A typo in U.S. Bancorp’s annual report makes it appear as though the bank’s loans had increased substantially in value since they were originated. In fact, their value has declined.
In a footnote to its year-end financial statements, U.S. Bancorp said the fair-market value of its loans was $368.9 billion as of Dec. 31 and that their carrying amount was $318.3 billion, indicating the fair value was $50.6 billion higher.
