $ 12,249 $ 12,287 $ 79 December 31, 2019 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,322 $ 3,322 Home equity loans and lines of credit 407 407 Commercial real estate 46 46 Total 3,775 3,775 Impaired loans with a valuation allowance: Residential one-to-four family 2,318 2,318 $ 116 Total 2,318 2,318 116 Total impaired loans $ 6,093 $ 6,093 $ 116 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Three Months Ended September 30, 2020 Residential one-to-four family $ 4,630 $ 144 $ 61 Home equity loans and lines of credit 607 25 — Commercial real estate 7,028 — — Consumer 33 — — Total $ 12,298 $ 169 $ 61 Three Months Ended September 30, 2019 Residential one-to-four family $ 5,497 $ 49 $ 12 Home equity loans and lines of credit 369 1 — Commercial real estate 84 2 — Consumer 33 — — Total $ 5,983 $ 52 $ 12 Nine Months Ended September 30, 2020 Residential one-to-four family $ 4,563 $ 277 $ 131 Home equity loans and lines of credit 559 27 — Commercial real estate 4,713 — — Consumer 15 — — Total $ 9,850 $ 304 $ 131 Nine Months Ended September 30, 2019 Residential one-to-four family $ 5,586 $ 175 $ 63 Home equity loans and lines of credit 414 10 10 Commercial real estate 153 4 — Consumer 43 1 — Total $ 6,196 $ 190 $ 73 Troubled Debt Restructurings The Company periodically grants concessions to borrowers experiencing financial difficulties. The Company’s troubled debt restructurings consist primarily of interest rate concessions for periods of three months to thirty years for residential real estate loans, and for periods up to one year for commercial real estate loans. At September 30, 2020, the Company had sixteen residential real estate loans, one consumer loan and one commercial real estate loan aggregating $2,780,000, $ 4 9 At September 30, 2019, the Company had nineteen residential real estate loans and one commercial real estate loan aggregating $ As of September 30, 2020 and 2019, $ For the nine months ended Septe m i n S p Management performs a discounted cash flow calculation to determine the amount of valuation reserve required on each of the troubled debt restructurings. Any reserve required is recorded as part of the allowance for loan losses. D u ring the t h ree a n d nine mo n t h s ended September 3 0 , 2020 and 2 0 1 9 , t h ere were no material c h a ng e s to t h e all o w a n ce fo r l o an l o sses a s a re s u lt o f l o an m o dificati o n s made w h ich w ere c ons i d er e d a tr ou b led d e bt rest ru cturing. No additional funds are committed to be advanced in connection with trouble debt restructurings. During the three and nine months ended September 30, 2020 and 2019, there were no troubled debt restructurings that defaulted (over 30 days past due) within twelve months of the restructure date. At September 30, 2020, there were two residential real estate troubled debt restructurings that were granted payment deferral plans. One loan, totaling $300,000, was performing in accordance with its modified terms and is currently in repayment, and one loan, for $196,000, was not performing in accordance with its modified terms and is currently still in payment suspension. Credit Quality Information The Company utilizes an eight-grade internal loan rating system for commercial real estate, construction and commercial and industrial loans, as follows: Loans rated 1 – 3B are considered “pass” rated loans with low to average risk. Loans rated 4 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5 are considered “substandard” and are inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6 are considered “doubtful” and have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial and industrial loans. Annually, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. The following table presents the Company’s loans by risk rating at the dates indicated: September 30, 2020 December 31, 2019 Commercial Real Construction Commercial and Industrial Commercial Real Construction Commercial and Industrial (In thousands) Loans rated 1 - 3B (Pass rated) $ 127,298 $ 32,064 $ 19,903 $ 121,703 $ 35,485 $ 8,134 Loans rated 4 6,107 — 452 3,702 — 206 Loans rated 5 8,457 — 33 — — 753 $ 141,862 $ 32,064 $ 20,388 $ 125,405 $ 35,485 $ 9,093 Residential mortgages, home equity loans and lines of credit, and consumer loans are monitored for credit quality based primarily on their payment status. When one of these loans becomes more than 90 days delinquent, it is assigned an internal loan rating. At September 30, 2020, $ $ d n g g t ub n $ d n g a g e i h o e u e e n |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2020 | |
Transfers And Servicing [Abstract] | |
Loan Servicing | 7 . LOAN SERVICING Mortgage loans serviced for others are not included in the accompanying unaudited consolidated balance sheets. The unpaid principal balances of residential mortgage loans serviced for others were $1.59 billion and $1.05 billion at September 30, 2020 and December 31, 2019, respectively. The following table summarizes the activity relating to mortgage servicing rights (“MSRs”) for the three and nine months ended For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 12,090 $ 8,322 $ 9,484 $ 7,794 Additions through originations 2,570 1,115 6,131 2,215 Amortization (807 ) (334 ) (1,762 ) (906 ) Balance at end of period $ 13,853 $ 9,103 $ 13,853 $ 9,103 Valuation allowance: Balance at beginning of period $ 3,996 $ 121 $ 928 $ 8 Provision (release) (1,087 ) 523 1,981 636 Balance at end of period $ 2,909 $ 644 $ 2,909 $ 644 Amortized cost, net $ 10,944 $ 8,459 $ 10,944 $ 8,459 Fair value $ 11,014 $ 8,549 $ 11,014 $ 8,549 During the nine months ended September 30, 2020 and 2019, the Company increased the valuation allowance for its MSRs by $1,981,000 and $636,000, respectively. Such adjustments to the valuation allowance were due primarily to changes in fair value caused by the impact of changes in interest rates on expected loan prepayments. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 . INCOME TAXES Income tax expense for the three months ended September 30, 2020 e n d I n c m ta ex p e n o t h t h mo n h n d e eptem b e 3 0 201 ep e o e p e e n I n c o a ex p n f o e p m b ep e e e I n o e xp e n f o th n i n mo n t h en d e Se p em b 3 0 201 re p se n $ o i n e e n e e a e as o h p e e o h y From 2014 to June 30, 2020, the Company has maintained a valuation allowance on its net deferred tax asset based on a determination that it was more likely than not that such assets would not be realized. This determination was based on the Company’s net operating loss carryforward position, its current period operating results exclusive of non-recurring items and its expectations for the upcoming year. As a result, the 100% valuation allowance for deferred tax assets relating to net operating loss carryforwards was maintained. D u h o n o u i n t h mo n h 2 02 0 and the Company being in a net deferred tax liability position at September 30, 2020 h f u o o the Company’s net operating loss carryforwards was absorbed and the previously held valuation allowance was reversed |
On-Balance Sheet Derivative Ins
On-Balance Sheet Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
On-Balance Sheet Derivative Instruments and Hedging Activities | 9. ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Loan Commitments Mortgage loan interest rate lock commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold either in the secondary market, to large aggregators of loans or to other financial institutions. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to an increase in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. The notional amount of derivative loan commitments was $418,903,000 and $89,925,000 at September 30, 2020 and December 31, 2019, respectively. The fair value of such commitments at September 30, 2020 and December 31, 2019 was $11,967,000 and $1,472,000, respectively, and is included in other assets in the consolidated balance sheets. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments and To Be Announced (“TBA”) securities to mitigate the risk of potential decreases in the value of loans that would result from the exercise of the derivative loan commitments as well as for loans held for sale. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments and TBA securities will experience changes in fair value that serve to offset the change in fair value of loans held for sale and derivative loan commitments the degree to which depends on the notional amount of such sale commitments. The notional amount of forward loan sale commitments and TBA securities was $372,429,000 and $85,401,000 at September 30, 2020 and December 31, 2019, respectively. The fair value of such commitments consisted of liabilities of $924,000 and $140,000 at September 30, 2020 and December 31, 2019, respectively, included in other liabilities in the consolidated balance sheets and assets of $121,000 and $11,000 are included in other assets in the consolidated balance sheets as of September 30, 2020 and December 31, 2019, respectively. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plan | 10 . The Company maintains an Employee Stock Ownership Plan (“ESOP”), which is a tax-qualified retirement plan providing eligible employees the opportunity to own Bancorp stock. Bancorp made a loan to the ESOP for the purchase of 469,498 shares of its common stock at $10.00 per share in connection with its initial public offering in July 2016. The loan is payable annually over 25 years with interest at the prime rate to be reset each January 1. The loan is secured by the shares which have not yet been allocated to participants. Loan payments are funded by cash contributions from the Bank. Such contributions are allocated to eligible participants based on their compensation, subject to federal tax limits. Shares are committed to be released on a monthly basis and allocated as of December 31 of each year. The number of shares to be allocated annually is 18,780 through the year 2040. For the three and nine months ended September 30, 2020, the Company recognized compensation expense for the ESOP of $52,000 and $164,000, respectively, while for the three and nine months ended September 30, 2019, the Company recognized compensation expense for the ESOP of $65,000 and $203,000, respectively. The fair value of the 380,319 unallocated ESOP shares at September 30, 2020 was $4,727,000. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Share Repurchase Program | 1 1 . SHARE REPURCHASE PROGRAM In September 2017, the Company’s Board of Directors adopted a share repurchase program under which the Company may repurchase up to 10%, or 586,854 shares, of its then outstanding common shares. Repurchases under the program may be made in open market or in privately negotiated transactions and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. Any repurchased shares will be held by the Company as authorized but unissued shares. The repurchase program e xp i b 4 0 On October 27, 2020, the Company announced a new stock repurchase program. See Note 17, Subsequent Events, for additional information. