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LOANS (Tables)

3 Months Ended

Mar. 31, 2020

Financing Receivable, Credit Quality Indicator [Line Items]

Schedule of loan delinquency and non-accrual details

The following table provides Citi’s consumer loans, delinquencies and non-accrual details:

Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status at March 31, 2020



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		Non-accrual loans for which there are no loan loss reserves		Non-accrual loans for which there are loan loss reserves		Total non-accrual		90 days past due and accruing
In North America offices⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	46,227	$	390	$	230	$	413	$	47,260	$	142	$	358	$	500	$	274
Home equity loans⁽⁷⁾⁽⁸⁾	8,608		127		201		—		8,936		28		379		407		—
Credit cards	133,794		1,673		1,849		—		137,316		—		—		—		1,849
Personal, small business and other	3,631		33		11		—		3,675		—		19		19		—
Total	$	192,260	$	2,223	$	2,291	$	413	$	197,187	$	170	$	756	$	926	$	2,123
In offices outside North America⁽⁵⁾
Residential first mortgages⁽⁶⁾	$	35,033	$	218	$	149	$	—	$	35,400	$	—	$	375	$	375	$	—
Credit cards	21,073		403		325		—		21,801		—		243		243		236
Personal, small business and other	33,645		278		119		—		34,042		7		148		155		—
Total	$	89,751	$	899	$	593	$	—	$	91,243	$	7	$	766	$	773	$	236
Total Citigroup⁽⁹⁾	$	282,011	$	3,122	$	2,884	$	413	$	288,430	$	177	$	1,522	$	1,699	$	2,359


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


(2)	Includes $18 million 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 90 days or more past due of $0.3 billion.


(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 of residential first mortgage loans in process of foreclosure.


(7)	Includes approximately $0.1 billion 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 $771 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Interest Income Recognized for Non-Accrual Consumer Loans During the Quarter Ended March 31, 2020



In millions of dollars	Interest income
In North America offices⁽¹⁾
Residential first mortgages	$	3
Home equity loans	2
Credit cards	—
Personal, small business and other	—
Total	$	5
In offices outside North America⁽¹⁾
Residential first mortgages	$	—
Credit cards	—
Personal, small business and other	—
Total	$	—
Total Citigroup	$	5

(1)

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

Amortized Cost Basis by Consumer Loan Delinquency and Non-Accrual Status 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


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


(2)	Includes $18 million 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 90 days or more past due of $0.3 billion.


(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 of residential first mortgage loans in process of foreclosure.


(7)	Includes approximately $0.1 billion 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. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

During the three months ended March 31, 2020 and 2019, the Company sold and/or reclassified to HFS $0.0 billion and $1.9 billion, respectively, of consumer loans.

Schedule of loans credit quality indicators

The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. 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, 2020
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages
2020	$	1,706	$	363	$	—
2019	7,825		1,624		5
2018	2,310		736		39
2017	3,307		547		10
2016	6,851		208		5
Prior	19,646		179		26
Total residential first mortgages	$	41,645	$	3,657	$	85
Home equity loans (pre-reset)	$	3,034	$	86	$	13
Home equity loans (post-reset)	4,561		698		210
Total home equity loans	$	7,595	$	784	$	223
Total	$	49,240	$	4,441	$	308



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


(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.

The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. 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)	March 31, 2020
In millions of dollars	Less than 680		680 to 760		Greater than 760
Residential first mortgages
2020	$	33	$	699	$	1,337
2019	229		3,054		6,166
2018	314		1,010		1,754
2017	366		1,165		2,326
2016	417		1,823		4,814
Prior	2,247		5,425		12,131
Total residential first mortgages	$	3,606	$	13,176	$	28,528
Credit cards	$	32,912	$	56,763	$	44,486
Credit cards and line-of-credit arrangements converted to term loans	—		—		—
Home equity loans (pre-reset)	342		1,189		1,622
Home equity loans (post-reset)	1,491		2,130		1,869
Total home equity loans	$	1,833	$	3,319	$	3,491
Installment and other
2020	$	28	$	53	$	48
2019	133		189		150
2018	122		173		105
2017	38		64		51
2016	20		30		20
Prior	197		360		513
Personal, small business and other	$	538	$	869	$	887
Total	$	38,889	$	74,127	$	77,392

FICO Score Distribution in U.S. 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
Credit cards	33,290		59,536		52,935
Home equity loans	1,881		3,475		3,630
Personal, small business and other	564		907		1,473
Total	$	39,337	$	77,096	$	86,273


(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.

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, 2020								2020		2019
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	$	1,584	$	1,775	$	111	$	1,799	$	14	$	17
Home equity loans	572		800		21		612		3		2
Credit cards	1,913		1,928		823		1,903		26		26
Installment and other
Personal, small business and other	410		442		129		599		15		8
Total	$	4,479	$	4,945	$	1,084	$	4,913	$	58	$	53


(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)	$220 million of residential first mortgages and $176 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.



