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LOANS (Tables)

3 Months Ended

Mar. 31, 2019

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



In millions of dollars	March 31, 2019		December 31, 2018
In U.S. offices
Mortgage and real estate⁽¹⁾	$	57,461	$	60,127
Installment, revolving credit and other	3,257		3,398
Cards	135,206		143,788
Commercial and industrial	8,859		8,256
Total	$	204,783	$	215,569
In offices outside the U.S.
Mortgage and real estate⁽¹⁾	$	43,184	$	43,379
Installment, revolving credit and other	27,525		27,609
Cards	24,763		25,400
Commercial and industrial	18,884		17,773
Lease financing	47		49
Total	$	114,403	$	114,210
Total consumer loans	$	319,186	$	329,779
Net unearned income	$	701	$	708
Consumer loans, net of unearned income	$	319,887	$	330,487


(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, 2019



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⁾	$	44,047	$	393	$	234	$	677	$	45,351	$	564	$	456
Home equity loans⁽⁶⁾⁽⁷⁾	10,527		174		236		—		10,937		500		—
Credit cards	132,572		1,590		1,746		—		135,908		—		1,746
Installment and other	3,257		41		15		—		3,313		21		—
Commercial banking loans	10,303		9		48		—		10,360		145		—
Total	$	200,706	$	2,207	$	2,279	$	677	$	205,869	$	1,230	$	2,202
In offices outside North America
Residential first mortgages⁽⁵⁾	$	35,777	$	203	$	134	$	—	$	36,114	$	397	$	—
Credit cards	23,561		417		365		—		24,343		297		234
Installment and other	25,687		244		97		—		26,028		130		—
Commercial banking loans	27,415		53		64		—		27,532		151		—
Total	$	112,440	$	917	$	660	$	—	$	114,017	$	975	$	234
Total GCB and Corporate/Other— Consumer	$	313,146	$	3,124	$	2,939	$	677	$	319,886	$	2,205	$	2,436
Other⁽⁸⁾	1		—		—		—		1		—		—
Total Citigroup	$	313,147	$	3,124	$	2,939	$	677	$	319,887	$	2,205	$	2,436


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


(2)	Includes $20 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 $0.5 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, 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⁾	$	45,953	$	420	$	253	$	786	$	47,412	$	583	$	549
Home equity loans⁽⁶⁾⁽⁷⁾	11,135		161		247		—		11,543		527		—
Credit cards	141,106		1,687		1,764		—		144,557		—		1,764
Installment and other	3,394		43		16		—		3,453		22		—
Commercial banking loans	9,662		20		46		—		9,728		109		—
Total	$	211,250	$	2,331	$	2,326	$	786	$	216,693	$	1,241	$	2,313
In offices outside North America
Residential first mortgages⁽⁵⁾	$	35,624	$	203	$	145	$	—	$	35,972	$	383	$	—
Credit cards	24,131		425		370		—		24,926		312		235
Installment and other	25,085		254		107		—		25,446		152		—
Commercial banking loans	27,345		51		53		—		27,449		138		—
Total	$	112,185	$	933	$	675	$	—	$	113,793	$	985	$	235
Total GCB and Corporate/Other— Consumer	$	323,435	$	3,264	$	3,001	$	786	$	330,486	$	2,226	$	2,548
Other⁽⁸⁾	1		—		—		—		1		—		—
Total Citigroup	$	323,436	$	3,264	$	3,001	$	786	$	330,487	$	2,226	$	2,548


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


(2)	Includes $20 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 $0.6 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, 2019
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	40,112	$	2,745	$	234
Home equity loans	8,955		1,224		380
Total	$	49,067	$	3,969	$	614



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 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	$	42,379	$	2,474	$	197
Home equity loans	9,465		1,287		390
Total	$	51,844	$	3,761	$	587