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 1 2 . EARNINGS (LOSS) PER SHARE Basic earnings per share represents net income divided by the weighted average of common shares outstanding during the period. Diluted earnings per share represents net income divided by the weighted average of common shares and all potentially dilutive common shares outstanding during the period. Unvested restricted shares of common stock having dividend rights are treated as “participating securities” and, accordingly, are considered outstanding in computing basic and diluted earnings per share. Unallocated ESOP shares are not considered to be outstanding for purposes of computing basic or diluted earnings per share. The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted earnings per share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average number of common shares outstanding 5,503,020 5,747,207 5,511,028 5,835,455 Less: Average unallocated ESOP shares (382,653 ) (401,421 ) (387,323 ) (406,116 ) Average number of common shares outstanding used to calculate basic earnings per share 5,120,367 5,345,786 5,123,705 5,429,339 Effect of dilutive stock options — — 2,372 — Average number of common shares outstanding used to calculate dilutive earnings per share 5,120,367 5,345,786 5,126,077 5,429,339 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 3 . STOCK-BASED COMPENSATION Under the Randolph Bancorp, Inc. 2017 Stock Option and Incentive Plan (the “Equity Plan”), the Company may grant options, restricted stock, restricted units or performance awards to its directors, officers and employees. Both incentive stock options and nonqualified stock options may be granted under the Equity Plan with 586,872 shares initially reserved for options. Any options forfeited because vesting requirements are not met or expired will become available for re-issuance under the Equity Plan. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and the maximum term of each option is 10 years. The total number of shares initially reserved for restricted stock is 234,749. Options and awards generally vest ratably over three to five years. The fair value of shares awarded is based on the market price at the date of grant. Stock Options The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: • Volatility is based on peer group volatility because the Company does not have a sufficient trading history. • Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term, and the vesting period. • Expected dividend yield is based on the Company's history and expectation of dividend payouts. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. During the nine months ended September 30, 2020 and 2019, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2020 2019 Options granted 330,118 57,252 Vesting period (years) 3-5 1-5 Expiration period (years) 10 10 Expected volatility 27.65 % 29.87 % Expected life (years) 6.2 6.5 Expected dividend yield — — Risk free interest rate 0.45% - 1.10% 2.37% - 2.61% Option fair value $2.69 - $4.32 $2.99 - $5.83 A summary of stock option activity for the nine months ended September 30, 2020 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2020 360,207 $ 14.82 7.26 $ — Granted 330,118 12.14 Forfeited (14,543 ) 15.34 Expired (91,614 ) 14.67 Balance at September 30, 2020 584,168 $ 13.32 8.65 $ 357,681 Exercisable at September 30, 2020 101,993 $ 14.92 7.27 $ — Unrecognized compensation cost (inclusive of directors' options) $ 1,533,857 Weighted average remaining recognition period (years) 3.20 For the nine months ended September 30, 2020 and 2019, stock-based compensation expense applicable to stock options was $545,000 and $271,000, respectively. For the three months ended S e p tem b e Included in expense for the n n p m b e Restricted Stock Shares issued may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will become available for reissuance under the Equity Plan. The fair market value of shares awarded, based on the market price at the date of grant, is amortized over the applicable vesting period. Restricted stock awarded to date has been at no cost to the awardee. The following table presents the activity in restricted stock awards under the Equity Plan for the nine months ended September 30, 2020: Restricted Stock Awards Weighted Average Grant Price Restricted stock awards at January 1, 2020 125,861 $ 14.76 Granted 63,130 10.84 Vested (41,380 ) 14.72 Forfeited (9,251 ) 14.88 Restricted stock awards at September 30, 2020 138,360 $ 12.97 Unrecognized compensation cost $ 1,421,896 Weighted average remaining recognition period (years) 3.40 For the n n Se p em b e Included in expense for the n n e p m b |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 1 4 . FAIR VALUE OF ASSETS AND LIABILITIES Determination of fair value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The following methods and assumptions were used by the Company in estimating fair value disclosures: Securities Loans held for sale Loans Mortgage servicing rights On-balance-sheet derivatives Off-balance sheet credit-related instruments Assets and liabilities recorded at fair value on a recurring basis Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) September 30, 2020 Assets: Securities available for sale $ — $ 55,551 $ — $ 55,551 Portfolio loans (fair value option) — 14,384 — 14,384 Loans held for sale (fair value option) — 87,805 — 87,805 Derivative loan commitments — 11,967 — 11,967 Forward loan sale commitments — 121 — 121 Liabilities: Forward loan sale commitments, including TBAs — 924 — 924 December 31, 2019 Assets: Securities available for sale $ — $ 57,503 $ — $ 57,503 Portfolio loans (fair value option) — 9,826 — 9,826 Loans held for sale (fair value option) — 62,792 — 62,792 Derivative loan commitments — 1,472 — 1,472 Forward loan sale commitments — 11 — 11 Liabilities: Forward loan sale commitments, including TBAs — 140 — 140 There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the nine months ended September 30, 2020 and 2019. Assets recorded at fair value on a non-recurring basis The Company may also be required, from time to time, to record certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of September 30, 2020 and December 31, 2019. Period Ended September 30, 2020 September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 9,993 $ — Mortgage servicing rights — — 10,944 (1,981 ) Foreclosed real estate — — 132 — $ — $ — $ 21,069 $ (1,981 ) December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 2,250 Mortgage servicing rights — — 8,556 $ — $ — $ 10,806 The Company recorded a net increase in the valuation allowance for its MSRs of $1,981,000 during the nine months ended September 30, 2020. The Company utilizes an independent valuation from a third party which uses a discounted cash flow model to estimate the fair value of MSRs. The model uses loan prepayment assumptions based on current market conditions and applies a discount rate based on indicated rates of return required by market participants. The increase in the valuation allowance during the nine months ended September 30, 2020 was caused by faster loan prepayment speeds attributable to the drop in interest rates on residential mortgage loans during the period. L osses applicable to write-downs of impaired loans and foreclosed real estate are based on the appraised value of the underlying collateral less estimated costs to sell. The losses on impaired loans are not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. The losses on foreclosed real estate represent adjustments in valuation recorded during the time period indicated and not for losses incurred on sales. Appraised values are typically based on a blend of (a) an income approach using observable cash flows to measure fair value, and (b) a market approach using observable market comparisons. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2020 and December 31, 2019. Summary of fair values of financial instruments The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. September 30, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale 55,551 55,551 — 55,551 — Loans held for sale 87,805 87,805 — 87,805 — Loans, net 484,548 483,956 — — 483,956 Derivative assets 12,088 12,088 — 12,088 — Financial liabilities: Deposits $ 522,285 $ 522,970 $ — $ 522,970 $ — FRB advances 15,318 15,318 — 15,318 — FHLBB advances 66,903 68,204 — 68,204 — Derivative liabilities 924 924 — 924 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 490 $ 492 $ — $ 492 $ — Securities available for sale 57,503 57,503 — 57,503 — Loans held for sale 62,792 62,792 — 62,792 — Loans, net 469,131 469,416 — — 469,416 Derivative assets 1,483 1,483 — 1,483 — Financial liabilities: Deposits $ 497,042 496,979 $ — $ 496,979 $ — FRB Advances — — — — — FHLBB advances 44,403 44,433 — 44,433 — Derivative liabilities 140 140 — 140 — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Loan commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of market, credit and interest rate risk which are not recognized in the unaudited consolidated financial statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: September 30, 2020 December 31, 2019 (In thousands) Commitments to originate loans $ 439,452 $ 117,086 Unused lines and letters of credit 66,997 52,721 Unadvanced funds on construction loans 7,192 11,029 Overdraft lines of credit 8,004 8,178 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The majority of these financial instruments are collateralized by real estate. Other contingencies The Company is not currently a party to any pending legal proceedings that it believes would have a material adverse effect on its financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 1 6 . SEGMENT INFORMATION The Company reports its activities in one of two business segments, namely Envision Bank (“EB”) and Envision Mortgage (“EM”). Envision Bank operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s five full-service branch offices and investing those funds in residential and commercial real estate loans, home equity lines of credit, construction loans, commercial and industrial loans, and consumer loans. Envision Mortgage’s operations primarily consist of the origination and sale of residential mortgage loans and the servicing of loans sold to government-sponsored entities. A portion of the loans originated by Envision Mortgage are held in the loan portfolio of Envision Bank. Segment