LOANS (Tables)

3 Months Ended

Mar. 31, 2018

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



In millions of dollars	March 31, 2018		December 31, 2017
In U.S. offices
Mortgage and real estate⁽¹⁾	$	63,412	$	65,467
Installment, revolving credit and other	3,306		3,398
Cards	131,081		139,006
Commercial and industrial	7,493		7,840
	$	205,292	$	215,711
In offices outside the U.S.
Mortgage and real estate⁽¹⁾	$	44,833	$	44,081
Installment, revolving credit and other	27,651		26,556
Cards	25,993		26,257
Commercial and industrial	20,526		20,238
Lease financing	62		76
	$	119,065	$	117,208
Total consumer loans	$	324,357	$	332,919
Net unearned income	$	727	$	737
Consumer loans, net of unearned income	$	325,084	$	333,656


(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, 2018



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⁾	$	46,607	$	364	$	257	$	1,010	$	48,238	$	636	$	750
Home equity loans⁽⁶⁾⁽⁷⁾	13,476		160		315		—		13,951		691		—
Credit cards	128,790		1,460		1,528		—		131,778		—		1,528
Installment and other	3,333		38		14		—		3,385		21
Commercial banking loans	9,011		14		44		—		9,069		152		13
Total	$	201,217	$	2,036	$	2,158	$	1,010	$	206,421	$	1,500	$	2,291
In offices outside North America
Residential first mortgages⁽⁵⁾	$	37,447	$	250	$	147	$	—	$	37,844	$	412	$	—
Credit cards	24,702		437		373		—		25,512		323		256
Installment and other	26,243		311		116		—		26,670		161		—
Commercial banking loans	28,504		69		63		—		28,636		179		—
Total	$	116,896	$	1,067	$	699	$	—	$	118,662	$	1,075	$	256
Total GCB and Corporate/Other— Consumer	$	318,113	$	3,103	$	2,857	$	1,010	$	325,083	$	2,575	$	2,547
Other⁽⁸⁾	1		—		—		—		1		—		—
Total Citigroup	$	318,114	$	3,103	$	2,857	$	1,010	$	325,084	$	2,575	$	2,547


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


(2)	Includes $23 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 $0.8 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 GCB or Corporate/Other consumer credit metrics.

Consumer Loan Delinquency and Non-Accrual Details at December 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⁾	$	47,366	$	505	$	280	$	1,225	$	49,376	$	665	$	941
Home equity loans⁽⁶⁾⁽⁷⁾	14,268		207		352		—		14,827		750		—
Credit cards	136,588		1,528		1,613		—		139,729		—		1,596
Installment and other	3,395		45		16		—		3,456		22		1
Commercial banking loans	9,395		51		65		—		9,511		213		15
Total	$	211,012	$	2,336	$	2,326	$	1,225	$	216,899	$	1,650	$	2,553
In offices outside North America
Residential first mortgages⁽⁵⁾	$	37,062	$	209	$	148	$	—	$	37,419	$	400	$	—
Credit cards	24,934		427		366		—		25,727		323		259
Installment and other	25,634		275		123		—		26,032		157		—
Commercial banking loans	27,449		57		72		—		27,578		160		—
Total	$	115,079	$	968	$	709	$	—	$	116,756	$	1,040	$	259
Total GCB and Corporate/Other— Consumer	$	326,091	$	3,304	$	3,035	$	1,225	$	333,655	$	2,690	$	2,812
Other⁽⁸⁾	1		—		—		—		1		—		—
Total Citigroup	$	326,092	$	3,304	$	3,035	$	1,225	$	333,656	$	2,690	$	2,812


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


(2)	Includes $25 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 $1.0 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 GCB or 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, 2018
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	42,790	$	2,536	$	214
Home equity loans	10,788		1,954		737
Total	$	53,578	$	4,490	$	951



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 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	$	43,626	$	2,578	$	247
Home equity loans	11,403		2,147		800
Total	$	55,029	$	4,725	$	1,047