(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, 2019
In millions of dollars	Less than 680		680 to 760		Greater than 760
Residential first mortgages	$	4,169	$	12,922	$	25,874
Home equity loans	2,321		4,093		4,188
Credit cards	32,056		55,975		45,934
Installment and other	611		1,009		1,105
Total	$	39,157	$	73,999	$	77,101



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2018
In millions of dollars	Less than 680		680 to 760		Greater than 760
Residential first mortgages	$	4,530	$	13,848	$	26,546
Home equity loans	2,438		4,296		4,471
Credit cards	32,686		58,722		51,299
Installment and other	625		1,097		1,121
Total	$	40,279	$	77,963	$	83,437


(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, 2019								2019		2018
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	$	2,085	$	2,289	$	162	$	2,250	$	17	$	21
Home equity loans	672		938		123		698		2		7
Credit cards	1,860		1,891		702		1,818		26		30
Installment and other
Individual installment and other	397		429		146		402		5		6
Commercial banking	274		527		38		282		3		3
Total	$	5,288	$	6,074	$	1,171	$	5,450	$	53	$	67


(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)	$508 million of residential first mortgages, $255 million of home equity loans and $4 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, 2018
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	$	2,130	$	2,329	$	178	$	2,483
Home equity loans	684		946		122		698
Credit cards	1,818		1,842		677		1,815
Installment and other
Individual installment and other	400		434		146		414
Commercial banking	252		432		55		286
Total	$	5,284	$	5,983	$	1,178	$	5,696


(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)	$484 million of residential first mortgages, $263 million of home equity loans and $2 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



	For the Three Months Ended March 31, 2019
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	493	$	74	$	—	$	—	$	—	—	%
Home equity loans	206	21		1		—		—		2
Credit cards	72,247	305		—		—		—		18
Installment and other revolving	351	3		—		—		—		6
Commercial banking⁽⁶⁾	15	38		—		—		—		—
Total⁽⁸⁾	73,312	$	441	$	1	$	—	$	—
International
Residential first mortgages	725	$	20	$	—	$	—	$	—	—	%
Credit cards	18,493	75		—		—		3		16
Installment and other revolving	7,552	45		—		—		2		10
Commercial banking⁽⁶⁾	99	32		—		—		—		—
Total⁽⁸⁾	26,869	$	172	$	—	$	—	$	5



	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⁾⁽⁷⁾		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


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

(2)

Post-modification balances in North America include $7 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2019. These amounts include $4 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2019, 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 $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.

(8)

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

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	2019		2018
North America
Residential first mortgages	$	23	$	44
Home equity loans	3		10
Credit cards	70		59
Installment and other revolving	1		1
Commercial banking	—		8
Total	$	97	$	122
International
Residential first mortgages	$	3	$	2
Credit cards	38		53
Installment and other revolving	18		24
Commercial banking	—		—
Total	$	59	$	79

Corporate

Loans receivable

Schedule of loans

The following table presents information by corporate loan type:



In millions of dollars	March 31, 2019			December 31, 2018
In U.S. offices
Commercial and industrial	$	56,698		$	52,063
Financial institutions	49,985			48,447
Mortgage and real estate⁽¹⁾	49,746			50,124
Installment, revolving credit and other	32,768			33,247
Lease financing	1,405			1,429
	$	190,602		$	185,310
In offices outside the U.S.
Commercial and industrial	$	97,844		$	94,701
Financial institutions	39,155			36,837
Mortgage and real estate⁽¹⁾	7,005			7,376
Installment, revolving credit and other	24,868			25,684
Lease financing	95			103
Governments and official institutions	3,698			4,520
	$	172,665		$	169,221
Total corporate loans	$	363,267		$	354,531
Net unearned income	$	(808	)	$	(822	)
Corporate loans, net of unearned income	$	362,459		$	353,709