information as of and for the three and nine months ended September 30, 2020 follows: For the Three Months Ended September 30, 2020 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,032 $ 637 $ 4,669 Provision for loan losses 546 — 546 Net interest income after provision for loan losses 3,486 637 4,123 Non-interest income: Customer service fees 309 21 330 Gain on loan origination and sale activities, net (1) — 18,459 18,459 Mortgage servicing fees, net (98 ) 1,278 1,180 Other 93 169 262 Total non-interest income 304 19,927 20,231 Non-interest expenses: Salaries and employee benefits 1,959 5,952 7,911 Occupancy and equipment 437 422 859 Other non-interest expenses 1,084 1,197 2,281 Total non-interest expenses 3,480 7,571 11,051 Income (loss) before income taxes and elimination of inter-segment profit $ 310 $ 12,993 13,303 Elimination of inter-segment profit (357 ) Income before income taxes 12,946 Income tax expense 2,661 Net income $ 10,285 Total assets, September 30, 2020 $ 573,003 $ 149,965 $ 722,968 For the Nine Months Ended September 30, 2020 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 11,970 $ 1,857 $ 13,827 Provision for loan losses 2,338 — 2,338 Net interest income after provision for loan losses 9,632 1,857 11,489 Non-interest income: Customer service fees 827 75 902 Gain on loan origination and sale activities, net (1) — 40,667 40,667 Mortgage servicing fees, net (281 ) (1,147 ) (1,428 ) Other 318 416 734 Total non-interest income 864 40,011 40,875 Non-interest expenses: Salaries and employee benefits (2) 6,983 17,456 24,439 Occupancy and equipment 1,305 1,090 2,395 Other non-interest expenses 3,286 3,269 6,555 Total non-interest expenses 11,574 21,815 33,389 Income (loss) before income taxes and elimination of inter-segment profit $ (1,078 ) $ 20,053 18,975 Elimination of inter-segment profit (1,051 ) Income before income taxes 17,924 Income tax expense 3,266 Net income $ 14,658 (3) Before elimination of inter-segment profit. (4) Salaries and benefits for the nine months ended September 30, 2020, include the severance and vested stock acceleration costs related to the retirement of the Chief Executive Officer and Chief Financial Officer of the Bank. Total cost of this event was $1.38 million, of which $1.03 million was allocated to the Bank segment and the remainder, $344,000, was allocated to the mortgage segment. The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the Federal Home Loan Bank of Boston (“FHLBB”) for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for Home Equity Line of Credit (“HELOC”) originations. This income for the three and nine months ended September 30, 2020 totaled $357,000 and $1,052,000, respectively 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $98,000 and $281,000 for the three and nine months ended September 30, 2020 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. Segment information as of and for the three and nine months ended September 30, 2019 follows: For the Three Months Ended September 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 3,781 $ 792 $ 4,573 Provision for loan losses — — — Net interest income after provision for loan losses 3,781 792 4,573 Non-interest income: Customer service fees 331 32 363 Gain on loan origination and sale activities, net (1) — 6,010 6,010 Mortgage servicing fees, net (93 ) (88 ) (181 ) Other 242 97 339 Total non-interest income 480 6,051 6,531 Non-interest expenses: Salaries and employee benefits 1,966 5,044 7,010 Occupancy and equipment 367 306 673 Other non-interest expenses 1,184 851 2,035 Total non-interest expenses 3,517 6,201 9,718 Income before income taxes and elimination of inter-segment profit $ 744 $ 642 1,386 Elimination of inter-segment profit (228 ) Income before income taxes 1,158 Income tax expense 14 Net income $ 1,144 Total assets, September 30, 2019 $ 509,021 $ 132,417 $ 641,438 For the Nine Months Ended September 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 12,121 $ 1,319 $ 13,440 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 12,265 1,319 13,584 Non-interest income: Customer service fees 948 106 1,054 Gain on loan origination and sale activities, net (1) — 14,043 14,043 Mortgage servicing fees, net (273 ) 635 362 Other 464 253 717 Total non-interest income 1,139 15,037 16,176 Non-interest expenses: Salaries and employee benefits 5,292 13,222 18,514 Occupancy and equipment 1,137 835 1,972 Other non-interest expenses 3,434 2,539 5,973 Total non-interest expenses 9,863 16,596 26,459 Income (loss) before income taxes and elimination of inter-segment profit $ 3,541 $ (240 ) 3,301 Elimination of inter-segment profit (605 ) Income before income taxes 2,696 Income tax expense 97 Net income $ 2,599 (1) Before elimination of inter-segment profit. The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the FHLBB for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for HELOC originations. This income for the three and nine months ended September 30, 2019 totaled $228,000 and $605,000, respectively. 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $93,000 and $273,000 for the three and nine months ended September 30, 2019, respectively. 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 7 . SUBSEQUENT EVENTS On October 27, 2020, the Company announced that its Board of Directors has approved a share repurchase program to purchase up to 552,000 shares of its common stock, representing approximately 10.0% of the Company’s outstanding common stock. Repurchases under this program may be made in open market transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares. The repurchase program will expire on October 29, 2021, and may be suspended or terminated at any time. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | In February 2016, FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Global Pandemic Affecting Ran_2
Global Pandemic Affecting Randolph Bancorp, Inc. (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Loan Portfolio | A summary of the loan portfolio is as follows: September 30, 2020 December 31, 2019 (In thousands) Real estate loans: Residential: One-to-four family $ 235,955 $ 244,711 Home equity loans and lines of credit 48,097 41,669 Commercial 141,862 125,405 Construction 32,064 35,485 457,978 447,270 Commercial and industrial 20,388 9,093 Consumer 11,696 15,641 Total loans 490,062 472,004 Allowance for loan losses (6,597 ) (4,280 ) Net deferred loan costs and fees, and purchase premiums 1,083 1,407 $ 484,548 $ 469,131 |
Schedule of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at September 30, 2020 and December 31, 2019: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Non-accrual Loans (In thousands) September 30, 2020 Residential one-to-four family $ 267 $ 246 $ 582 $ 1,095 $ 2,215 Home equity loans and lines of credit — 66 — 66 582 Commercial real estate — — — — 6,986 Construction — — — — — Commercial and industrial — — — — 33 Consumer — — — — — Total $ 267 $ 312 $ 582 $ 1,161 $ 9,816 December 31, 2019 Residential one-to-four family $ 215 $ 587 $ — $ 802 $ 2,922 Home equity loans and lines of credit 188 244 — 432 336 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 76 11 — 87 — Total $ 479 $ 842 $ — $ 1,321 $ 3,258 |
Loan Payment Deferral and Paycheck Protection Program [Member] | |
Summary of Loan Portfolio | The table below summarizes the status of the bank’s loan deferral activity at September 30, 2020: Deferrals Suspended/ Resumed Full Granted Reduced Payment Payment Payoff (In thousands) September 30, 2020 Real estate loans: Residential: One-to-four family $ 14,902 $ 5,270 $ 8,825 $ 807 Home equity loans and lines of credit 2,984 1,314 1,670 - Commercial 33,286 19,287 13,999 - Total real estate loans 51,172 25,871 24,494 807 Commercial and industrial 3,710 33 1,830 1,847 Consumer 20 - 20 - Total $ 54,902 $ 25,904 $ 26,344 $ 2,654 |
Schedule of Past Due and Non-Accrual Loans | Accordingly, the table below summarizes the risk rating and for all loans that were granted deferral, and any loans that were listed in nonaccrual status at September 30, 2020: Pass Rated / Special Sub- Non- Not Rated Mention standard (1) accrual (1) (2) (In thousands) September 30, 2020 Real estate loans: Residential: One-to-four family $ 13,071 $ 778 $ 246 $ 196 Home equity loans and lines of credit 2,984 - - - Commercial 19,451 5,378 8,457 6,986 Total real estate loans 35,506 6,156 8,703 7,182 Commercial and industrial 1,378 452 33 33 Consumer 20 - - - Total $ 36,904 $ 6,608 $ 8,736 $ 7,215 (1) Includes one commercial real estate relationship for which a $2.8 million full repayment was made in early October 2020. (2) Nonaccrual loans are risk rated as either special mention or substandard and are included as a balance in those columns. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) and Related Tax Effects | The components of accumulated other comprehensive income (loss), included in total stockholders’ equity, are as follows: September 30, December 31, 2020 2019 (In thousands) Securities available for sale: Net unrealized gain $ 1,780 $ 167 Tax effect (313 ) (313 ) Net-of-tax amount 1,467 (146 ) Supplemental retirement plan Unrecognized net actuarial loss (625 ) (652 ) Unrecognized net prior service credit 275 311 (350 ) (341 ) Tax effect (47 ) (47 ) Net-of-tax amount (397 ) (388 ) Accumulated other comprehensive income (loss) $ 1,070 $ (534 ) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) September 30, 2020 Debt securities: Corporate 4,319 24 (7 ) 4,336 Municipal 744 6 — 750 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 34,190 974 — 35,164 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,887 551 — 9,438 U.S. Government-guaranteed 1,023 24 — 1,047 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,049 58 — 1,107 U.S. Government-guaranteed 3,559 150 — 3,709 Total securities available for sale $ 53,771 $ 1,787 $ (7 ) $ 55,551 December 31, 2019 Debt securities: U.S. Government-sponsored enterprises $ 4,000 $ 13 $ (1 ) $ 4,012 Corporate 1,513 15 — 1,528 Municipal 744 9 — 753 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 35,238 458 (286 ) 35,410 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,977 — (53 ) 8,924 U.S. Government-guaranteed 1,363 7 — 1,370 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,395 23 — 1,418 U.S. Government-guaranteed 4,106 10 (28 ) 4,088 Total securities available for sale $ 57,336 $ 535 $ (368 ) $ 57,503 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of debt securities by contractual maturity at September 30, 2020 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 505 $ 510 After 1 year through 5 years 3,486 3,511 After 5 years through 10 years 1,072 1,065 5,063 5,086 Mortgage-backed securities 48,708 50,465 $ 53,771 $ 55,551 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value September 30, 2020 (In thousands) Corporate $ (7 ) $ 1,065 $ — $ — December 31, 2019 U.S. Government-sponsored enterprises $ — $ — $ (1 ) $ 1,999 Residential mortgage-backed securities: U.S. Government-sponsored enterprises (123 ) 11,256 (163 ) 9,632 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises (53 ) 8,924 — — Collateralized mortgage obligations: U.S. Government-guaranteed (15 ) 1,891 (13 ) 883 Total $ (191 ) $ 22,071 $ (177 ) $ 12,514 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loan Portfolio | A summary of the loan portfolio is as follows: September 30, 2020 December 31, 2019 (In thousands) Real estate loans: Residential: One-to-four family $ 235,955 $ 244,711 Home equity loans and lines of credit 48,097 41,669 Commercial 141,862 125,405 Construction 32,064 35,485 457,978 447,270 Commercial and industrial 20,388 9,093 Consumer 11,696 15,641 Total loans 490,062 472,004 Allowance for loan losses (6,597 ) (4,280 ) Net deferred loan costs and fees, and purchase premiums 1,083 1,407 $ 484,548 $ 469,131 |
