State Bank of India (California)

Annual Disclosure Statement

In accordance with FDIC Law, Regulations, Related Acts Part 350 - Disclosure of Financial and Other Information by FDICInsured State-Chartered Banks that are not members of the Federal Reserve System, State Bank of India (California) (the Bank)
is required to prepare, and make available annual disclosure statements of the Bank's financial condition for the financial years
ending March 31, 2011 and 2010.
The included statements consist of the Bank's Bar~nce sheets, Statements of Income, Statements of Comprehensive Income,
Statements of Changes in Stockholder's Equity, Changes in Allowance for Loan and Lease Losses and Past due and Non Accrual
Loans, leases, and Other Assets.
Disclaimer: This Statement has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance
Corporation.
I hereby attest that the aforementioned statements included in this financial disclosure (appended below) are, to the best of my
knowledge, correct and complete.

~::!y
President and Chief Executive Officer,
State bank of India (California)
707 Wilshire Blvd, Suite 1995,
Los Angeles, CA 90017

STATE BANK OF INDIA (CALIFORNIA)

BALANCE SHEETS FOR YEARS ENDED

MJ~"ch31,
ASSETS

2011
Cash & cash equivalents

Securities available for sale, at fair value

Loans
Allowances

for loan losses

Net Loans

2010

74,286,460

123,325,843

88,561,095

112,601,220

634,289,428

629,667,787

(21,386,oag)

(15,449,364)

612,903,3Q~i

614,218,423

Foreclosed assets held for sale

1,330,000

Furniture, fixtures and equipment, net

2,189,575

1,322,219

Federal Home Loan Bank stock, at cost

3,754,800

4,163,300

Prepaid and recoverable

6,194,492

income taxes

5,456,414

Interest receivable and other assets

Due from Affiliate

489,512

Deferred tax assets - net

AND STOCKHOLDER'S

6,208,267

9,295,5~Q

Total assets

LIABILITIES

7,699,313

804,461,324

611,762,285

869,538,585

EaUITY

Liabilities:
Deposits
Federal Home Loan Bank borrowings

50,650,000

69,250,000

Income taxes payable

151,832

Interest payable and other liabilities

Total liabilities
Commitments

and Contingencies

Stockholder's

Equity:

719,387,885

1,937,3$4

2,735,349

682,949,639

772,925,066

69,500,000

69,500,000

Common stock - $100 par value

Authorized

- 760,000 shares

Issued and outstanding

- @95,OOOshares

To be issued

25,000,000

Additional paid-in capital

Retained earnings
Accumulated

other comprehensive

Total stockholder's

income

equity

Total liabilities and stockholder's

eQuity

1,500,000

1,500,000

24,893,954

23,555,390

617,7~1

2,058,129

121,511.68.5

. 96.613.519

804,461.324

869,538,585

STATE BANK OF INDIA (CALIFORNIA)

STATEMENTS

OF INCOME
For the Years Ended March 31,

2010

2011
Interest

income

Securities
Total interest income
Interest

35,758,596

35,965,103

Interest on Loans

4,126,797

7,669,795

40,091,900

43,428,391

7,095,046

12,729,692

expense
Deposits

797,941

Borrowed Funds
Total interest expense

Net interest
Provision

.1,343,755

<

14.073,447

7,892,987,

29,354,944

32,198,913

income
for loan losses

8,355,017

21 ,524,27J,
10,674,642

20,999,927

Income from foreign currency excHange transactions

1,638,137

1,219,424

Gain on sale of securities avaiiaBie for sale

1,164,565

Net interest

income

Non interest

after provision

for ioan losses

income:

859,616

731,872

3.662,318.

1,951,296

Salaries and employee benefits

6,599,964

4,814,7~7

Occupancy expenses

1.087.360

817,041

381,703

378,733

94,760

73,570

Other non-interest

income

Total non-interest
Noninterest

income

expenses:

Furniture. fixtures and equiomeni expense

Advertising

Expense

Foreclosed assets expense

250.000

FDIC and other deposit assessrrierits

Other operating expenses
Total non-interest
Income

before provision

(Credit)

Provision

3.786,687 ...

3.170,169

expenses

13,479.368

10.601,333

tctx;;';s

1357,592

12,349,890

for income

for income

1,347,063

1,278,894

taxes

4,647,647

(480,972) ...

Net Income

1,338,564

STATEMENTS

OF COMPREHENSIVE

7,702,243

INCOME
For the Years Ended March 31,

2011
Net income

Other comprehensive

income

Income tax credit

Comprehensive

loss

(1055) income

1,338,564

7.702.243

before tax;

Unrealized holding loss arising duHhg period

Other comprehensive

2010

(2,400,663)

(172,227)

(960;265)

(68,891)
(103,336)

(1,440.398) "

(101,834)

7,598,907

STATE BANK OF INDIA (CALIFORNIA)

