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CONDENSED FINANCIAL INFORMATION PARENT COMPANY ONLY (Tables)
 12 Months Ended
Dec. 31, 2012
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY [Abstract]  
CONDENSED BALANCE SHEETS
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
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 STATEMENT OF CASH FLOWS
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