Summary of Activity in the Allowance for Loan Losses by Loan Category | The following table s present activity in the allowance for loan losses by loan category for the three and nine months ended September 30, 2020 and 2019 , and allocation of the allowance to each category as of September 30, 2020 and December 31, 2019 : Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) Three Months Ended September 30, 2020 Allowance at June 30, 2020 $ 1,553 $ 378 $ 2,766 $ 897 $ 319 $ 146 $ 6,059 Provision (credit) for loan losses 30 77 589 (90 ) (75 ) 15 546 Loans charged-off — (3 ) — — — (8 ) (11 ) Recoveries — — — — 2 1 3 Balance at September 30, 2020 $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Three Months Ended September 30, 2019 Allowance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Provision (credit) for loan losses 43 (6 ) 22 (30 ) 6 (35 ) — Loans charged-off — — — — — (3 ) (3 ) Recoveries 2 — — — — - 2 Balance at September 30, 2019 $ 1,063 $ 291 $ 1,647 $ 725 $ 270 $ 157 $ 4,153 Nine Months Ended September 30, 2020 Allowance at December 31, 2019 $ 1,096 $ 289 $ 1,840 $ 692 $ 235 $ 128 $ 4,280 Provision for loan losses 480 166 1,515 115 9 53 2,338 Loans charged-off — (3 ) — — — (37 ) (40 ) Recoveries 7 — — — 2 10 19 Balance at September 30, 2020 $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Nine Months Ended September 30, 2019 Allowance at December 31, 2018 $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Provision (credit) for loan losses (52 ) (1 ) (1 ) (40 ) 5 (55 ) (144 ) Loans charged-off — — — — — (171 ) (171 ) Recoveries 23 — — — — 8 31 Balance at September 30, 2019 $ 1,063 $ 291 $ 1,647 $ 725 $ 270 $ 157 $ 4,153 |
Summary of Additional Information Pertaining to the Allowance for Loan Losses | Additional information pertaining to the allowance for loan losses at September 30, 2020 and December 31, 2019 is as follows: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total September 30, 2020 (In thousands) Allowance for impaired loans $ 79 $ — $ — $ — $ — $ — $ 79 Allowance for non-impaired loans 1,504 452 3,355 807 246 154 6,518 Total allowance for loan losses $ 1,583 $ 452 $ 3,355 $ 807 $ 246 $ 154 $ 6,597 Impaired loans $ 4,581 $ 607 $ 7,028 $ — $ 33 $ — $ 12,249 Non-impaired loans 231,374 47,490 134,834 32,064 20,355 11,696 477,813 Total loans $ 235,955 $ 48,097 $ 141,862 $ 32,064 $ 20,388 $ 11,696 $ 490,062 December 31, 2019 Allowance for impaired loans $ 116 $ — $ — $ — $ — $ — $ 116 Allowance for non-impaired loans 980 289 1,840 692 235 128 4,164 Total allowance for loan losses $ 1,096 $ 289 $ 1,840 $ 692 $ 235 $ 128 $ 4,280 Impaired loans $ 5,640 $ 407 $ 46 $ — $ — $ — $ 6,093 Non-impaired loans 239,071 41,262 125,359 35,485 9,093 15,641 465,911 Total loans $ 244,711 $ 41,669 $ 125,405 $ 35,485 $ 9,093 $ 15,641 $ 472,004 |
Schedule of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at September 30, 2020 and December 31, 2019: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Non-accrual Loans (In thousands) September 30, 2020 Residential one-to-four family $ 267 $ 246 $ 582 $ 1,095 $ 2,215 Home equity loans and lines of credit — 66 — 66 582 Commercial real estate — — — — 6,986 Construction — — — — — Commercial and industrial — — — — 33 Consumer — — — — — Total $ 267 $ 312 $ 582 $ 1,161 $ 9,816 December 31, 2019 Residential one-to-four family $ 215 $ 587 $ — $ 802 $ 2,922 Home equity loans and lines of credit 188 244 — 432 336 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 76 11 — 87 — Total $ 479 $ 842 $ — $ 1,321 $ 3,258 |
Summary of Impaired Loans and Additional Information Pertaining to Impaired Loans | The following is a summary of impaired loans at September 30, 2020 and December 31, 2019: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) September 30, 2020 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,636 $ 3,660 Home equity loans and lines of credit 607 607 Commercial real estate 7,028 7,028 Commercial and industrial 33 33 Total 11,304 11,328 Impaired loans with a valuation allowance: Residential one-to-four family 945 959 $ 79 945 959 79 Total impaired loans $ 12,249 $ 12,287 $ 79 December 31, 2019 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,322 $ 3,322 Home equity loans and lines of credit 407 407 Commercial real estate 46 46 Total 3,775 3,775 Impaired loans with a valuation allowance: Residential one-to-four family 2,318 2,318 $ 116 Total 2,318 2,318 116 Total impaired loans $ 6,093 $ 6,093 $ 116 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Three Months Ended September 30, 2020 Residential one-to-four family $ 4,630 $ 144 $ 61 Home equity loans and lines of credit 607 25 — Commercial real estate 7,028 — — Consumer 33 — — Total $ 12,298 $ 169 $ 61 Three Months Ended September 30, 2019 Residential one-to-four family $ 5,497 $ 49 $ 12 Home equity loans and lines of credit 369 1 — Commercial real estate 84 2 — Consumer 33 — — Total $ 5,983 $ 52 $ 12 Nine Months Ended September 30, 2020 Residential one-to-four family $ 4,563 $ 277 $ 131 Home equity loans and lines of credit 559 27 — Commercial real estate 4,713 — — Consumer 15 — — Total $ 9,850 $ 304 $ 131 Nine Months Ended September 30, 2019 Residential one-to-four family $ 5,586 $ 175 $ 63 Home equity loans and lines of credit 414 10 10 Commercial real estate 153 4 — Consumer 43 1 — Total $ 6,196 $ 190 $ 73 |
Summary of Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at the dates indicated: September 30, 2020 December 31, 2019 Commercial Real Construction Commercial and Industrial Commercial Real Construction Commercial and Industrial (In thousands) Loans rated 1 - 3B (Pass rated) $ 127,298 $ 32,064 $ 19,903 $ 121,703 $ 35,485 $ 8,134 Loans rated 4 6,107 — 452 3,702 — 206 Loans rated 5 8,457 — 33 — — 753 $ 141,862 $ 32,064 $ 20,388 $ 125,405 $ 35,485 $ 9,093 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Transfers And Servicing [Abstract] | |
Summary of Activity Relating to Mortgage Servicing Rights | The following table summarizes the activity relating to mortgage servicing rights (“MSRs”) for the three and nine months ended For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 12,090 $ 8,322 $ 9,484 $ 7,794 Additions through originations 2,570 1,115 6,131 2,215 Amortization (807 ) (334 ) (1,762 ) (906 ) Balance at end of period $ 13,853 $ 9,103 $ 13,853 $ 9,103 Valuation allowance: Balance at beginning of period $ 3,996 $ 121 $ 928 $ 8 Provision (release) (1,087 ) 523 1,981 636 Balance at end of period $ 2,909 $ 644 $ 2,909 $ 644 Amortized cost, net $ 10,944 $ 8,459 $ 10,944 $ 8,459 Fair value $ 11,014 $ 8,549 $ 11,014 $ 8,549 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted earnings per share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average number of common shares outstanding 5,503,020 5,747,207 5,511,028 5,835,455 Less: Average unallocated ESOP shares (382,653 ) (401,421 ) (387,323 ) (406,116 ) Average number of common shares outstanding used to calculate basic earnings per share 5,120,367 5,345,786 5,123,705 5,429,339 Effect of dilutive stock options — — 2,372 — Average number of common shares outstanding used to calculate dilutive earnings per share 5,120,367 5,345,786 5,126,077 5,429,339 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Grants of Options to Purchase Shares of Common Stock | During the nine months ended September 30, 2020 and 2019, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2020 2019 Options granted 330,118 57,252 Vesting period (years) 3-5 1-5 Expiration period (years) 10 10 Expected volatility 27.65 % 29.87 % Expected life (years) 6.2 6.5 Expected dividend yield — — Risk free interest rate 0.45% - 1.10% 2.37% - 2.61% Option fair value $2.69 - $4.32 $2.99 - $5.83 |
Summary of Stock Options Activity | A summary of stock option activity for the nine months ended September 30, 2020 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2020 360,207 $ 14.82 7.26 $ — Granted 330,118 12.14 Forfeited (14,543 ) 15.34 Expired (91,614 ) 14.67 Balance at September 30, 2020 584,168 $ 13.32 8.65 $ 357,681 Exercisable at September 30, 2020 101,993 $ 14.92 7.27 $ — Unrecognized compensation cost (inclusive of directors' options) $ 1,533,857 Weighted average remaining recognition period (years) 3.20 |
Summary of Activity in Restricted Stock Awards Under Equity Plan | The following table presents the activity in restricted stock awards under the Equity Plan for the nine months ended September 30, 2020: Restricted Stock Awards Weighted Average Grant Price Restricted stock awards at January 1, 2020 125,861 $ 14.76 Granted 63,130 10.84 Vested (41,380 ) 14.72 Forfeited (9,251 ) 14.88 Restricted stock awards at September 30, 2020 138,360 $ 12.97 Unrecognized compensation cost $ 1,421,896 Weighted average remaining recognition period (years) 3.40 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) September 30, 2020 Assets: Securities available for sale $ — $ 55,551 $ — $ 55,551 Portfolio loans (fair value option) — 14,384 — 14,384 Loans held for sale (fair value option) — 87,805 — 87,805 Derivative loan commitments — 11,967 — 11,967 Forward loan sale commitments — 121 — 121 Liabilities: Forward loan sale commitments, including TBAs — 924 — 924 December 31, 2019 Assets: Securities available for sale $ — $ 57,503 $ — $ 57,503 Portfolio loans (fair value option) — 9,826 — 9,826 Loans held for sale (fair value option) — 62,792 — 62,792 Derivative loan commitments — 1,472 — 1,472 Forward loan sale commitments — 11 — 11 Liabilities: Forward loan sale commitments, including TBAs — 140 — 140 |
Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis | The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of September 30, 2020 and December 31, 2019. Period Ended September 30, 2020 September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 9,993 $ — Mortgage servicing rights — — 10,944 (1,981 ) Foreclosed real estate — — 132 — $ — $ — $ 21,069 $ (1,981 ) December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 2,250 Mortgage servicing rights — — 8,556 $ — $ — $ 10,806 |
Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. September 30, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale 55,551 55,551 — 55,551 — Loans held for sale 87,805 87,805 — 87,805 — Loans, net 484,548 483,956 — — 483,956 Derivative assets 12,088 12,088 — 12,088 — Financial liabilities: Deposits $ 522,285 $ 522,970 $ — $ 522,970 $ — FRB advances 15,318 15,318 — 15,318 — FHLBB advances 66,903 68,204 — 68,204 — Derivative liabilities 924 924 — 924 — December 31, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 490 $ 492 $ — $ 492 $ — Securities available for sale 57,503 57,503 — 57,503 — Loans held for sale 62,792 62,792 — 62,792 — Loans, net 469,131 469,416 — — 469,416 Derivative assets 1,483 1,483 — 1,483 — Financial liabilities: Deposits $ 497,042 496,979 $ — $ 496,979 $ — FRB Advances — — — — — FHLBB advances 44,403 44,433 — 44,433 — Derivative liabilities 140 140 — 140 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk | The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: September 30, 2020 December 31, 2019 (In thousands) Commitments to originate loans $ 439,452 $ 117,086 Unused lines and letters of credit 66,997 52,721 Unadvanced funds on construction loans 7,192 11,029 Overdraft lines of credit 8,004 8,178 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Segment information as of and for the three and nine months ended September 30, 2020 follows: For the Three Months Ended September 30, 2020 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,032 $ 637 $ 4,669 Provision for loan losses 546 — 546 Net interest income after provision for loan losses 3,486 637 4,123 Non-interest income: Customer service fees 309 21 330 Gain on loan origination and sale activities, net (1) — 18,459 18,459 Mortgage servicing fees, net (98 ) 1,278 1,180 Other 93 169 262 Total non-interest income 304 19,927 20,231 Non-interest expenses: Salaries and employee benefits 1,959 5,952 7,911 Occupancy and equipment 437 422 859 Other non-interest expenses 1,084 1,197 2,281 Total non-interest expenses 3,480 7,571 11,051 Income (loss) before income taxes and elimination of inter-segment profit $ 310 $ 12,993 13,303 Elimination of inter-segment profit (357 ) Income before income taxes 12,946 Income tax expense 2,661 Net income $ 10,285 Total assets, September 30, 2020 $ 573,003 $ 149,965 $ 722,968 For the Nine Months Ended September 30, 2020 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 11,970 $ 1,857 $ 13,827 Provision for loan losses 2,338 — 2,338 Net interest income after provision for loan losses 9,632 1,857 11,489 Non-interest income: Customer service fees 827 75 902 Gain on loan origination and sale activities, net (1) — 40,667 40,667 Mortgage servicing fees, net (281 ) (1,147 ) (1,428 ) Other 318 416 734 Total non-interest income 864 40,011 40,875 Non-interest expenses: Salaries and employee benefits (2) 6,983 17,456 24,439 Occupancy and equipment 1,305 1,090 2,395 Other non-interest expenses 3,286 3,269 6,555 Total non-interest expenses 11,574 21,815 33,389 Income (loss) before income taxes and elimination of inter-segment profit $ (1,078 ) $ 20,053 18,975 Elimination of inter-segment profit (1,051 ) Income before income taxes 17,924 Income tax expense 3,266 Net income $ 14,658 (3) Before elimination of inter-segment profit. (4) Salaries and benefits for the nine months ended September 30, 2020, include the severance and vested stock acceleration costs related to the retirement of the Chief Executive Officer and Chief Financial Officer of the Bank. Total cost of this event was $1.38 million, of which $1.03 million was allocated to the Bank segment and the remainder, $344,000, was allocated to the mortgage segment. Segment information as of and for the three and nine months ended September 30, 2019 follows: For the Three Months Ended September 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 3,781 $ 792 $ 4,573 Provision for loan losses — — — Net interest income after provision for loan losses 3,781 792 4,573 Non-interest income: Customer service fees 331 32 363 Gain on loan origination and sale activities, net (1) — 6,010 6,010 Mortgage servicing fees, net (93 ) (88 ) (181 ) Other 242 97 339 Total non-interest income 480 6,051 6,531 Non-interest expenses: Salaries and employee benefits 1,966 5,044 7,010 Occupancy and equipment 367 306 673 Other non-interest expenses 1,184 851 2,035 Total non-interest expenses 3,517 6,201 9,718 Income before income taxes and elimination of inter-segment profit $ 744 $ 642 1,386 Elimination of inter-segment profit (228 ) Income before income taxes 1,158 Income tax expense 14 Net income $ 1,144 Total assets, September 30, 2019 $ 509,021 $ 132,417 $ 641,438 For the Nine Months Ended September 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 12,121 $ 1,319 $ 13,440 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 12,265 1,319 13,584 Non-interest income: Customer service fees 948 106 1,054 Gain on loan origination and sale activities, net (1) — 14,043 14,043 Mortgage servicing fees, net (273 ) 635 362 Other 464 253 717 Total non-interest income 1,139 15,037 16,176 Non-interest expenses: Salaries and employee benefits 5,292 13,222 18,514 Occupancy and equipment 1,137 835 1,972 Other non-interest expenses 3,434 2,539 5,973 Total non-interest expenses 9,863 16,596 26,459 Income (loss) before income taxes and elimination of inter-segment profit $ 3,541 $ (240 ) 3,301 Elimination of inter-segment profit (605 ) Income before income taxes 2,696 Income tax expense 97 Net income $ 2,599 (1) Before elimination of inter-segment profit. |
Global Pandemic Affecting Ran_3
Global Pandemic Affecting Randolph Bancorp, Inc.- Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Unusual Risk Or Uncertainty [Line Items] | ||
Loans, allowance for loan losses | $ 6,597,000 | $ 4,280,000 |
Disaster Response Plan Costs | 229,000 | |
Residential Real Estate Loan Serviced for Others [Member] | Deferral Payment Agreements [Member] | ||
Unusual Risk Or Uncertainty [Line Items] | ||
Loan, amount | 66,800,000 | |
Residential Real Estate Loans in Portfolio [Member] | Deferral Payment Agreements [Member] | ||
Unusual Risk Or Uncertainty [Line Items] | ||
Loan, amount | 17,900,000 | |
Commercial Loan [Member] | Deferral Payment Agreements [Member] | ||
Unusual Risk Or Uncertainty [Line Items] | ||
Loan, amount | 37,000,000 | |
Paycheck Protection Program | ||
Unusual Risk Or Uncertainty [Line Items] | ||
Loan, amount | 15,400,000 | |
Covid19 | ||
Unusual Risk Or Uncertainty [Line Items] | ||
Loans, allowance for loan losses | $ 558,000 |
Global Pandemic Affecting Ran_4
Global Pandemic Affecting Randolph Bancorp, Inc. - Summary of Loan Portfolio (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | $ 54,902 |
Suspended/Reduction Payment | 25,904 |
Resumed Payment | 26,344 |
Full Payoff | 2,654 |
Residential Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 51,172 |
Suspended/Reduction Payment | 25,871 |
Resumed Payment | 24,494 |
Full Payoff | 807 |
Residential Real Estate [Member] | One-to-Four Family [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 14,902 |
Suspended/Reduction Payment | 5,270 |
Resumed Payment | 8,825 |
Full Payoff | 807 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 2,984 |
Suspended/Reduction Payment | 1,314 |
Resumed Payment | 1,670 |
Residential Real Estate [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 33,286 |
Suspended/Reduction Payment | 19,287 |
Resumed Payment | 13,999 |
Commercial and Industrial [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 3,710 |
Suspended/Reduction Payment | 33 |
Resumed Payment | 1,830 |
Full Payoff | 1,847 |
Consumer [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Deferrals Granted | 20 |
Resumed Payment | $ 20 |
Global Pandemic Affecting Ran_5
Global Pandemic Affecting Randolph Bancorp, Inc. - Summary of Loan PortfolioSchedule of Past Due and Non-Accrual Loans (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | $ 36,904 |
Special Mention | 6,608 |
Sub-standard | 8,736 |
Non-accrual | 7,215 |
Residential Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | 35,506 |
Special Mention | 6,156 |
Sub-standard | 8,703 |
Non-accrual | 7,182 |
Residential Real Estate [Member] | One-to-Four Family [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | 13,071 |
Special Mention | 778 |
Sub-standard | 246 |
Non-accrual | 196 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | 2,984 |
Residential Real Estate [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | 19,451 |
Special Mention | 5,378 |
Sub-standard | 8,457 |
Non-accrual | 6,986 |
Commercial and Industrial [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | 1,378 |
Special Mention | 452 |
Sub-standard | 33 |
Non-accrual | 33 |
Consumer [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Pass Rated / Not Rated | $ 20 |
Global Pandemic Affecting Ran_6
Global Pandemic Affecting Randolph Bancorp, Inc. - Summary of Loan PortfolioSchedule of Past Due and Non-Accrual Loans (Parenthetical) (Detail) $ in Millions | Oct. 01, 2020USD ($) |
Subsequent Event [Member] | Residential Real Estate [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Bank loan full repayment | $ 2.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total other comprehensive income (loss) | $ (111) | $ 247 | $ 1,604 | $ 1,617 | |
Accumulated other comprehensive income (loss), net of tax | $ 1,070 | 1,070 | $ (534) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain | 1,780 | 167 | |||
Other comprehensive Loss, Tax effect | (313) | (313) | |||
Total other comprehensive income (loss) | 1,467 | (146) | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain | (625) | (652) | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain | 275 | 311 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain | (350) | (341) | |||
Other comprehensive Loss, Tax effect | (47) | (47) | |||
Total other comprehensive income (loss) | $ (397) | $ (388) |
Securities Available for Sale -
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 53,771 | $ 57,336 |
Gross Unrealized Gains | 1,787 | 535 |
Gross Unrealized Losses | (7) | (368) |
Fair Value | 55,551 | 57,503 |
Debt Securities [Member] | Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,319 | 1,513 |
Gross Unrealized Gains | 24 | 15 |
Gross Unrealized Losses | (7) | |
Fair Value | 4,336 | 1,528 |
Debt Securities [Member] | Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 744 | 744 |