(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 based on end-of-period receivables (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, 2018
In millions of dollars	Less than 620		≥ 620 but less than 660		≥ 660 but less than 720		Equal to or greater than 720
Residential first mortgages	$	1,750	$	1,746	$	6,655	$	35,253
Home equity loans	1,075		937		3,138		8,409
Credit cards	9,169		11,285		37,275		70,598
Installment and other	146		229		681		1,710
Total	$	12,140	$	14,197	$	47,749	$	115,970



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2017
In millions of dollars	Less than 620		≥ 620 but less than 660		≥ 660 but less than 720		Equal to or greater than 720
Residential first mortgages	$	2,100	$	1,932	$	6,931	$	35,334
Home equity loans	1,379		1,081		3,446		8,530
Credit cards	9,079		11,651		37,916		77,661
Installment and other	276		250		667		1,818
Total	$	12,834	$	14,914	$	48,960	$	123,343


(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, 2018								2018		2017
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	$	3,020	$	3,123	$	250	$	3,002	$	21	$	36
Home equity loans	673		893		211		1,044		7		8
Credit cards	1,846		1,879		626		1,809		30		38
Installment and other
Individual installment and other	443		473		182		428		6		8
Commercial banking	287		500		26		374		3		6
Total	$	6,269	$	6,868	$	1,295	$	6,657	$	67	$	96


(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)	$526 million of residential first mortgages, $348 million of home equity loans and $9 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, 2017
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	$	2,877	$	3,121	$	278	$	3,155
Home equity loans	1,151		1,590		216		1,181
Credit cards	1,787		1,819		614		1,803
Installment and other
Individual installment and other	431		460		175		415
Commercial banking	334		541		51		429
Total	$	6,580	$	7,531	$	1,334	$	6,983


(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)	$607 million of residential first mortgages, $370 million of home equity loans and $10 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

Consumer Troubled Debt Restructurings



	At and for the three months ended March 31, 2018
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	588	$	89	$	1	$	—	$	—	—	%
Home equity loans	456	41		2		—		—		1
Credit cards	63,203	244		—		—		—		18
Installment and other revolving	342	3		—		—		—		5
Commercial banking⁽⁶⁾	9	1		—		—		—		—
Total⁽⁸⁾	64,598	$	378	$	3	$	—	$	—
International
Residential first mortgages	549	$	18	$	—	$	—	$	—	—	%
Credit cards	23,394	94		—		—		2		15
Installment and other revolving	9,325	59		—		—		2		10
Commercial banking⁽⁶⁾	145	28		—		—		—		2
Total⁽⁸⁾	33,413	$	199	$	—	$	—	$	4



	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⁾⁽⁷⁾		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 banking⁽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 banking⁽⁶⁾	32	13		—		—		—		2
Total⁽⁸⁾	37,189	$	185	$	—	$	—	$	6


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

(2)

Post-modification balances in North America include $11 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2018. These amounts include $8 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2018, 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 $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.

(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	2018		2017
North America
Residential first mortgages	$	44	$	51
Home equity loans	10		9
Credit cards	59		52
Installment and other revolving	1		—
Commercial banking	8		2
Total	$	122	$	114
International
Residential first mortgages	$	2	$	2
Credit cards	53		42
Installment and other revolving	24		23
Commercial banking	—		—
Total	$	79	$	67

Corporate

Loans receivable

Schedule of loans

The following table presents information by corporate loan type:



In millions of dollars	March 31, 2018			December 31, 2017
In U.S. offices
Commercial and industrial	$	54,005		$	51,319
Financial institutions	40,472			39,128
Mortgage and real estate⁽¹⁾	45,581			44,683
Installment, revolving credit and other	32,866			33,181
Lease financing	1,463			1,470
	$	174,387		$	169,781
In offices outside the U.S.
Commercial and industrial	$	101,368		$	93,750
Financial institutions	35,659			35,273
Mortgage and real estate⁽¹⁾	7,543			7,309
Installment, revolving credit and other	23,338			22,638
Lease financing	167			190
Governments and official institutions	6,170			5,200
	$	174,245		$	164,360
Total corporate loans	$	348,632		$	334,141
Net unearned income	$	(778	)	$	(763	)
Corporate loans, net of unearned income	$	347,854		$	333,378


