CONDENSED FINANCIAL INFORMATION PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2011

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)	2011		2010
Assets
Cash	$	5,101	$	2,756
Investment in non-bank subsidiaries		27,740		26,712
Investment in Royal Bank		63,474		72,017
Loans, net		130		4,207
Other assets		410		774
Total assets	$	96,855	$	106,466
Subordinated debentures	$	25,774	$	25,774
Stockholders' equity		71,081		80,692
Total liabilities and stockholders' equity	$	96,855	$	106,466

CONDENSED STATEMENTS OF OPERATIONS

	For the years ended December 31,
(In thousands)	2011			2010			2009
Income
Other income	$	19		$	19		$	51
Total Income		19			19			51
Expenses
Other expenses		389			776			931
Provision for loan losses		945			750			809
Interest on subordinated debentures		643			647			1,085
Total Expenses		1,977			2,173			2,825
Loss before income taxes and equity in undistributed net loss		(1,958	)		(2,154	)		(2,774	)
Income tax expense		-			-			109
Equity in undistributed net losses		(6,605	)		(21,939	)		(30,376	)
Net loss	$	(8,563	)	$	(24,093	)	$	(33,259	)

CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(In thousands)	2011			2010			2009
Cash flows from operating activities
Net loss	$	(8,563	)	$	(24,093	)	$	(33,259	)
Adjustments to reconcile net loss to net cash used in operating activities:
Undistributed losses from subsidiaries		6,605			21,939			30,376
Provision for loan losses		945			750			809
Interest on subordinated debentures		643			647			1,085
Non-cash income tax expense		-			-			109
Net cash used in operating activities		(370	)		(757	)		(880	)
Cash flows from investing activities
Investment in Royal Bank		-			(15,260	)		(39,907	)
Loan payoffs (fundings)		2,754			(1,207	)		-
Sale of Royal Asian Bank		-			12,365			-
Dividend proceeds from non-banking subsidiaries		-			5,000			10,000
Net cash provided by (used  in) investing activities		2,754			898			(29,907	)
Cash flows from financing activities:
Cash dividends paid		-			-			(359	)
Issuance of preferred stock		-			-			30,407
Other, net		(39	)		(168	)		494
Net cash (used in) provided by financing activities		(39	)		(168	)		30,542
Net increase (decrease) in cash and cash equivalents		2,345			(27	)		(245	)
Cash and cash equivalents at beginning of period		2,756			2,783			3,028
Cash and cash equivalents at end of period	$	5,101		$	2,756		$	2,783