Gross Unrealized Gains | 6 | 9 |
Fair Value | 750 | 753 |
Debt Securities [Member] | Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 34,190 | 35,238 |
Gross Unrealized Gains | 974 | 458 |
Gross Unrealized Losses | (286) | |
Fair Value | 35,164 | 35,410 |
Debt Securities [Member] | Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,887 | 8,977 |
Gross Unrealized Gains | 551 | |
Gross Unrealized Losses | (53) | |
Fair Value | 9,438 | 8,924 |
Debt Securities [Member] | Commercial Mortgage Backed Securities, U.S. Government-guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,023 | 1,363 |
Gross Unrealized Gains | 24 | 7 |
Fair Value | 1,047 | 1,370 |
Debt Securities [Member] | Collateralized Mortgage Obligations, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,049 | 1,395 |
Gross Unrealized Gains | 58 | 23 |
Fair Value | 1,107 | 1,418 |
Debt Securities [Member] | Collateralized Mortgage Obligations, US Government Guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,559 | 4,106 |
Gross Unrealized Gains | 150 | 10 |
Gross Unrealized Losses | (28) | |
Fair Value | $ 3,709 | 4,088 |
Debt Securities [Member] | US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,000 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (1) | |
Fair Value | $ 4,012 |
Securities Available for Sale_2
Securities Available for Sale - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2020USD ($)Debt_Security | Sep. 30, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ | $ 0 | $ 0 |
Number of debt securities with unrealized losses | Debt_Security | 1 | |
Unrealized losses debt securities aggregate depreciation percentage | 0.65% |
Securities Available for Sale_3
Securities Available for Sale - Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost | |
Within 1 year | $ 505 |
After 1 year through 5 years | 3,486 |
After 5 years through 10 years | 1,072 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 5,063 |
Mortgage-backed securities | 48,708 |
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 53,771 |
Available-for-sale Securities, Debt Maturities, Fair Value | |
Within 1 year | 510 |
After 1 year through 5 years | 3,511 |
After 5 years through 10 years | 1,065 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total | 5,086 |
Mortgage-backed securities | 50,465 |
Available-for-sale Securities, Debt Securities, Fair Value Total | $ 55,551 |
Securities Available for Sale_4
Securities Available for Sale - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Detail) - Debt Securities [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (191) | |
Less Than Twelve Months, Fair Value | 22,071 | |
Over Twelve Months, Gross Unrealized Losses | (177) | |
Over Twelve Months, Fair Value | 12,514 | |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (7) | |
Less Than Twelve Months, Fair Value | $ 1,065 | |
US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Over Twelve Months, Gross Unrealized Losses | (1) | |
Over Twelve Months, Fair Value | 1,999 | |
Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (123) | |
Less Than Twelve Months, Fair Value | 11,256 | |
Over Twelve Months, Gross Unrealized Losses | (163) | |
Over Twelve Months, Fair Value | 9,632 | |
Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (53) | |
Less Than Twelve Months, Fair Value | 8,924 | |
Collateralized Mortgage Obligations, US Government Guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (15) | |
Less Than Twelve Months, Fair Value | 1,891 | |
Over Twelve Months, Gross Unrealized Losses | (13) | |
Over Twelve Months, Fair Value | $ 883 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 490,062 | $ 472,004 |
Allowance for loan losses | (6,597) | (4,280) |
Net deferred loan costs and fees, and purchase premiums | 1,083 | 1,407 |
Loans, net | 484,548 | 469,131 |
Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 457,978 | 447,270 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 141,862 | 125,405 |
Commercial Real Estate Loans [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 141,862 | 125,405 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 20,388 | 9,093 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,696 | 15,641 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 235,955 | 244,711 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 235,955 | 244,711 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 48,097 | 41,669 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 32,064 | 35,485 |
Construction [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 32,064 | $ 35,485 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary of Activity in the Allowance for Loan Losses by Loan Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 6,059 | $ 4,154 | $ 4,280 | $ 4,437 |
Provision (credit) for loan losses | 546 | 2,338 | (144) | |
Loans charged-off | (11) | (3) | (40) | (171) |
Recoveries | 3 | 2 | 19 | 31 |
Ending balance | 6,597 | 4,153 | 6,597 | 4,153 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,766 | 1,625 | 1,840 | 1,648 |
Provision (credit) for loan losses | 589 | 22 | 1,515 | (1) |
Ending balance | 3,355 | 1,647 | 3,355 | 1,647 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 319 | 264 | 235 | 265 |
Provision (credit) for loan losses | (75) | 6 | 9 | 5 |
Recoveries | 2 | 2 | ||
Ending balance | 246 | 270 | 246 | 270 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 146 | 195 | 128 | 375 |
Provision (credit) for loan losses | 15 | (35) | 53 | (55) |
Loans charged-off | (8) | (3) | (37) | (171) |
Recoveries | 1 | 10 | 8 | |
Ending balance | 154 | 157 | 154 | 157 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,553 | 1,018 | 1,096 | 1,092 |
Provision (credit) for loan losses | 30 | 43 | 480 | (52) |
Recoveries | 2 | 7 | 23 | |
Ending balance | 1,583 | 1,063 | 1,583 | 1,063 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 378 | 297 | 289 | 292 |
Provision (credit) for loan losses | 77 | (6) | 166 | (1) |
Loans charged-off | (3) | (3) | ||
Ending balance | 452 | 291 | 452 | 291 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 897 | 755 | 692 | 765 |
Provision (credit) for loan losses | (90) | (30) | 115 | (40) |
Ending balance | $ 807 | $ 725 | $ 807 | $ 725 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to the Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | $ 79 | $ 116 | ||||
Allowance for non-impaired loans | 6,518 | 4,164 | ||||
Total allowance for loan losses | 6,597 | $ 6,059 | 4,280 | $ 4,153 | $ 4,154 | $ 4,437 |
Impaired loans | 12,249 | 6,093 | ||||
Non-impaired loans | 477,813 | 465,911 | ||||
Total loans | 490,062 | 472,004 | ||||
Commercial Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 3,355 | 1,840 | ||||
Total allowance for loan losses | 3,355 | 2,766 | 1,840 | 1,647 | 1,625 | 1,648 |
Impaired loans | 7,028 | 46 | ||||
Non-impaired loans | 134,834 | 125,359 | ||||
Total loans | 141,862 | 125,405 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 246 | 235 | ||||
Total allowance for loan losses | 246 | 319 | 235 | 270 | 264 | 265 |
Impaired loans | 33 | |||||
Non-impaired loans | 20,355 | 9,093 | ||||
Total loans | 20,388 | 9,093 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 154 | 128 | ||||
Total allowance for loan losses | 154 | 146 | 128 | 157 | 195 | 375 |
Non-impaired loans | 11,696 | 15,641 | ||||
Total loans | 11,696 | 15,641 | ||||
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | 79 | 116 | ||||
Allowance for non-impaired loans | 1,504 | 980 | ||||
Total allowance for loan losses | 1,583 | 1,553 | 1,096 | 1,063 | 1,018 | 1,092 |
Impaired loans | 4,581 | 5,640 | ||||
Non-impaired loans | 231,374 | 239,071 | ||||
Total loans | 235,955 | 244,711 | ||||
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 452 | 289 | ||||
Total allowance for loan losses | 452 | 378 | 289 | 291 | 297 | 292 |
Impaired loans | 607 | 407 | ||||
Non-impaired loans | 47,490 | 41,262 | ||||
Total loans | 48,097 | 41,669 | ||||
Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 807 | 692 | ||||
Total allowance for loan losses | 807 | $ 897 | 692 | $ 725 | $ 755 | $ 765 |
Non-impaired loans | 32,064 | 35,485 | ||||
Total loans | $ 32,064 | $ 35,485 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 1,161 | $ 1,321 |
Non-accrual Loans | 9,816 | 3,258 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual Loans | 33 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 87 | |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,095 | 802 |
Non-accrual Loans | 2,215 | 2,922 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 66 | 432 |
Non-accrual Loans | 582 | 336 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual Loans | 6,986 | |
30 - 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 267 | 479 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 76 | |
30 - 59 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 267 | 215 |
30 - 59 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 188 | |
60 - 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 312 | 842 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 11 | |
60 - 89 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 246 | 587 |
60 - 89 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 66 | $ 244 |
90 Days or More Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 582 | |
90 Days or More Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 582 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | $ 11,304 | $ 3,775 |
Unpaid Principal Balance without a valuation allowance | 11,328 | 3,775 |
Recorded Investment with a valuation allowance | 945 | 2,318 |
Unpaid Principal Balance with a valuation allowance | 959 | 2,318 |
Related Allowance, Total impaired loans | 79 | 116 |
Recorded Investment, Total impaired loans | 12,249 | 6,093 |
Unpaid Principal Balance, Total impaired loans | 12,287 | 6,093 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 7,028 | 46 |
Unpaid Principal Balance without a valuation allowance | 7,028 | 46 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 33 | |
Unpaid Principal Balance without a valuation allowance | 33 | |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 3,636 | 3,322 |
Unpaid Principal Balance without a valuation allowance | 3,660 | 3,322 |
Recorded Investment with a valuation allowance | 945 | 2,318 |
Unpaid Principal Balance with a valuation allowance | 959 | 2,318 |
Related Allowance, Total impaired loans | 79 | 116 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 607 | 407 |
Unpaid Principal Balance without a valuation allowance | $ 607 | $ 407 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 12,298 | $ 5,983 | $ 9,850 | $ 6,196 |
Interest Income Recognized | 169 | 52 | 304 | 190 |
Cash Basis Interest Recognized | 61 | 12 | 131 | 73 |
