CONDENSED FINANCIAL INFORMATION PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2012

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

NOTE 22 - CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

Condensed financial information for the parent company only follows.

CONDENSED BALANCE SHEETS

	As of December 31,
(In thousands)	2012		2011
Assets
Cash	$	4,739	$	5,101
Investment in non-bank subsidiaries		26,042		26,648
Investment in Royal Bank		49,310		64,566
Loans, net		-		130
Other assets		238		410
Total assets	$	80,329	$	96,855
Subordinated debentures	$	25,774	$	25,774
Stockholders' equity		54,555		71,081
Total liabilities and stockholders' equity	$	80,329	$	96,855

CONDENSED STATEMENTS OF OPERATIONS

	For the years ended December 31,
(In thousands)	2012			2011			2010
Income
Other income		20			19			19
Total Income		20			19			19
Expenses
Other expenses		697			389			776
Provision for loan losses		-			945			750
Interest on subordinated debentures		683			643			647
Total Expenses		1,380			1,977			2,173
Loss before income taxes and equity in undistributed
net loss		(1,360	)		(1,958	)		(2,154	)
Income tax expense		-			-			-
Equity in undistributed net loss		(14,265	)		(6,605	)		(21,939	)
Net loss	$	(15,625	)	$	(8,563	)	$	(24,093	)

CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(In thousands)	2012			2011			2010
Cash flows from operating activities
Net loss	$	(15,625	)	$	(8,563	)	$	(24,093	)
Adjustments to reconcile net (loss) to net cash
used in operating activities:
Undistributed losses from subsidiaries		14,265			6,605			21,939
Interest on subordinated debentures		683			643			647
Provision for loan losses		-			945			750
Net cash used in operating activities		(677	)		(370	)		(757	)
Cash flows from investing activities
Investment in Royal Bank		-			-			(15,260	)
Sale of Royal Asian Bank		-			-			12,365
Dividend proceeds from non-banking subsidiaries		-			-			5,000
Net cash provided by investing activities		-			-			2,105
Cash flows from financing activities:
Loan payoffs (fundings)		130			2,754			(1,207	)
Other, net		185			(39	)		(168	)
Net cash provided by (used in) financing activities		315			2,715			(1,375	)
Net (decrease) increase in cash and cash equivalents		(362	)		2,345			(27	)
Cash and cash equivalents at beginning of period		5,101			2,756			2,783
Cash and cash equivalents at end of period	$	4,739		$	5,101		$	2,756