	Balance at December 31, 2019
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	$	1,666	$	1,838	$	161	$	1,925
Home equity loans	592		824		123		637
Credit cards	1,931		2,288		771		1,890
Installment and other
Personal, small business and other	419		455		135		683
Total	$	4,608	$	5,405	$	1,190	$	5,135


(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 credit losses on loans.

(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, 2020
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	277	$	44	$	—	$	—	$	—	—	%
Home equity loans	82	8		—		—		—		2
Credit cards	67,282	305		—		—		—		17
Personal, small business and other	433	4		—		—		—		6
Total⁽⁶⁾	68,074	$	361	$	—	$	—	$	—
International
Residential first mortgages	536	$	14	$	—	$	—	$	—	5	%
Credit cards	19,315	73		—		—		3		16
Personal, small business and other	7,654	52		—		—		2		11
Total⁽⁶⁾	27,505	$	139	$	—	$	—	$	5

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⁾⁽⁷⁾		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
Personal, small business and other	356	3		—		—		—		5
Total⁽⁶⁾	73,302	$	403	$	1	$	—	$	—
International
Residential first mortgages	725	$	20	$	—	$	—	$	—	—	%
Credit cards	18,493	75		—		—		3		16
Personal, small business and other	7,644	51		—		—		2		9
Total⁽⁶⁾	26,862	$	146	$	—	$	—	$	5


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

(2)

Post-modification balances in North America include $4 million of residential first mortgages and $1 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2020. These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2020, 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 as of the end of the reporting period.

(7)

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.

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	2020		2019
North America
Residential first mortgages	$	14	$	23
Home equity loans	2		3
Credit cards	90		70
Personal, small business and other	1		1
Total	$	107	$	97
International
Residential first mortgages	$	6	$	3
Credit cards	33		38
Personal, small business and other	17		18
Total	$	56	$	59

Purchased Credit Deteriorated Assets



	Three Months Ended March 31, 2020
In millions of dollars	Credit cards		Mortgages⁽¹⁾		Installment and other
Purchase price	$	4	$	9	$	—
Allowance for credit losses at acquisition date	4		—		—
Discount or premium attributable to non-credit factors	—		—		—
Par value (amortized cost basis)	$	8	$	9	$	—

(1)

Includes loans sold to agencies that were bought back at par due to repurchase agreements.

Schedule of purchased credit deteriorated assets

Purchased Credit Deteriorated Assets



	Three Months Ended March 31, 2020
In millions of dollars	Credit cards		Mortgages⁽¹⁾		Installment and other
Purchase price	$	4	$	9	$	—
Allowance for credit losses at acquisition date	4		—		—
Discount or premium attributable to non-credit factors	—		—		—
Par value (amortized cost basis)	$	8	$	9	$	—

(1)

Includes loans sold to agencies that were bought back at par due to repurchase agreements.

Corporate

Financing Receivable, Credit Quality Indicator [Line Items]

Schedule of loan delinquency and non-accrual details

Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2020



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	$	1,166	$	163	$	1,329	$	1,814	$	197,154	$	200,297
Financial institutions	1,178		51		1,229		29		94,748		96,006
Mortgage and real estate	591		24		615		204		64,398		65,217
Lease financing	28		8		36		41		983		1,060
Other	167		20		187		396		65,446		66,029
Loans at fair value											3,981
Total	$	3,130	$	266	$	3,396	$	2,484	$	422,729	$	432,590

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


(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 and/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⁾
	Term loans by year of origination												Revolving line of credit arrangements⁽²⁾		Totals as of
In millions of dollars	2020		2019		2018		2017		2016		Prior				March 31, 2020		December 31, 2019
Investment grade⁽³⁾
Commercial and industrial⁽⁴⁾	$	31,204	$	14,056	$	8,343	$	6,340	$	2,838	$	11,737	$	51,963	$	126,481	$	110,797
Financial institutions⁽⁴⁾	14,705		7,338		4,327		1,897		1,777		6,563		47,013		83,620		80,533
Mortgage and real estate	2,717		7,406		6,391		3,904		1,809		3,164		1,668		27,059		27,571
Other⁽⁵⁾	8,587		5,600		5,347		1,449		782		7,626		29,708		59,099		58,155
Total investment grade	$	57,213	$	34,400	$	24,408	$	13,590	$	7,206	$	29,090	$	130,352	$	296,259	$	277,056
Non-investment grade⁽³⁾
Accrual
Commercial and industrial⁽⁴⁾	$	14,634	$	9,193	$	5,929	$	3,488	$	1,400	$	6,277	$	30,827	$	71,748	$	54,220
Financial institutions⁽⁴⁾	4,233		3,494		580		213		67		1,305		2,466		12,358		11,269
Mortgage and real estate	258		813		1,405		845		375		490		1,292		5,478		3,811
Other⁽⁵⁾	1,130		1,181		771		165		175		1,199		2,933		7,554		5,734
Non-accrual
Commercial and industrial⁽⁴⁾	11		81		68		155		79		431		989		1,814		1,828
Financial institutions	—		—		4		—		—		24		1		29		50
Mortgage and real estate	2		—		2		9		5		68		118		204		188
Other⁽⁵⁾	—		—		2		36		—		59		340		437		122
Total non-investment grade	$	20,268	$	14,762	$	8,761	$	4,911	$	2,101	$	9,853	$	38,966	$	99,622	$	77,222
Non-rated private bank loans managed on a delinquency basis⁽³⁾⁽⁶⁾	$	2,032	$	7,782	$	3,971	$	4,200	$	4,831	$	9,912	$	—	$	32,728	$	31,590
Loans at fair value⁽⁷⁾															3,981		4,067
Corporate loans, net of unearned income	$	79,513	$	56,944	$	37,140	$	22,701	$	14,138	$	48,855	$	169,318	$	432,590	$	389,935