Residential Real Estate [Member] | One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,630 | 5,497 | 4,563 | 5,586 |
Interest Income Recognized | 144 | 49 | 277 | 175 |
Cash Basis Interest Recognized | 61 | 12 | 131 | 63 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 607 | 369 | 559 | 414 |
Interest Income Recognized | 25 | 1 | 27 | 10 |
Cash Basis Interest Recognized | 10 | |||
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 7,028 | 84 | 4,713 | 153 |
Interest Income Recognized | 2 | 4 | ||
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 33 | $ 33 | $ 15 | 43 |
Interest Income Recognized | $ 1 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)TDR | Sep. 30, 2019USD ($)TDR | Dec. 31, 2019USD ($)TDR | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans subject to troubled debt restructurings | TDR | 0 | 5 | |||
Troubled debt restructuring amount | $ 2,875,000 | $ 3,727,000 | |||
Allowances related to troubled debt restructurings | $ 0 | $ 0 | 0 | 0 | |
Trouble debt restructurings, additional funds committed | $ 0 | 0 | |||
Minimum past due days for loan rating | 90 days | ||||
Total loans | $ 490,062,000 | 490,062,000 | $ 472,004,000 | ||
Residential Mortgage [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 1,329,000 | 1,329,000 | 2,925,000 | ||
Residential Mortgage [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 1,715,000 | 1,715,000 | 1,293,000 | ||
30 - 59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructurings defaulted over 30 days past due | 0 | $ 0 | 0 | ||
Non Accrual Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructuring amount | 1,437,000 | $ 1,563,000 | |||
Home Equity Loans and Lines of Credit [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 383,000 | 383,000 | $ 336,000 | ||
Home Equity Loans and Lines of Credit [Member] | Residential Mortgage [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 198,000,000 | $ 198,000,000 | |||
Residential Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans subject to troubled debt restructurings | TDR | 16 | 19 | |||
Loans subject to troubled debt restructurings, amount | 2,780,000 | $ 2,780,000 | $ 3,679,000 | ||
Residential Real Estate [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructuring, interest rate concession period | 3 months | ||||
Residential Real Estate [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructuring, interest rate concession period | 30 years | ||||
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans subject to troubled debt restructurings | TDR | 1 | 1 | |||
Loans subject to troubled debt restructurings, amount | 42,000 | $ 42,000 | $ 48,000 | ||
Total loans | 141,862,000 | 141,862,000 | 125,405,000 | ||
Commercial Real Estate Loans [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | 8,457,000 | 8,457,000 | |||
Commercial Real Estate Loans [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans | $ 6,107,000 | $ 6,107,000 | $ 3,702,000 | ||
Commercial Real Estate Loans [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructuring, interest rate concession period | 1 year | ||||
Consumer Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans subject to troubled debt restructurings | TDR | 1 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Company's Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 490,062 | $ 472,004 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 32,064 | 35,485 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 141,862 | 125,405 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 20,388 | 9,093 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 32,064 | 35,485 |
Pass [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 127,298 | 121,703 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 19,903 | 8,134 |
Special Mention [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,107 | 3,702 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 452 | 206 |
Substandard [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 8,457 | |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 33 | $ 753 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Transfers And Servicing [Abstract] | |||
Unpaid principal balances of residential mortgage loans serviced for others | $ 1,590,000,000 | $ 1,050,000,000 | |
Increase the valuation allowance of mortgage servicing rights | $ 1,981,000 | $ 636,000 |
Loan Servicing - Summary of Act
Loan Servicing - Summary of Activity Relating to Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Mortgage servicing rights: | ||||
Balance at beginning of period | $ 12,090 | $ 8,322 | $ 9,484 | $ 7,794 |
Additions through originations | 2,570 | 1,115 | 6,131 | 2,215 |
Amortization | (807) | (334) | (1,762) | (906) |
Balance at end of period | 13,853 | 9,103 | 13,853 | 9,103 |
Valuation allowance: | ||||
Balance at beginning of period | 3,996 | 121 | 928 | 8 |
Provision (release) | (1,087) | 523 | 1,981 | 636 |
Balance at end of period | 2,909 | 644 | 2,909 | 644 |
Amortized cost, net | 10,944 | 8,459 | 10,944 | 8,459 |
Fair value | $ 11,014 | $ 8,549 | $ 11,014 | $ 8,549 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Current state tax expense | $ 2,661,000 | $ 3,266,000 | |||
Income tax expense | 2,661,000 | $ 14,000 | 3,266,000 | $ 97,000 | |
Deferred Tax Liability | $ 2,273,000 | $ 2,273,000 | $ 0 | ||
Valuation allowance for deferred tax assets | 100.00% |
On-Balance Sheet Derivative I_2
On-Balance Sheet Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | $ 418,903,000 | $ 89,925,000 |
Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | 372,429,000 | 85,401,000 |
Other Assets [Member] | Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 11,967,000 | 1,472,000 |
Other Assets [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 121,000 | 11,000 |
Other Liabilities [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Liability | $ 924,000 | $ 140,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Loan repaid term | 25 years | |||
Number of allocated shares | 18,780 | 18,780 | ||
Annual allocation of shares, expiration year | 2040 | |||
ESOP expense | $ 52,000 | $ 65,000 | $ 164,000 | $ 203,000 |
Unallocated shares | 380,319 | 380,319 | ||
Unallocated shares, value | $ 4,727,000 | $ 4,727,000 | ||
Common Stock [Member] | Initial Public Offering [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of stock, price per share | $ 10 | $ 10 | ||
The Randolph Savings Charitable Foundation, Inc. [Member] | Initial Public Offering [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of share in employee stock ownership plan | 469,498 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - shares | Oct. 27, 2020 | Sep. 30, 2017 |
Class Of Stock [Line Items] | ||
Stock repurchase program percentage of outstanding shares repurchased | 10.00% | |
Number of shares authorized to repurchase | 552,000 | |
September 2017 Share Repurchase Program [Member] | ||
Class Of Stock [Line Items] | ||
Stock repurchase program percentage of outstanding shares repurchased | 10.00% | |
Number of shares authorized to repurchase | 586,854 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Earnings (Loss) Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Average number of common shares outstanding | 5,503,020 | 5,747,207 | 5,511,028 | 5,835,455 |
Less: Average unallocated ESOP shares | (382,653) | (401,421) | (387,323) | (406,116) |
Average number of common shares outstanding used to calculate basic earnings per share | 5,120,367 | 5,345,786 | 5,123,705 | 5,429,339 |
Effect of dilutive stock options | 2,372 | |||
Average number of common shares outstanding used to calculate dilutive earnings per share | 5,120,367 | 5,345,786 | 5,126,077 | 5,429,339 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Officershares | Sep. 30, 2019USD ($) | |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option term | 10 years | 10 years | ||
Stock-based compensation expense | $ 138,000 | $ 79,000 | $ 545,000 | $ 271,000 |
Stock Options [Member] | Executive Officer | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount attributable to accelerated vesting of units | $ 233,000 | |||
Number of officer | Officer | 2 | |||
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 115,000 | $ 144,000 | $ 781,000 | $ 410,000 |
Restricted Stock [Member] | Executive Officer | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount attributable to accelerated vesting of units | $ 450,000 | |||
Number of officer | Officer | 2 | |||
Minimum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 3 years | 1 year | ||
Maximum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 5 years | 5 years | ||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for issuance | shares | 586,872 | 586,872 | ||
Stock option term | 10 years | |||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for issuance | shares | 234,749 | 234,749 | ||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 3 years | |||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 5 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Grants of Options to Purchase Shares of Common Stock (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted | 330,118 | 57,252 |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expiration period (years) | 10 years | 10 years |
Expected volatility | 27.65% | 29.87% |
Expected life (years) | 6 years 2 months 12 days | 6 years 6 months |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option fair value | $ 2.69 | $ 2.99 |
Minimum [Member] | Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period (years) | 3 years | 1 year |
Risk free interest rate, minimum | 0.45% | 2.37% |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option fair value | $ 4.32 | $ 5.83 |
Maximum [Member] | Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period (years) | 5 years | 5 years |
Risk free interest rate, maximum | 1.10% | 2.61% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Stock Option Grants | |||
Beginning Balance | 360,207 | ||
Granted | 330,118 | 57,252 | |
Forfeited | (14,543) | ||
Expired | (91,614) | ||
Ending Balance | 584,168 | 360,207 | |
Exercisable at September 30, 2020 | 101,993 | ||
Unrecognized compensation cost (inclusive of directors' options) | $ 1,533,857 | ||
Weighted Average Exercise Price | |||
Beginning Balance | $ 14.82 | ||
Granted | 12.14 | ||
Forfeited | 15.34 | ||
Expired | 14.67 | ||
Ending Balance | 13.32 | $ 14.82 | |
Exercisable at September 30, 2020 | $ 14.92 | ||
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | |||
Weighted Average Remaining Contractual Term | 8 years 7 months 24 days | 7 years 3 months 3 days | |
Weighted Average Remaining Contractual Term, Exercisable | 7 years 3 months 7 days | ||
Aggregate Intrinsic Value, Outstanding | $ 357,681 | ||
Aggregate Intrinsic Value, Exercisable | $ 0 | ||
Stock Options [Member] | |||
