LOANS (Tables)

3 Months Ended

Mar. 31, 2017

The following table provides Citi’s consumer loans by loan type:



In millions of dollars	March 31, 2017		December 31, 2016
In U.S. offices
Mortgage and real estate⁽¹⁾	$	71,170	$	72,957
Installment, revolving credit, and other	3,252		3,395
Cards	125,799		132,654
Commercial and industrial	7,434		7,159
	$	207,655	$	216,165
In offices outside the U.S.
Mortgage and real estate⁽¹⁾	$	43,822	$	42,803
Installment, revolving credit, and other	26,014		24,887
Cards	24,497		23,783
Commercial and industrial	17,728		16,568
Lease financing	83		81
	$	112,144	$	108,122
Total consumer loans	$	319,799	$	324,287
Net unearned income	$	757	$	776
Consumer loans, net of unearned income	$	320,556	$	325,063


(1)	Loans secured primarily by real estate.

Schedule of loan delinquency and non-accrual details

Consumer Loan Delinquency and Non-Accrual Details at March 31, 2017



In millions of dollars	Total current⁽¹⁾⁽²⁾		30–89 days past due⁽³⁾		≥ 90 days past due⁽³⁾		Past due government guaranteed⁽⁴⁾		Total loans⁽²⁾		Total non-accrual		90 days past due and accruing
In North America offices
Residential first mortgages⁽⁵⁾	$	50,423	$	447	$	299	$	1,368	$	52,537	$	763	$	1,117
Home equity loans⁽⁶⁾⁽⁷⁾	16,694		233		404		—		17,331		848		—
Credit cards	123,638		1,362		1,433		—		126,433		—		1,433
Installment and other	3,537		46		18		—		3,601		24		1
Commercial banking loans	9,128		18		68		—		9,214		291		12
Total	$	203,420	$	2,106	$	2,222	$	1,368	$	209,116	$	1,926	$	2,563
In offices outside North America
Residential first mortgages⁽⁵⁾	$	36,624	$	245	$	156	$	—	$	37,025	$	400	$	—
Credit cards	23,272		394		331		—		23,997		272		242
Installment and other	24,088		295		123		—		24,506		149		—
Commercial banking loans	25,726		91		93		—		25,910		208		—
Total	$	109,710	$	1,025	$	703	$	—	$	111,438	$	1,029	$	242
Total GCB and Corporate/Other consumer	$	313,130	$	3,131	$	2,925	$	1,368	$	320,554	$	2,955	$	2,805
Other⁽⁸⁾	2		—		—		—		2		—		—
Total Citigroup	$	313,132	$	3,131	$	2,925	$	1,368	$	320,556	$	2,955	$	2,805


(1)	Loans less than 30 days past due are presented as current.


(2)	Includes $28 million of residential first mortgages recorded at fair value.


(3)	Excludes loans guaranteed by U.S. government-sponsored entities.


(4)	Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $1.2 billion.


(5)	Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure.


(6)	Includes approximately $0.1 billion of home equity loans in process of foreclosure.


(7)	Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.


(8)	Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Corporate/Other consumer credit metrics.

Consumer Loan Delinquency and Non-Accrual Details at December 31, 2016



In millions of dollars	Total current⁽¹⁾⁽²⁾		30–89 days past due⁽³⁾		≥ 90 days past due⁽³⁾		Past due government guaranteed⁽⁴⁾		Total loans⁽²⁾		Total non-accrual		90 days past due and accruing
In North America offices
Residential first mortgages⁽⁵⁾	$	50,766	$	522	$	371	$	1,474	$	53,133	$	848	$	1,227
Home equity loans⁽⁶⁾⁽⁷⁾	18,767		249		438		—		19,454		914		—
Credit cards	130,327		1,465		1,509		—		133,301		—		1,509
Installment and other	4,486		106		38		—		4,630		70		2
Commercial banking loans	8,876		23		74		—		8,973		328		14
Total	$	213,222	$	2,365	$	2,430	$	1,474	$	219,491	$	2,160	$	2,752
In offices outside North America
Residential first mortgages⁽⁵⁾	$	35,862	$	206	$	135	$	—	$	36,203	$	360	$	—
Credit cards	22,363		368		324		—		23,055		258		239
Installment and other	22,683		264		126		—		23,073		163		—
Commercial banking loans	23,054		72		112		—		23,238		217		—
Total	$	103,962	$	910	$	697	$	—	$	105,569	$	998	$	239
Total GCB and Corporate/Other consumer	$	317,184	$	3,275	$	3,127	$	1,474	$	325,060	$	3,158	$	2,991
Other⁽⁸⁾	3		—		—		—		3		—		—
Total Citigroup	$	317,187	$	3,275	$	3,127	$	1,474	$	325,063	$	3,158	$	2,991


(1)	Loans less than 30 days past due are presented as current.