(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, 2018



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	$	478	$	77	$	555	$	1,260	$	149,912	$	151,727
Financial institutions	63		22		85		87		74,840		75,012
Mortgage and real estate	131		14		145		192		52,772		53,109
Leases	22		—		22		43		1,564		1,629
Other	188		7		195		86		61,583		61,864
Loans at fair value											4,513
Purchased distressed loans											—
Total	$	882	$	120	$	1,002	$	1,668	$	340,671	$	347,854

Corporate Loan Delinquency and Non-Accrual Details at December 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	$	249	$	13	$	262	$	1,506	$	139,554	$	141,322
Financial institutions	93		15		108		92		73,557		73,757
Mortgage and real estate	147		59		206		195		51,563		51,964
Leases	68		8		76		46		1,533		1,655
Other	70		13		83		103		60,145		60,331
Loans at fair value											4,349
Purchased distressed loans											—
Total	$	627	$	108	$	735	$	1,942	$	326,352	$	333,378


(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)	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

Corporate Loans Credit Quality Indicators



	Recorded investment in loans⁽¹⁾
In millions of dollars	March 31, 2018		December 31, 2017
Investment grade⁽²⁾
Commercial and industrial	$	108,881	$	101,313
Financial institutions	62,082		60,404
Mortgage and real estate	23,831		23,213
Leases	1,063		1,090
Other	57,863		56,306
Total investment grade	$	253,720	$	242,326
Non-investment grade⁽²⁾
Accrual
Commercial and industrial	$	41,586	$	38,503
Financial institutions	12,843		13,261
Mortgage and real estate	3,226		2,881
Leases	523		518
Other	3,915		3,924
Non-accrual
Commercial and industrial	1,260		1,506
Financial institutions	87		92
Mortgage and real estate	192		195
Leases	43		46
Other	86		103
Total non-investment grade	$	63,761	$	61,029
Non-rated private bank loans managed on a delinquency basis⁽²⁾	$	25,860	$	25,674
Loans at fair value	4,513		4,349
Corporate loans, net of unearned income	$	347,854	$	333,378


(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, 2018								Three Months Ended March 31, 2018
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	$	1,260	$	1,501	$	227	$	1,439	$	3
Financial institutions	87		102		25		159		—
Mortgage and real estate	192		349		10		186		1
Lease financing	43		43		4		53		—
Other	86		195		5		105		—
Total non-accrual corporate loans	$	1,668	$	2,190	$	271	$	1,942	$	4



	December 31, 2017
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾
Non-accrual corporate loans
Commercial and industrial	$	1,506	$	1,775	$	368	$	1,547
Financial institutions	92		102		41		212
Mortgage and real estate	195		324		11		183
Lease financing	46		46		4		59
Other	103		212		2		108
Total non-accrual corporate loans	$	1,942	$	2,459	$	426	$	2,109



	March 31, 2018				December 31, 2017
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	$	574	$	227	$	1,017	$	368
Financial institutions	87		25		88		41
Mortgage and real estate	54		10		51		11
Lease financing	43		4		46		4
Other	16		5		13		2
Total non-accrual corporate loans with specific allowance	$	774	$	271	$	1,215	$	426
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	686			$	489
Financial institutions	—				4
Mortgage and real estate	138				144
Lease financing	—				—
Other	70				90
Total non-accrual corporate loans without specific allowance	$	894	N/A		$	727	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, 2017 was $2 million.

N/A Not applicable

Schedule of troubled debt restructurings

At and for the three months ended March 31, 2018:



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	$	2	$	—	$	—	$	2
Mortgage and real estate	1		—		—		1
Total	$	3	$	—	$	—	$	3

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

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, 2018		TDR loans in payment default during the three months ended March 31, 2018		TDR balances at March 31, 2017		TDR loans in payment default during the three months ended March 31, 2017
Commercial and industrial	$	507	$	59	$	390	$	9
Loans to financial institutions	40		—		24		3
Mortgage and real estate	98		—		84		—
Other	41		—		177		—
Total⁽¹⁾	$	686	$	59	$	675	$	12


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