Stock Option Grants | |||
Weighted average remaining recognition period (years) | 3 years 2 months 12 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity in Restricted Stock Awards Under Equity Plan (Detail) | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Restricted Stock Awards | |
Beginning Balance | shares | 125,861 |
Granted | shares | 63,130 |
Vested | shares | (41,380) |
Forfeited | shares | (9,251) |
Ending Balance | shares | 138,360 |
Unrecognized compensation cost | $ | $ 1,421,896 |
Weighted Average Grant Price | |
Beginning Balance | $ / shares | $ 14.76 |
Granted | $ / shares | 10.84 |
Vested | $ / shares | 14.72 |
Forfeited | $ / shares | 14.88 |
Ending Balance | $ / shares | $ 12.97 |
Restricted Stock [Member] | |
Restricted Stock Awards | |
Weighted average remaining recognition period (years) | 3 years 4 months 24 days |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $ 55,551 | $ 57,503 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 55,551 | 57,503 |
Fair value, Loans held for sale | 87,805 | 62,792 |
Derivative assets | 12,088 | 1,483 |
Derivative liabilities | 924 | 140 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Portfolio loans | 14,384 | 9,826 |
Fair value, Loans held for sale | 87,805 | 62,792 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 55,551 | 57,503 |
Fair Value, Measurements, Recurring [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 11,967 | 1,472 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 121 | 11 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 924 | 140 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Portfolio loans | 14,384 | 9,826 |
Fair value, Loans held for sale | 87,805 | 62,792 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 55,551 | 57,503 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 11,967 | 1,472 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 121 | 11 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 924 | $ 140 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Additional information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 | 0 | |
Increase (decrease) in valuation allowance of mortgage servicing rights | 1,981,000 | $ 636,000 | |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights, fair value | $ 11,014 | $ 8,549 | |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on assets held, mortgage servicing rights | (1,981) | ||
Gains (Losses) on assets held | (1,981) | ||
Fair Value, Nonrecurring | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, Collateral dependent impaired loans | 9,993 | $ 2,250 | |
Mortgage servicing rights, fair value | 10,944 | 8,556 | |
Fair value, Foreclosed real estate | 132 | ||
Assets, Fair Value Disclosure | $ 21,069 | $ 10,806 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Securities available for sale | $ 55,551 | $ 57,503 |
Level 2 [Member] | ||
Financial assets: | ||
Securities available for sale | 55,551 | 57,503 |
Loans held for sale | 87,805 | 62,792 |
Derivative assets | 12,088 | 1,483 |
Certificates of deposit | 492 | |
Financial liabilities: | ||
Deposits | 522,970 | 496,979 |
FRB advances | 15,318 | |
FHLBB advances | 68,204 | 44,433 |
Derivative liabilities | 924 | 140 |
Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 483,956 | 469,416 |
Carrying Amount [Member] | ||
Financial assets: | ||
Securities available for sale | 55,551 | 57,503 |
Loans held for sale | 87,805 | 62,792 |
Loans, net | 484,548 | 469,131 |
Derivative assets | 12,088 | 1,483 |
Certificates of deposit | 490 | |
Financial liabilities: | ||
Deposits | 522,285 | 497,042 |
FRB advances | 15,318 | |
FHLBB advances | 66,903 | 44,403 |
Derivative liabilities | 924 | 140 |
Fair Value [Member] | ||
Financial assets: | ||
Securities available for sale | 55,551 | 57,503 |
Loans held for sale | 87,805 | 62,792 |
Loans, net | 483,956 | 469,416 |
Derivative assets | 12,088 | 1,483 |
Certificates of deposit | 492 | |
Financial liabilities: | ||
Deposits | 522,970 | 496,979 |
FRB advances | 15,318 | |
FHLBB advances | 68,204 | 44,433 |
Derivative liabilities | $ 924 | $ 140 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 439,452 | $ 117,086 |
Unused Lines and Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 66,997 | 52,721 |
Unadvanced Funds on Construction Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 7,192 | 11,029 |
Overdraft Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 8,004 | $ 8,178 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)SegmentOffice | Sep. 30, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | Segment | 2 | |||
Number of branch offices | Office | 5 | |||
Servicing fees amount | $ (1,180,000) | $ 181,000 | $ 1,428,000 | $ (362,000) |
Envision Mortgage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premium percentage for new loans | 1.50% | 1.50% | ||
Premium income | 357,000 | 228,000 | $ 1,052,000 | $ 605,000 |
Percentage of fees for HELOC | 1.00% | 1.00% | ||
Servicing fees amount | (1,278,000) | 88,000 | $ 1,147,000 | $ (635,000) |
Envision Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of loan servicing fees | 0.14% | 0.14% | ||
Servicing fees amount | $ 98,000 | $ 93,000 | $ 281,000 | $ 273,000 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | $ 4,669,000 | $ 4,573,000 | $ 13,827,000 | $ 13,440,000 | |||||
Provision (credit) for loan losses | 546,000 | 2,338,000 | (144,000) | ||||||
Net interest income after provision (credit) for loan losses | 4,123,000 | 4,573,000 | 11,489,000 | 13,584,000 | |||||
Non-interest income: | |||||||||
Customer service fees | 330,000 | 363,000 | 902,000 | 1,054,000 | |||||
Gain on loan origination and sale activities, net | 18,459,000 | [1] | 6,010,000 | [2] | 40,667,000 | [1] | 14,043,000 | [2] | |
Mortgage servicing fees, net | 1,180,000 | (181,000) | (1,428,000) | 362,000 | |||||
Other | 262,000 | 339,000 | 734,000 | 717,000 | |||||
Total non-interest income | 20,231,000 | 6,531,000 | 40,875,000 | 16,176,000 | |||||
Non-interest expenses: | |||||||||
Salaries and employee benefits | 7,911,000 | 7,010,000 | 24,439,000 | [3] | 18,514,000 | ||||
Occupancy and equipment | 859,000 | 673,000 | 2,395,000 | 1,972,000 | |||||
Other non-interest expenses | 2,281,000 | 2,035,000 | 6,555,000 | 5,973,000 | |||||
Total non-interest expenses | 11,051,000 | 9,718,000 | 33,389,000 | 26,459,000 | |||||
Income (loss) before income taxes and elimination of inter-segment profit | 13,303,000 | 1,386,000 | 18,975,000 | 3,301,000 | |||||
Elimination of inter-segment profit | (357,000) | (228,000) | (1,051,000) | (605,000) | |||||
Income before income taxes | 12,946,000 | 1,158,000 | 17,924,000 | 2,696,000 | |||||
Income tax expense | 2,661,000 | 14,000 | 3,266,000 | 97,000 | |||||
Net income | 10,285,000 | 1,144,000 | 14,658,000 | 2,599,000 | |||||
Total assets | 722,968,000 | 641,438,000 | 722,968,000 | 641,438,000 | $ 631,004,000 | ||||
Income before income taxes | 12,946,000 | 1,158,000 | 17,924,000 | 2,696,000 | |||||
Envision Bank [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 4,032,000 | 3,781,000 | 11,970,000 | 12,121,000 | |||||
Provision (credit) for loan losses | 546,000 | 2,338,000 | (144,000) | ||||||
Net interest income after provision (credit) for loan losses | 3,486,000 | 3,781,000 | 9,632,000 | 12,265,000 | |||||
Non-interest income: | |||||||||
Customer service fees | 309,000 | 331,000 | 827,000 | 948,000 | |||||
Mortgage servicing fees, net | (98,000) | (93,000) | (281,000) | (273,000) | |||||
Other | 93,000 | 242,000 | 318,000 | 464,000 | |||||
Total non-interest income | 304,000 | 480,000 | 864,000 | 1,139,000 | |||||
Non-interest expenses: | |||||||||
Salaries and employee benefits | 1,959,000 | 1,966,000 | 6,983,000 | [3] | 5,292,000 | ||||
Occupancy and equipment | 437,000 | 367,000 | 1,305,000 | 1,137,000 | |||||
Other non-interest expenses | 1,084,000 | 1,184,000 | 3,286,000 | 3,434,000 | |||||
Total non-interest expenses | 3,480,000 | 3,517,000 | 11,574,000 | 9,863,000 | |||||
Income (loss) before income taxes and elimination of inter-segment profit | 310,000 | 744,000 | (1,078,000) | 3,541,000 | |||||
Total assets | 573,003,000 | 509,021,000 | 573,003,000 | 509,021,000 | |||||
Envision Mortgage [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 637,000 | 792,000 | 1,857,000 | 1,319,000 | |||||
Net interest income after provision (credit) for loan losses | 637,000 | 792,000 | 1,857,000 | 1,319,000 | |||||
Non-interest income: | |||||||||
Customer service fees | 21,000 | 32,000 | 75,000 | 106,000 | |||||
Gain on loan origination and sale activities, net | 18,459,000 | [1] | 6,010,000 | [2] | 40,667,000 | [1] | 14,043,000 | [2] | |
Mortgage servicing fees, net | 1,278,000 | (88,000) | (1,147,000) | 635,000 | |||||
Other | 169,000 | 97,000 | 416,000 | 253,000 | |||||
Total non-interest income | 19,927,000 | 6,051,000 | 40,011,000 | 15,037,000 | |||||
Non-interest expenses: | |||||||||
Salaries and employee benefits | 5,952,000 | 5,044,000 | 17,456,000 | [3] | 13,222,000 | ||||
Occupancy and equipment | 422,000 | 306,000 | 1,090,000 | 835,000 | |||||
Other non-interest expenses | 1,197,000 | 851,000 | 3,269,000 | 2,539,000 | |||||
Total non-interest expenses | 7,571,000 | 6,201,000 | 21,815,000 | 16,596,000 | |||||
Income (loss) before income taxes and elimination of inter-segment profit | 12,993,000 | 642,000 | 20,053,000 | (240,000) | |||||
Total assets | $ 149,965,000 | $ 132,417,000 | $ 149,965,000 | $ 132,417,000 | |||||
[1] | Before elimination of inter-segment profit. | ||||||||
[2] | Before elimination of inter-segment profit | ||||||||
[3] | Salaries and benefits for the nine months ended September 30, 2020, include the severance and vested stock acceleration costs related to the retirement of the Chief Executive Officer and Chief Financial Officer of the Bank. Total cost of this event was $1.38 million, of which $1.03 million was allocated to the Bank segment and the remainder, $344,000, was allocated to the mortgage segment |
Segment Information - Summary_2
Segment Information - Summary of Segment Information (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Salaries and benefits cost including the severance and vested stock acceleration costs | $ 1,380,000 |
Bank Segment [Member] | |
Salaries and benefits cost including the severance and vested stock acceleration costs | 1,030,000 |
Mortgage Segment [Member] | |
Salaries and benefits cost including the severance and vested stock acceleration costs | $ 344,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) | Oct. 27, 2020shares |
Subsequent Events [Abstract] | |
Number of shares authorized to repurchase | 552,000 |
Stock repurchase program percentage of outstanding shares repurchased | 10.00% |
Stock Repurchase Program Expiration Date | Oct. 29, 2021 |