(2)	Includes $29 million of residential first mortgages recorded at fair value.


(3)	Excludes loans guaranteed by U.S. government-sponsored entities.


(4)	Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $1.3 billion.


(5)	Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure.


(6)	Includes approximately $0.1 billion of home equity loans in process of foreclosure.


(7)	Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.


(8)	Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Corporate/Other consumer credit metrics.

Schedule of loans credit quality indicators

The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	March 31, 2017
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	45,335	$	3,358	$	312
Home equity loans	12,344		3,305		1,183
Total	$	57,679	$	6,663	$	1,495



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2016
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	45,849	$	3,467	$	324
Home equity loans	12,869		3,653		1,305
Total	$	58,718	$	7,120	$	1,629


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where LTV was not available. Such amounts are not material.

The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio (commercial banking loans are excluded from the table since they are business based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio.



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	March 31, 2017
In millions of dollars	Less than 620		≥ 620 but less than 660		Equal to or greater than 660
Residential first mortgages	$	2,643	$	2,323	$	43,848
Home equity loans	1,650		1,330		13,935
Credit cards	8,631		11,270		103,156
Installment and other	281		274		2,479
Total	$	13,205	$	15,197	$	163,418



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2016
In millions of dollars	Less than 620		≥ 620 but less than 660		Equal to or greater than 660
Residential first mortgages	$	2,744	$	2,422	$	44,279
Home equity loans	1,750		1,418		14,743
Credit cards	8,310		11,320		110,522
Installment and other	284		271		2,601
Total	$	13,088	$	15,431	$	172,145


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where FICO was not available. Such amounts are not material.

Schedule of impaired loans

The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans:



									Three months ended March 31,
	Balance at March 31, 2017								2017		2016
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾		Interest income recognized⁽⁵⁾		Interest income recognized⁽⁵⁾
Mortgage and real estate
Residential first mortgages	$	3,632	$	3,995	$	402	$	4,116	$	36	$	61
Home equity loans	1,219		1,720		281		1,289		8		9
Credit cards	1,824		1,858		588		1,813		38		41
Installment and other
Individual installment and other	391		411		176		449		8		7
Commercial banking loans	507		710		122		549		6		2
Total	$	7,573	$	8,694	$	1,569	$	8,216	$	96	$	120


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.


(2)	$680 million of residential first mortgages, $388 million of home equity loans and $82 million of commercial market loans do not have a specific allowance.

(3) Included in the Allowance for loan losses.

(4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance.

(5) Includes amounts recognized on both an accrual and cash basis.



	Balance, December 31, 2016
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾
Mortgage and real estate
Residential first mortgages	$	3,786	$	4,157	$	540	$	4,632
Home equity loans	1,298		1,824		189		1,326
Credit cards	1,747		1,781		566		1,831
Installment and other
Individual installment and other	455		481		215		475
Commercial banking loans	513		744		98		538
Total	$	7,799	$	8,987	$	1,608	$	8,802


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.


(2)	$740 million of residential first mortgages, $406 million of home equity loans and $97 million of commercial market loans do not have a specific allowance.


(3)	Included in the Allowance for loan losses.


(4)	Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance.

Schedule of troubled debt restructurings



	At and for the three months ended March 31, 2017
In millions of dollars except number of loans modified	Number of loans modified	Post- modification recorded investment⁽¹⁾⁽²⁾		Deferred principal⁽³⁾		Contingent principal forgiveness⁽⁴⁾		Principal forgiveness⁽⁵⁾		Average interest rate reduction
North America
Residential first mortgages	966	$	130	$	3	$	—	$	1	1	%
Home equity loans	679	56		3		—		—		1
Credit cards	59,337	231		—		—		—		17
Installment and other revolving	221	2		—		—		—		5
Commercial markets⁽⁶⁾	26	5		—		—		—		—
Total⁽⁸⁾	61,229	$	424	$	6	$	—	$	1
International
Residential first mortgages	613	27		—		—		—		—	%
Credit cards	25,237	85		—		—		2		14
Installment and other revolving	11,307	60		—		—		4		7
Commercial markets⁽⁶⁾	32	13		—		—		—		2
Total⁽⁸⁾	37,189	$	185	$	—	$	—	$	6



