CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2013

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)	2013		2012
Assets
Cash	$	1,333	$	4,739
Investment in non-bank subsidiaries		29,795		25,830
Investment in Royal Bank		42,165		44,725
Other assets		15		238
Total assets	$	73,308	$	75,532
Subordinated debentures	$	25,774	$	25,774
Stockholders' equity		47,534		49,758
Total liabilities and stockholders' equity	$	73,308	$	75,532

CONDENSED STATEMENTS OF OPERATIONS

	For the years ended December 31,
(In thousands)	2013			2012
Income
Other income	$	25		$	20
Total Income		25			20
Expenses
Other expenses		499			697
Interest on subordinated debentures		809			683
Total Expenses		1,308			1,380
Loss before income taxes and equity in undistributed net loss		(1,283	)		(1,360	)
Income tax expense		-			-
Equity in undistributed net income (loss)		3,392			(14,265	)
Net income (loss)	$	2,109		$	(15,625	)

CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(In thousands)	2013			2012
Cash flows from operating activities
Net income (loss)	$	2,109		$	(15,625	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Undistributed losses from subsidiaries		(3,392	)		14,265
Interest on subordinated debentures		(2,419	)		683
Net cash used in operating activities		(3,702	)		(677	)
Net cash provided by  investing activities		-			-
Cash flows from financing activities
Loan payoffs		-			130
Other, net		296			185
Net cash provided by financing activities		296			315
Net decrease in cash and cash equivalents		(3,406	)		(362	)
Cash and cash equivalents at beginning of period		4,739			5,101
Cash and cash equivalents at end of period	$	1,333		$	4,739