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LOANS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of loan delinquency and non-accrual details

Consumer Loan Delinquencies and Non-Accrual Details at December 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⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	45,942	$	411	$	221	$	434	$	47,008	$	479	$	288
Home equity loans⁽⁷⁾⁽⁸⁾	8,860		174		189		—		9,223		405		—
Credit cards	145,477		1,759		1,927		—		149,163		—		1,927
Personal, small business and other	3,641		44		14		—		3,699		21		—
Total	$	203,920	$	2,388	$	2,351	$	434	$	209,093	$	905	$	2,215
In offices outside North America⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	37,316	$	210	$	160	$	—	$	37,686	$	421	$	—
Credit cards	25,111		426		372		—		25,909		310		242
Personal, small business and other	36,456		272		132		—		36,860		180		—
Total	$	98,883	$	908	$	664	$	—	$	100,455	$	911	$	242
Total Citigroup⁽⁹⁾	$	302,803	$	3,296	$	3,015	$	434	$	309,548	$	1,816	$	2,457

Consumer Loan Delinquencies 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⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	45,953	$	420	$	253	$	786	$	47,412	$	583	$	549
Home equity loans⁽⁷⁾⁽⁸⁾	11,135		161		247		—		11,543		527		—
Credit cards	141,091		1,687		1,764		—		144,542		—		1,764
Personal, small business and other	3,983		46		17		—		4,046		28		—
Total	$	202,162	$	2,314	$	2,281	$	786	$	207,543	$	1,138	$	2,313
In offices outside North America⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	35,624	$	203	$	145	$	—	$	35,972	$	383	$	—
Credit cards	24,156		425		370		—		24,951		312		235
Personal, small business and other	33,474		284		136		—		33,894		193		—
Total	$	93,254	$	912	$	651	$	—	$	94,817	$	888	$	235
Total Citigroup ⁽⁹⁾	$	295,416	$	3,226	$	2,932	$	786	$	302,360	$	2,026	$	2,548


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


(2)	Includes $18 million and $20 million at December 31, 2019 and 2018, respectively, of residential first mortgages recorded at fair value.


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


(4)	Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.2 billion and 90 days or more past due of $0.3 billion and $0.6 billion at December 31, 2019 and 2018, respectively.


(5)	North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.


(6)	Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of residential first mortgage loans in process of foreclosure.


(7)	Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of home equity loans in process of foreclosure.


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

(9)

Consumer loans are net of unearned income of $783 million and $742 million at December 31, 2019 and 2018, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Schedule of loans credit quality indicators

The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables. 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)(3)	December 31, 2019
In millions of dollars	Less than 680		680 to 760		Greater than 760
Residential first mortgages	$	3,602	$	13,178	$	28,235
Home equity loans	1,881		3,475		3,630
Credit cards	33,290		59,536		52,935
Personal, small business and other	564		907		1,473
Total	$	39,337	$	77,096	$	86,273



FICO score distribution in U.S. portfolio^(1)(2)(3)	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
Personal, small business and other	625		1,097		1,121
Total	$	40,279	$	77,963	$	83,437


(1)	The FICO bands in the tables are consistent with general industry peer presentations.


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

(3)

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

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⁾	December 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	$	41,705	$	3,302	$	98
Home equity loans	7,934		819		235
Total	$	49,639	$	4,121	$	333



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-sponsored agencies, loans subject to LTSCs with U.S. government-sponsored agencies and loans recorded at fair value.

(2)

Excludes balances where LTV 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:



	At and for the year ended December 31, 2019
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾		Interest income recognized⁽⁵⁾
Mortgage and real estate
Residential first mortgages	$	1,666	$	1,838	$	161	$	1,925	$	60
Home equity loans	592		824		123		637		9
Credit cards	1,931		2,288		771		1,890		103
Installment and other
Personal, small business and other	703		738		135		754		55
Total	$	4,892	$	5,688	$	1,190	$	5,206	$	227


(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) $405 million of residential first mortgages, and $212 million of home equity 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.