STATEMSNTS

OF CHANGES IN STOCKHOLDER'S

EQUITY

FOR. THE TWO YEARS ENDED MARCH 31, 2011

Accumulated
Common
Shares

Common

Stock

Other
Additional

~etained

Comprehensive

Paid-In-Capital

Earnings

Income (Loss)

to be
Outstanding

Balance, March 31, 2009

Comprehensive

Stock

issued

695,000 $69,500,000

1,500,000 $15,853,141

2,161,465 s 89,014,612

income:

Net Income

unrealized

7,702,243

7,702,243

Other comprehensive

loss, net change in

gain on securities

available for sale,

net of tax arising during the period

Reclassification

adjustment

Total comprehensive

Comprehensive

(652,644)

(652,644)

549,308

549,30$

income

Balance, March 31, 2010

7,598,907

695,000 $69,500,000

1,500,000 $23,555,390

2,058,129

96,613,si9

income:

Net Income

1,338,564

1,338,564

Other comprehensive
unrealized

Total

loss, net change in

gain on securities

available for sale.

net of tax arising during the period

Reclassification

adjustment

Total comprehensive

loss

Common stock (to be issued)

Balance, March 31, 2011

(2,757,967)

(2,757,967)

1,317,569

1,317,569
(101,834)
25,000,000

25,000,000

69S,000 $69,500,000 $25,000,000

1,500,000 $24,893,954.

617,731 $121,511,685

.'.STATE BANK OF INDIA (CALIFORNIA)

STATEMENT

OF CHANGES
fOR

IN ALLOWANCE

FOR LOAN AND LEASE: LOSSES

THE YEARS ENDED MARCH 31, 2011 and 2010

March 31, 2011

Commercial
Allowance

Commercial
Real Estate

Others

Allowance

Total
Allowance

for Unfunded

Total

For loan losses

Commitments

Allowance

for loan and lease losses

Beginning Balance

Chargeoffs
Recoveries

Ending Balance individually

evaluated for impairment

$11,421,387

(5,534,995)

(10,163,144)

$ 2,681

$ 15,449,364

j
$

Ending Balance collectively

evaluated for impairment

17,156,983

2,970,579

$18,415,226

1,178,724

$12,887,106

2,970,579

163,324

15,612,688
(15,698,139)
33,800

33,800

4,446,478

1,791.1355

(15,698,139)

33,800

Provision
Ending Balance

4,025,296

(2,454)

21,601,007

227

$ 21,386,032

5,528,120

$18,415,226

(76,736)

86,588

$ 14,065,830

227

7,320,202

227

$ 21,386,032

21,524,271

21,472,620

14,065,830

7,406,790

86,588

86,588

21,472,620

March 31, 2010

Commercial
Allowance

Commercial
Real Estate

Others

Allowance

Total
Allowance

for Unfunded

Total

For loan losses

Commitments

Allowance

for loan and lease losses

Beginning Balance

5,936,118

$ 5,324,578

Chargeoffs

(549,018)

(3,548,736)

Recoveries

30,940

Provision
Ending Balance
Ending Balance individually
evaluated for impairment

805

$ 11,261,501

11,324,484
(4,097,754)

30,940

30,940

9,645,545

1,876

8,254,67~

,.$

4,025,296

$11,421,387

$ 2,681

$ 15,449,364

1,781,568

$ 4,910,045

2,243,728

6,511,342

2,681

8,757,751

4,025,296

$11,421,387

$ 2,681

$ 15,449,364

62,983

(4,097,754)

(1,392,744)

Ending Balance collectively

evaluated for impairment

100,341

163,324

6,691,613

8,355,018

15,612,688

6,691,618

163,324

163,324

8,921,075

15,612,Ba8

STAn BANK of India (California)

STATEMENT OF PAST DUE AND NON-ACCRUAL LOANS, LEASES AND OTHER ASSETS FOR TV\tO YEARS ENDED MARCH 31, 2011
March 31, 2011
Past Due

30-59 days

Commercial

and Other

Commercial

Real Estate - Construction

Commercial

Real Estate - Other

r-otal

60-89 days

past due

past due

(Accruing)

(Accruing)

Greater

90 days
(Non-Accrual)

Recorded
investment>

than

2,228,046

Total

Total

Past due

Current

90 davs
Total Loans

2,228,046

s 175,423,834

$ 177,651,880

5,020,732

5,020,732

12,941,309

1,715,731

22,995,185

37,652,225

413,%4,591

451,616,816

$ iZ,941,309

$ 1,715,731

25,223,231

$ 39,880,271

$ 594,;409,157

$ 634,289,428

and accruing

March 31, 2010

Past Due

30-59 days

~ommercial

and Other

Commercial

Real Estate - Construction

Commercial

Real Estate - Other

ifotal

60-89 days

90 days

past due

past due

(Accruing)

(Accruing)

(Non-Accrual)

$ 2,258,268

2,915,447

2,915,447

$ 2,258,268

Recorded
investment>

Greater than

Total

fotal

Past due

Current

90 days,
Total Loans

2,661,467

$ 178,228,344

28,iB1,761

28,331,761

15,379,289

18,294,736

4Q~,151,479

420,446,215

15,782,488

$ 20,956,203

$ 608,711,584

$ 629,667,7il7

403,199

180,889,811

and accruing