U.S. Bancorp annual report contained typo that undervalued the carrying amount of its loan book: WSJ
A typo in U.S. Bancorp (USB) annual report incorrectly states that their loan portfolio was undervalued by $51 billion, The Wall Street Journal reported Wednesday. A bank spokesperson said the correct figure for the carrying amount of its loan portfolio should have been $381.3 billion, not $318.3 billion as shown in the report. The correct figures indicate that the fair market value of the loans of $368.9 billion was $12.4 billion less than the carrying amount of the loan portfolio, a bank spokesman told the WSJ. The spokesperson said the typo did not get picked up in other figures in the report or create any other mistakes in the document. The carrying value, or book value, of an asset represents the value on a bank's balance sheet, while the fair value is determined by the market and may fluctuate, according to Investopedia. The carrying value takes the cost of the asset and subtracts its depreciation over time.
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March 29, 2023 14:40 ET (18:40 GMT)
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