	At and for the year ended December 31, 2018
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾		Interest income recognized⁽⁵⁾⁽⁶⁾
Mortgage and real estate
Residential first mortgages	$	2,130	$	2,329	$	178	$	2,483	$	81
Home equity loans	684		946		122		698		12
Credit cards	1,818		1,842		677		1,815		105
Installment and other
Personal, small business and other	452		666		139		500		22
Total	$	5,084	$	5,783	$	1,116	$	5,496	$	220


(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 and $263 million of home equity 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.


(6)	Interest income recognized for the year ended December 31, 2017 was $342 million.

Schedule of troubled debt restructurings



	For the year ended December 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	1,122	$	172	$	—	$	—	$	—	—	%
Home equity loans	717	79		3		—		—		1
Credit cards	268,778	1,165		—		—		—		17
Personal, small business and other	1,719	15		—		—		—		5
Total⁽⁶⁾	272,336	$	1,431	$	3	$	—	$	—
International
Residential first mortgages	2,448	$	74	$	—	$	—	$	—	—	%
Credit cards	72,325	288		—		—		10		17
Personal, small business and other	29,192	204		—		—		6		9
Total⁽⁶⁾	103,965	$	566	$	—	$	—	$	16



	For the year ended December 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	2,019	$	300	$	2	$	—	$	—	—	%
Home equity loans	1,381	130		5		—		—		1
Credit cards	243,253	978		—		—		—		18
Personal, small business and other	1,349	12		—		—		—		4
Total⁽⁶⁾	248,002	$	1,420	$	7	$	—	$	—
International
Residential first mortgages	2,572	$	85	$	—	$	—	$	—	—	%
Credit cards	77,823	323		—		—		9		16
Personal, small business and other	30,849	216		—		—		7		9
Total⁽⁶⁾	111,244	$	624	$	—	$	—	$	16


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

(2)

Post-modification balances in North America include $19 million of residential first mortgages and $7 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2019. These amounts include $11 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs during 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)	The above tables reflect activity for restructured loans that were considered TDRs during the year.

(7)

Post-modification balances in North America include $38 million of residential first mortgages and $12 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2018. These amounts include $27 million of residential first mortgages and $10 million of home equity loans that were newly classified as TDRs during 2018, based on previously received OCC guidance.

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.



	Years ended December 31,
In millions of dollars	2019		2018
North America
Residential first mortgages	$	85	$	136
Home equity loans	15		23
Credit cards	301		241
Personal, small business and other	4		4
Total	$	405	$	404
International
Residential first mortgages	$	13	$	9
Credit cards	142		198
Personal, small business and other	74		80
Total	$	229	$	287

Corporate

Loans receivable

Schedule of loans

The following table presents information by corporate loan type:



In millions of dollars	December 31, 2019		December 31, 2018
In North America offices⁽¹⁾
Commercial and industrial	$	55,929	$	60,861
Financial institutions	53,922		48,447
Mortgage and real estate⁽²⁾	53,371		50,124
Installment, revolving credit and other	31,238		32,425
Lease financing	1,290		1,429
Total	$	195,750	$	193,286
In offices outside North America⁽¹⁾
Commercial and industrial	$	112,668	$	114,029
Financial institutions	40,211		36,837
Mortgage and real estate⁽²⁾	9,780		7,376
Installment, revolving credit and other	27,303		25,685
Lease financing	95		103
Governments and official institutions	4,128		4,520
Total	$	194,185	$	188,550
Corporate loans, net of unearned income⁽³⁾	$	389,935	$	381,836

Schedule of loan delinquency and non-accrual details

Corporate Loan Delinquencies and Non-Accrual Details at December 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	$	676	$	93	$	769	$	1,828	$	164,249	$	166,846
Financial institutions	791		3		794		50		91,008		91,852
Mortgage and real estate	534		4		538		188		62,425		63,151
Lease financing	58		9		67		41		1,277		1,385
Other	190		22		212		81		62,341		62,634
Loans at fair value											4,067
Total	$	2,249	$	131	$	2,380	$	2,188	$	381,300	$	389,935

