ROYAL BANCSHARES OF PENNSYLVANIA, INC. AND SUBSIDIARIES Notes To Consolidated Financial Statements - Continued
NOTE R - CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY - Continued
CONDENSED STATEMENTS OF CASH FLOWS 2007 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Undistributed losses (earnings) from subsidiaries Operating expenses Non-cash income tax (benefit) expense
$
Net cash provided by operating activities Cash flows from investing activities Investment in Royal Asian
Net cash (used) in investing activities
Year ended December 31, 2006
564
$
21,568
$
2005
32,053
14,831 220 (43)
(6,845) 125 245
(19,160) 121 18
15,572
15,093
13,032
-
(15,000)
-
-
(15,000)
-
Cash flows from financing activities: Loan Funding Cash dividends paid Issuance of common stock under stock option plan Purchase of treasury stock Income tax benefit on stock options Other, net
(590) (15,473) 334 (3,760) 114 92
(1,217) (14,256) 666 358 (1,831)
(4,695) (12,859) 190 (1,875)
Net cash used in financing activities
(19,283)
(16,280)
(19,239)
(3,711)
(16,187)
(6,207)
7,932
24,119
30,326
Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
$
(Continued)
110
4,221
$
7,932
$
24,119