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Schedule RC-K of the Call Report requires banks to report certain quarterly average balance sheet figures. The main purpose of this schedule is to provide data for the calculation of yields and costs of funds for the bank’s Uniform Bank Performance Report (UBPR or “beeper” report as all the kids call it). It also feeds the FFIEC’s statistics machine for the calculation of financial performance figures for the industry as whole.

 Most of the averages for loans and deposits are easy enough to find in the bank’s quarterly general ledger or other reports. The total average asset figure, however, can be trickier than it looks. The Call Report instructions start off by saying that the definition of “Total assets” is the same as for Schedule RC item 12, “except that…”.  It is in the “except that’s” wherein lies the gotcha.

 “Except that” #1: “All debt securities not held for...