Corporate Loan Delinquencies 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	$	403	$	111	$	514	$	1,119	$	173,257	$	174,890
Financial institutions	87		7		94		102		85,088		85,284
Mortgage and real estate	128		5		133		215		57,152		57,500
Lease financing	5		10		15		—		1,517		1,532
Other	151		52		203		75		59,149		59,427
Loans at fair value											3,203
Total	$	774	$	185	$	959	$	1,511	$	376,163	$	381,836


(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	December 31, 2019		December 31, 2018
Investment grade⁽²⁾
Commercial and industrial	$	110,797	$	113,925
Financial institutions	80,533		73,533
Mortgage and real estate	27,571		26,799
Lease financing	816		1,035
Other	57,339		58,916
Total investment grade	$	277,056	$	274,208
Non-investment grade⁽²⁾
Accrual
Commercial and industrial	$	54,220	$	53,942
Financial institutions	11,269		10,866
Mortgage and real estate	3,811		4,200
Lease financing	528		497
Other	5,206		5,753
Non-accrual
Commercial and industrial	1,828		1,119
Financial institutions	50		102
Mortgage and real estate	188		215
Lease financing	41		—
Other	81		75
Total non-investment grade	$	77,222	$	76,769
Non-rated private bank loans managed on a delinquency basis⁽²⁾	$	31,590	$	27,656
Loans at fair value	4,067		3,203
Corporate loans, net of unearned income	$	389,935	$	381,836


(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:



	At and for the year ended December 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	$	1,828	$	1,942	$	283	$	1,449	$	33
Financial institutions	50		120		2		63		—
Mortgage and real estate	188		362		10		192		—
Lease financing	41		41		—		8		—
Other	81		202		4		76		9
Total non-accrual corporate loans	$	2,188	$	2,667	$	299	$	1,788	$	42



	At and for the year ended December 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	$	1,119	$	1,270	$	245	$	1,299	$	49
Financial institutions	102		123		35		99		—
Mortgage and real estate	215		323		39		233		1
Lease financing	—		28		—		21		—
Other	75		165		6		83		6
Total non-accrual corporate loans	$	1,511	$	1,909	$	325	$	1,735	$	56



	December 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 specific allowance
Commercial and industrial	$	714	$	283	$	801	$	245
Financial institutions	40		2		76		35
Mortgage and real estate	48		10		100		39
Lease financing	—		—		—		—
Other	7		4		24		6
Total non-accrual corporate loans with specific allowance	$	809	$	299	$	1,001	$	325
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	1,114			$	318
Financial institutions	10				26
Mortgage and real estate	140				115
Lease financing	41				—
Other	74				51
Total non-accrual corporate loans without specific allowance	$	1,379	N/A		$	510	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 year ended December 31, 2017 was $35 million.

N/A Not applicable

Schedule of troubled debt restructurings

Corporate Troubled Debt Restructurings

For the year ended December 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	$	283	$	19	$	—	$	264
Mortgage and real estate	16		—		—		16
Other	6		6		—		—
Total	$	305	$	25	$	—	$	280

For the year ended December 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	$	159	$	5	$	8	$	146
Mortgage and real estate	60		3		—		57
Total	$	219	$	8	$	8	$	203

(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 December 31, 2019		TDR loans in payment default during the year ended December 31, 2019		TDR balances at December 31, 2018		TDR loans in payment default during the year ended December 31, 2018
Commercial and industrial	$	603	$	35	$	568	$	111
Financial institutions	—		—		25		—
Mortgage and real estate	79		—		123		—
Lease financing	—		—		—		—
Other	44		—		2		—
Total⁽¹⁾	$	726	$	35	$	718	$	111


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