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


(2)	There were no revolving line of credit arrangements that converted to term loans during the quarter.


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


(4)	Includes certain short-term loans with less than one year in tenor.


(5)	Other includes installment and other, lease financing and loans to government and official institutions.


(6)	Non-rated private bank loans mainly include mortgage and real estate loans to private banking clients.

(7)

Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.

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, 2020								Three Months Ended March 31, 2020		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		Interest income recognized
Non-accrual corporate loans
Commercial and industrial	$	1,814	$	2,374	$	263	$	1,629	$	2	$	14
Financial institutions	29		113		—		38		—		—
Mortgage and real estate	204		401		10		192		—		—
Lease financing	41		41		—		21		—		—
Other	396		462		10		168		13		—
Total non-accrual corporate loans	$	2,484	$	3,391	$	283	$	2,048	$	15	$	14



	December 31, 2019
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾
Non-accrual corporate loans
Commercial and industrial	$	1,828	$	1,942	$	283	$	1,449
Financial institutions	50		120		2		63
Mortgage and real estate	188		362		10		192
Lease financing	41		41		—		8
Other	81		202		4		76
Total non-accrual corporate loans	$	2,188	$	2,667	$	299	$	1,788



	March 31, 2020				December 31, 2019
In millions of dollars	Recorded investment⁽¹⁾		Related specific allowance		Recorded investment⁽¹⁾		Related specific allowance
Non-accrual corporate loans with specific allowances
Commercial and industrial	$	1,060	$	263	$	714	$	283
Financial institutions	—		—		40		2
Mortgage and real estate	45		10		48		10
Lease financing	—		—		—		—
Other	14		10		7		4
Total non-accrual corporate loans with specific allowance	$	1,119	$	283	$	809	$	299
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	754			$	1,114
Financial institutions	29				10
Mortgage and real estate	159				140
Lease financing	41				41
Other	382				74
Total non-accrual corporate loans without specific allowance	$	1,365	N/A		$	1,379	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.

N/A Not applicable

Schedule of troubled debt restructurings

For the three months ended March 31, 2020:



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	$	94	$	—	$	—	$	94
Mortgage and real estate	4		—		—		4
Total	$	98	$	—	$	—	$	98

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	$	93	$	—	$	—	$	93
Mortgage and real estate	4		—		—		4
Total	$	97	$	—	$	—	$	97

(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, 2020		TDR loans in payment default during the three months ended March 31, 2020		TDR balances at March 31, 2019		TDR loans in payment default during the three months ended March 31, 2019
Commercial and industrial	$	685	$	—	$	636	$	—
Financial institutions	—		—		13		—
Mortgage and real estate	77		—		112		—
Other	15		—		4		—
Total⁽¹⁾	$	777	$	—	$	765	$	—

(1)

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

Schedule of corporate loans by type

The following table presents information by corporate loan type:



In millions of dollars	March 31, 2020		December 31, 2019
In North America offices⁽¹⁾
Commercial and industrial	$	81,231	$	55,929
Financial institutions	60,653		53,922
Mortgage and real estate⁽²⁾	55,428		53,371
Installment and other	30,591		31,238
Lease financing	988		1,290
Total	$	228,891	$	195,750
In offices outside North America⁽¹⁾
Commercial and industrial	$	121,703	$	112,668
Financial institutions	37,003		40,211
Mortgage and real estate⁽²⁾	9,639		9,780
Installment and other	31,728		27,303
Lease financing	72		95
Governments and official institutions	3,554		4,128
Total	$	203,699	$	194,185
Corporate loans, net of unearned income⁽³⁾	$	432,590	$	389,935


(1)	North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material.


(2)	Loans secured primarily by real estate.

(3)

Corporate loans are net of unearned income of ($791) million and ($814) million at March 31, 2020 and December 31, 2019, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.