(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, 2019



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	$	455	$	125	$	580	$	1,177	$	151,074	$	152,831
Financial institutions	301		136		437		92		86,487		87,016
Mortgage and real estate	191		—		191		182		56,359		56,732
Leases	16		19		35		—		1,465		1,500
Other	128		76		204		31		60,291		60,526
Loans at fair value											3,854
Total	$	1,091	$	356	$	1,447	$	1,482	$	355,676	$	362,459

Corporate Loan Delinquency and Non-Accrual Details at December 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	$	365	$	42	$	407	$	919	$	143,960	$	145,286
Financial institutions	87		7		94		102		83,672		83,868
Mortgage and real estate	128		5		133		215		57,116		57,464
Leases	5		10		15		—		1,516		1,531
Other	151		52		203		75		62,079		62,357
Loans at fair value											3,203
Total	$	736	$	116	$	852	$	1,311	$	348,343	$	353,709


(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 or more 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, 2019		December 31, 2018
Investment grade⁽²⁾
Commercial and industrial	$	108,423	$	102,722
Financial institutions	75,708		73,080
Mortgage and real estate	25,068		25,855
Leases	1,229		1,036
Other	53,919		57,299
Total investment grade	$	264,347	$	259,992
Non-investment grade⁽²⁾
Accrual
Commercial and industrial	$	43,230	$	41,645
Financial institutions	11,216		10,686
Mortgage and real estate	3,468		3,793
Leases	271		496
Other	6,577		4,981
Non-accrual
Commercial and industrial	1,177		919
Financial institutions	92		102
Mortgage and real estate	182		215
Leases	—		—
Other	31		75
Total non-investment grade	$	66,244	$	62,912
Non-rated private bank loans managed on a delinquency basis⁽²⁾	$	28,014	$	27,602
Loans at fair value	3,854		3,203
Corporate loans, net of unearned income	$	362,459	$	353,709


(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, 2019								Three Months Ended March 31, 2019
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	$	1,177	$	1,336	$	127	$	1,079	$	14
Financial institutions	92		113		34		101		—
Mortgage and real estate	182		376		15		231		—
Lease financing	—		—		—		10		—
Other	31		117		19		69		—
Total non-accrual corporate loans	$	1,482	$	1,942	$	195	$	1,490	$	14



	December 31, 2018
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾
Non-accrual corporate loans
Commercial and industrial	$	919	$	1,070	$	183	$	1,099
Financial institutions	102		123		35		99
Mortgage and real estate	215		323		39		233
Lease financing	—		28		—		21
Other	75		165		6		83
Total non-accrual corporate loans	$	1,311	$	1,709	$	263	$	1,535



	March 31, 2019				December 31, 2018
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	$	450	$	127	$	603	$	183
Financial institutions	64		34		76		35
Mortgage and real estate	83		15		100		39
Lease financing	—		—		—		—
Other	14		19		24		6
Total non-accrual corporate loans with specific allowance	$	611	$	195	$	803	$	263
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	727			$	316
Financial institutions	28				26
Mortgage and real estate	99				115
Lease financing	—				—
Other	17				51
Total non-accrual corporate loans without specific allowance	$	871	N/A		$	508	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, 2018 was $4 million.

N/A Not applicable

Schedule of troubled debt restructurings

For the three months ended March 31, 2019:



In millions of dollars	Carrying value of TDRs modified during the period		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	$	16	$	—	$	—	$	16
Mortgage and real estate	4		—		—		4
Total	$	20	$	—	$	—	$	20

For the three months ended March 31, 2018:



In millions of dollars	Carrying value of TDRs modified during the period		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

(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, 2019		TDR loans in payment default during the three months ended March 31, 2019		TDR balances at March 31, 2018		TDR loans in payment default during the three months ended March 31, 2018
Commercial and industrial	$	410	$	—	$	507	$	59
Financial institutions	13		—		40		—
Mortgage and real estate	112		—		98		—
Other	4		—		41		—
Total⁽¹⁾	$	539	$	—	$	686	$	59

(1)

The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period.