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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
MJ~"ch31,
ASSETS
2011
Cash & cash equivalents
Loans
Allowances
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
1,330,000
2,189,575
1,322,219
3,754,800
4,163,300
6,194,492
income taxes
5,456,414
489,512
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
151,832
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
- 760,000 shares
- @95,OOOshares
To be issued
25,000,000
other comprehensive
Total stockholder's
income
equity
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
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
1,638,137
1,219,424
1,164,565
Net interest
income
Non interest
after provision
income:
859,616
731,872
3.662,318.
1,951,296
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:
Expense
250.000
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
Comprehensive
loss
(1055) income
1,338,564
7.702.243
before tax;
Other comprehensive
2010
(2,400,663)
(172,227)
(960;265)
(68,891)
(103,336)
(1,440.398) "
(101,834)
7,598,907
OF CHANGES IN STOCKHOLDER'S
EQUITY
Common
Stock
Other
Additional
~etained
Comprehensive
Paid-In-Capital
Earnings
Income (Loss)
to be
Outstanding
Comprehensive
Stock
issued
695,000 $69,500,000
1,500,000 $15,853,141
2,161,465 s 89,014,612
income:
Net Income
unrealized
7,702,243
7,702,243
Other comprehensive
gain on securities
adjustment
Total comprehensive
Comprehensive
(652,644)
(652,644)
549,308
549,30$
income
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
gain on securities
adjustment
Total comprehensive
loss
(2,757,967)
(2,757,967)
1,317,569
1,317,569
(101,834)
25,000,000
25,000,000
1,500,000 $24,893,954.
617,731 $121,511,685
OF CHANGES
fOR
IN ALLOWANCE
Commercial
Allowance
Commercial
Real Estate
Others
Allowance
Total
Allowance
for Unfunded
Total
Commitments
Allowance
Beginning Balance
Chargeoffs
Recoveries
$11,421,387
(5,534,995)
(10,163,144)
$ 2,681
$ 15,449,364
j
$
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
Commercial
Allowance
Commercial
Real Estate
Others
Allowance
Total
Allowance
for Unfunded
Total
Commitments
Allowance
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)
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
30-59 days
Commercial
and Other
Commercial
Commercial
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
30-59 days
~ommercial
and Other
Commercial
Commercial
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