	At and for the three months ended March 31, 2016
In millions of dollars except number of loans modified	Number of loans modified	Post- modification recorded investment⁽¹⁾⁽⁷⁾		Deferred principal⁽³⁾		Contingent principal forgiveness⁽⁴⁾		Principal forgiveness⁽⁵⁾		Average interest rate reduction
North America
Residential first mortgages	1,468	$	212	$	2	$	—	$	1	1	%
Home equity loans	858	30		—		—		—		3
Credit cards	49,109	188		—		—		—		17
Installment and other revolving	1,385	12		—		—		—		14
Commercial markets⁽⁶⁾	23	5		—		—		—		—
Total⁽⁸⁾	52,843	$	447	$	2	$	—	$	1
International
Residential first mortgages	419	15		—		—		—		—	%
Credit cards	52,207	123		—		—		2		13
Installment and other revolving	21,644	82		—		—		2		7
Commercial markets⁽⁶⁾	28	20		—		—		—		—
Total⁽⁸⁾	74,298	$	240	$	—	$	—	$	4


(1)	Post-modification balances include past due amounts that are capitalized at the modification date.

(2)

Post-modification balances in North America include $15 million of residential first mortgages and $6 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2017. These amounts include $9 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2017, based on previously received OCC guidance.


(3)	Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value.


(4)	Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness.


(5)	Represents portion of contractual loan principal that was forgiven at the time of permanent modification.

(6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest.

(7) Post-modification balances in North America include $20 million of residential first mortgages and $5 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2016. These amounts include $14 million of residential first mortgages and $5 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2016, based on previously received OCC guidance.

(8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs.

Schedule of troubled debt restructuring loans that defaulted

The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due.



	Three months ended March 31,
In millions of dollars	2017		2016
North America
Residential first mortgages	$	51	$	87
Home equity loans	9		9
Credit cards	52		49
Installment and other revolving	—		2
Commercial banking	2		1
Total	$	114	$	148
International
Residential first mortgages	$	2	$	3
Credit cards	42		37
Installment and other revolving	23		22
Commercial banking	—		3
Total	$	67	$	65

Corporate

Loans receivable

Schedule of loans

The following table presents information by corporate loan type:



In millions of dollars	March 31, 2017			December 31, 2016
In U.S. offices
Commercial and industrial	$	49,845		$	49,586
Financial institutions	35,734			35,517
Mortgage and real estate⁽¹⁾	40,052			38,691
Installment, revolving credit and other	32,212			34,501
Lease financing	1,511			1,518
	$	159,354		$	159,813
In offices outside the U.S.
Commercial and industrial	$	87,258		$	81,882
Financial institutions	33,763			26,886
Mortgage and real estate⁽¹⁾	5,527			5,363
Installment, revolving credit and other	16,576			19,965
Lease financing	253			251
Governments and official institutions	5,970			5,850
	$	149,347		$	140,197
Total corporate loans	$	308,701		$	300,010
Net unearned income	(662		)	(704		)
Corporate loans, net of unearned income	$	308,039		$	299,306


(1)	Loans secured primarily by real estate.

Schedule of loan delinquency and non-accrual details

Corporate Loan Delinquency and Non-Accrual Details at March 31, 2017



In millions of dollars	30–89 days past due and accruing⁽¹⁾		≥ 90 days past due and accruing⁽¹⁾		Total past due and accruing		Total non-accrual⁽²⁾		Total current⁽³⁾		Total loans ⁽⁴⁾
Commercial and industrial	$	170	$	—	$	170	$	1,692	$	132,583	$	134,445
Financial institutions	215		18		233		301		67,478		68,012
Mortgage and real estate	211		—		211		181		45,172		45,564
Leases	98		8		106		67		1,591		1,764
Other	427		3		430		98		53,719		54,247
Loans at fair value											4,007
Purchased distressed loans											—
Total	$	1,121	$	29	$	1,150	$	2,339	$	300,543	$	308,039

Corporate Loan Delinquency and Non-Accrual Details at December 31, 2016



In millions of dollars	30–89 days past due and accruing⁽¹⁾		≥ 90 days past due and accruing⁽¹⁾		Total past due and accruing		Total non-accrual⁽²⁾		Total current⁽³⁾		Total loans ⁽⁴⁾
Commercial and industrial	$	143	$	52	$	195	$	1,909	$	127,012	$	129,116
Financial institutions	119		2		121		185		61,254		61,560
Mortgage and real estate	148		137		285		139		43,607		44,031
Leases	27		8		35		56		1,678		1,769
Other	349		12		361		132		58,880		59,373
Loans at fair value											3,457
Purchased distressed loans											—
Total	$	786	$	211	$	997	$	2,421	$	292,431	$	299,306


(1)	Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.


