CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2015

NOTE 24. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

Condensed financial information for the parent company only follows.

CONDENSED BALANCE SHEETS


	As of December 31,
(In thousands)	2015		2014
Assets
Cash	$	10,152	$	6,260
Investment in non-bank subsidiaries		26,212		31,027
Investment in Royal Bank		61,309		50,834
Other assets		15		10
Total assets	$	97,688	$	88,131
Subordinated debentures		25,774		25,774
Other liabilities		10		138
Stockholders' equity		71,904		62,219
Total liabilities and stockholders' equity	$	97,688	$	88,131

CONDENSED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME


	For the years ended December 31,
(In thousands)	2015		2014
Income
Other income	$	20	$	19
Total Income		20		19
Expenses
Other expenses		303		281
Interest on subordinated debentures		639		623
Total Expenses		942		904

Loss before income taxes and equity in undistributed net income		(922)		(885)
Equity in undistributed net income		11,915		5,995
Net income	$	10,993	$	5,110
Other comprehensive (loss) income of subsidiaries		(1,427)		3,630
Comprehensive income	$	9,566	$	8,740

CONDENSED STATEMENTS OF CASH FLOWS


	For the years ended December 31,
(In thousands)	2015		2014
Cash flows from operating activities
Net income	$	10,993	$	5,110
Adjustments to reconcile net income to net cash used in operating activities:
Stock compensation expense		78		17
Undistributed income from subsidiaries		(11,915)		(5,995)
Dividend proceeds from non-banking subsidiaries		5,000		—
Other, net		(264)		(56)
Net cash used in operating activities		3,892		(924)
Net cash provided by investing activities		—		—
Cash flows from financing activities
Issuance of common stock		—		19,794
Redemption of preferred stock		—		(13,943)
Net cash provided by financing activities		—		5,851
Net increase in cash and cash equivalents		3,892		4,927
Cash and cash equivalents at beginning of period		6,260		1,333
Cash and cash equivalents at end of period	$	10,152	$	6,260