(2)	Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful.


(3)	Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than 30 days past due are presented as current.


(4)	Total loans include loans at fair value, which are not included in the various delinquency columns.

Schedule of loans credit quality indicators



	Recorded investment in loans⁽¹⁾
In millions of dollars	March 31, 2017		December 31, 2016
Investment grade⁽²⁾
Commercial and industrial	$	90,753	$	85,369
Financial institutions	55,422		49,915
Mortgage and real estate	19,901		18,718
Leases	1,169		1,303
Other	47,307		51,930
Total investment grade	$	214,552	$	207,235
Non-investment grade⁽²⁾
Accrual
Commercial and industrial	$	41,999	$	41,838
Financial institutions	12,288		11,459
Mortgage and real estate	1,865		1,821
Leases	528		410
Other	6,843		7,312
Non-accrual
Commercial and industrial	1,692		1,909
Financial institutions	301		185
Mortgage and real estate	181		139
Leases	67		56
Other	98		132
Total non-investment grade	$	65,862	$	65,261
Private bank loans managed on a delinquency basis⁽²⁾	$	23,618	$	23,353
Loans at fair value	4,007		3,457
Corporate loans, net of unearned income	$	308,039	$	299,306


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.


(2)	Held-for-investment loans are accounted for on an amortized cost basis.

Schedule of impaired loans

The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans:



	March 31, 2017
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾		Interest income recognized⁽³⁾
Non-accrual corporate loans
Commercial and industrial	$	1,692	$	2,040	$	332	$	1,876	$	2
Financial institutions	301		324		37		217		—
Mortgage and real estate	181		309		9		168		—
Lease financing	67		67		4		60		—
Other	98		205		—		88		—
Total non-accrual corporate loans	$	2,339	$	2,945	$	382	$	2,409	$	2



	December 31, 2016
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾
Non-accrual corporate loans
Commercial and industrial	$	1,909	$	2,259	$	362	$	1,919
Financial institutions	185		192		16		183
Mortgage and real estate	139		250		10		174
Lease financing	56		56		4		44
Other	132		197		—		87
Total non-accrual corporate loans	$	2,421	$	2,954	$	392	$	2,407



	March 31, 2017				December 31, 2016
In millions of dollars	Recorded investment⁽¹⁾		Related specific allowance		Recorded investment⁽¹⁾		Related specific allowance
Non-accrual corporate loans with valuation allowances
Commercial and industrial	$	1,103	$	332	$	1,343	$	362
Financial institutions	87		37		45		16
Mortgage and real estate	35		9		41		10
Lease financing	53		4		55		4
Other	1		—		1		—
Total non-accrual corporate loans with specific allowance	$	1,279	$	382	$	1,485	$	392
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	589			$	566
Financial institutions	214				140
Mortgage and real estate	146				98
Lease financing	14				1
Other	97				131
Total non-accrual corporate loans without specific allowance	$	1,060	N/A		$	936	N/A


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.


(2)	Average carrying value represents the average recorded investment balance and does not include related specific allowance.


(3)	Interest income recognized for the three months ended March 31, 2016 was $13 million.

Schedule of troubled debt restructurings

At and for the three months ended March 31, 2017:



In millions of dollars	Carrying Value		TDRs involving changes in the amount and/or timing of principal payments⁽¹⁾		TDRs involving changes in the amount and/or timing of interest payments⁽²⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	55	$	—	$	—	$	55
Financial institutions	15		—		—		15
Mortgage and real estate	1		—		—		1
Total	$	71	$	—	$	—	$	71

At and for the three months ended March 31, 2016:



In millions of dollars	Carrying Value		TDRs involving changes in the amount and/or timing of principal payments⁽¹⁾		TDRs involving changes in the amount and/or timing of interest payments⁽²⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	98	$	—	$	—	$	98
Mortgage and real estate	4		—		—		4
Total	$	102	$	—	$	—	$	102

(1)

TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.


(2)	TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.

Schedule of troubled debt restructuring loans that defaulted

The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due.



In millions of dollars	TDR balances at March 31, 2017		TDR loans in payment default during the three months ended March 31, 2017		TDR balances at March 31, 2016		TDR loans in payment default during the three months ended March 31, 2016
Commercial and industrial	$	390	$	9	$	219	$	—
Loans to financial institutions	24		3		2		—
Mortgage and real estate	84		—		139		—
Other	177		—		303		—
Total⁽¹⁾	$	675	$	12	$	663	$	—


(1)	The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs.