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LOANS (Tables)

6 Months Ended

Jun. 30, 2020

Financing Receivable, Credit Quality Indicator [Line Items]

Schedule of loan delinquency and non-accrual details

Consumer Loans, Delinquencies and Non-Accrual Status at June 30, 2020


In millions of dollars	Total current⁽¹⁾⁽²⁾		30–89 days past due⁽³⁾⁽⁴⁾		≥ 90 days past due⁽³⁾⁽⁴⁾		Past due government guaranteed⁽⁵⁾		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⁽⁶⁾
Residential first mortgages⁽⁷⁾	$	46,923	$	541	$	258	$	445	$	48,167	$	115	$	409	$	524	$	282
Home equity loans⁽⁸⁾⁽⁹⁾	8,197		122		205		—		8,524		84		303		387		—
Credit cards	125,232		1,205		1,595		—		128,032		—		—		—		1,595
Personal, small business and other	4,807		38		14		—		4,859		2		15		17		—
Total	$	185,159	$	1,906	$	2,072	$	445	$	189,582	$	201	$	727	$	928	$	1,877
In offices outside North America⁽⁶⁾
Residential first mortgages⁽⁷⁾	$	36,351	$	210	$	184	$	—	$	36,745	$	—	$	419	$	419	$	—
Credit cards	20,212		380		374		—		20,966		5		265		270		272
Personal, small business and other	33,421		268		131		—		33,820		1		211		212		—
Total	$	89,984	$	858	$	689	$	—	$	91,531	$	6	$	895	$	901	$	272
Total Citigroup⁽¹⁰⁾	$	275,143	$	2,764	$	2,761	$	445	$	281,113	$	207	$	1,622	$	1,829	$	2,149

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

(2)Includes $16 million of residential first mortgages recorded at fair value.

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

(4)Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification, and thus almost all would not be reported as 30-89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed by the customer).

(5)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.

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

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

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

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

(10)Consumer loans are net of unearned income of $734 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Interest Income Recognized for Non-Accrual Consumer Loans


	Interest income
In millions of dollars	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
In North America offices⁽¹⁾
Residential first mortgages	$	4	$	7
Home equity loans	2		4
Credit cards	—		—
Personal, small business and other	—		—
Total	$	6	$	11
In offices outside North America⁽¹⁾
Residential first mortgages	$	—	$	—
Credit cards	—		—
Personal, small business and other	—		—
Total	$	—	$	—
Total Citigroup	$	6	$	11

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

Consumer Loan, Delinquencies 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.

Schedule of loans credit quality indicators

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⁾	June 30, 2020
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2020	$	65	$	1,593	$	4,261
2019	205		2,384		6,316
2018	294		784		1,619
2017	344		973		2,311
2016	390		1,523		4,791
Prior	2,130		4,629		11,968
Total residential first mortgages	$	3,428	$	11,886	$	31,266	$	1,587	$	48,167
Credit cards⁽²⁾	$	28,942	$	52,825	$	43,745	$	1,984	$	127,496

Home equity loans (pre-reset)	337		1,053		1,738
Home equity loans (post-reset)	1,435		1,937		1,826
Total home equity loans	$	1,772	$	2,990	$	3,564	$	198	$	8,524
Installment and other
2020	$	18	$	42	$	55
2019	113		143		164
2018	125		114		106
2017	43		41		43
2016	21		18		16
Prior	264		425		547
Personal, small business and other	$	584	$	783	$	931	$	2,561	$	4,859
Total	$	34,726	$	68,484	$	79,506	$	6,330	$	189,046

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

(2)Excludes $536 million of balances related to Canada.

FICO Score Distribution in U.S. Portfolio


FICO score distribution in U.S. portfolio⁽¹⁾	December 31, 2019
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages	$	3,608	$	13,264	$	28,442	$	1,694	$	47,008
Credit cards⁽²⁾	33,290		59,536		52,935		2,773		148,534
Home equity loans	1,901		3,530		3,732		60		9,223
Personal, small business and other	564		907		1,473		755		3,699
Total	$	39,363	$	77,237	$	86,582	$	5,282	$	208,464

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

(2) Excludes $629 million of balances related to Canada.

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	June 30, 2020
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential first mortgages
2020	$	5,362	$	560	$	—
2019	8,309		599		3
2018	2,080		598		26
2017	3,206		420		8
2016	6,570		141		3
Prior	18,621		129		22
Total residential first mortgages	$	44,148	$	2,447	$	62	$	1,510	$	48,167
Home equity loans (pre-reset)	$	3,061	$	39	$	12
Home equity loans (post-reset)	4,404		601		169
Total home equity loans	$	7,465	$	640	$	181	$	238	$	8,524
Total	$	51,613	$	3,087	$	243	$	1,748	$	56,691


LTV distribution in U.S. portfolio	December 31, 2019
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential first mortgages	$	41,993	$	3,313	$	98	$	1,604	$	47,008
Home equity loans	8,101		829		237		56		9,223
Total	$	50,094	$	4,142	$	335	$	1,660	$	56,231

Schedule of impaired loans

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


									Three Months Ended June 30,						Six Months Ended June 30,
	Balance at June 30, 2020														2020		2019	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⁾		Interest income recognized⁽⁵⁾		Interest income recognized⁽⁵⁾
Mortgage and real estate
Residential first mortgages	$	1,624	$	1,798	$	152	$	1,700	$	15	$	18	$	29	$	35
Home equity loans	556		762		61		588		4		2		7		4
Credit cards	1,884		1,917		887		1,906		25		26		51		52
Personal, small business and other	442		477		147		518		16		6		32		11
Total	$	4,506	$	4,954	$	1,247	$	4,712	$	60	$	52	$	119	$	102

(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) $212 million of residential first mortgages and $166 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.

(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
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⁽¹⁾


	For the Three Months Ended June 30, 2020
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment⁽²⁾⁽³⁾		Deferred principal⁽⁴⁾		Contingent principal forgiveness⁽⁵⁾		Principal forgiveness⁽⁶⁾		Average interest rate reduction
North America
Residential first mortgages	298	$	51	$	—	$	—	$	—	—	%
Home equity loans	83	8		—		—		—		—
Credit cards	50,891	220		—		—		—		17
Personal, small business and other	343	3		—		—		—		4
Total⁽⁷⁾	51,615	$	282	$	—	$	—	$	—
International
Residential first mortgages	642	$	44	$	—	$	—	$	—	4	%
Credit cards	21,276	94		—		—		3		16
Personal, small business and other	11,284	77		—		—		2		10
Total⁽⁷⁾	33,202	$	215	$	—	$	—	$	5


	For the Three Months Ended June 30, 2019
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment⁽²⁾⁽⁸⁾		Deferred principal⁽⁴⁾		Contingent principal forgiveness⁽⁵⁾		Principal forgiveness⁽⁶⁾		Average interest rate reduction
North America
Residential first mortgages	137	$	21	$	—	$	—	$	—	—	%
Home equity loans	188	22		1		—		—		1
Credit cards	63,281	273		—		—		—		17
Personal, small business and other	347	4		—		—		—		5
Total⁽⁷⁾	63,953	$	320	$	1	$	—	$	—
International
Residential first mortgages	638	$	17	$	—	$	—	$	—	—	%
Credit cards	18,453	73		—		—		3		16
Personal, small business and other	7,154	49		—		—		2		9
Total⁽⁷⁾	26,245	$	139	$	—	$	—	$	5

(1)The above tables do not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance.

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

(3)Post-modification balances in North America include $3 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 June 30, 2020. These amounts include $2 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2020, based on previously received OCC guidance.

(4)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.

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

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

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

(8) Post-modification balances in North America include $5 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 June 30, 2019. 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 June 30, 2019, based on previously received OCC guidance.

Consumer Troubled Debt Restructurings⁽¹⁾


	For the Six Months Ended June 30, 2020
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment⁽²⁾⁽³⁾		Deferred principal⁽⁴⁾		Contingent principal forgiveness⁽⁵⁾		Principal forgiveness⁽⁶⁾		Average interest rate reduction
North America
Residential first mortgages	575	$	95	$	—	$	—	$	—	—	%
Home equity loans	165	16		—		—		—		1
Credit cards	118,173	525		—		—		—		9
Personal, small business and other	776	7		—		—		—		3
Total⁽⁷⁾	119,689	$	643	$	—	$	—	$	—
International
Residential first mortgages	1,178	$	58	$	—	$	—	$	—	4	%
Credit cards	40,591	167		—		—		5		16
Personal, small business and other	18,938	128		—		—		4		10
Total⁽⁷⁾	60,707	$	353	$	—	$	—	$	9


	For the Six Months Ended June 30, 2019
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment⁽²⁾⁽⁸⁾		Deferred principal⁽⁴⁾		Contingent principal forgiveness⁽⁵⁾		Principal forgiveness⁽⁶⁾		Average interest rate reduction
North America
Residential first mortgages	630	$	95	$	—	$	—	$	—	—	%
Home equity loans	394	42		2		—		—		1
Credit cards	135,528	578		—		—		—		17
Personal, small business and other	703	7		—		—		—		5
Total⁽⁷⁾	137,255	$	722	$	2	$	—	$	—
International
Residential first mortgages	1,363	$	37	$	—	$	—	$	—	—	%
Credit cards	36,946	148		—		—		6		16
Personal, small business and other	14,798	99		—		—		3		9
Total⁽⁷⁾	53,107	$	284	$	—	$	—	$	9

(1)The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance.

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

(3)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 six months ended June 30, 2020. These amounts include $5 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2020, based on previously received OCC guidance.

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

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

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

(8) Post-modification balances in North America include $12 million of residential first mortgages and $4 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2019. These amounts include $7 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 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 June 30,						Six Months Ended June 30,
In millions of dollars	2020		2019		2020		2019
North America
Residential first mortgages	$	21	$	26	$	35	$	50
Home equity loans	4		4		6		7
Credit cards	47		73		137		144
Personal, small business and other	1		1		3		2
Total	$	73	$	104	$	181	$	203
International
Residential first mortgages	$	5	$	4	$	11	$	7
Credit cards	38		36		71		75
Personal, small business and other	18		20		35		38
Total	$	61	$	60	$	117	$	120

Purchased Credit Deteriorated Assets


	Three Months Ended June 30, 2020
In millions of dollars	Credit cards		Mortgages⁽¹⁾		Installment and other
Purchase price	$	—	$	3	$	—
Allowance for credit losses at acquisition date	—		—		—
Discount or premium attributable to non-credit factors	—		—		—
Par value (amortized cost basis)	$	—	$	3	$	—

(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 June 30, 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	$	971	$	108	$	1,079	$	3,202	$	178,084	$	182,365
Financial institutions	1,031		67		1,098		244		85,884		87,226
Mortgage and real estate	986		221		1,207		455		66,484		68,146
Lease financing	—		3		3		36		896		935
Other	143		30		173		79		59,472		59,724
Loans at fair value											5,783

Total	$	3,131	$	429	$	3,560	$	4,016	$	390,820	$	404,179

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				June 30, 2020		December 31, 2019
Investment grade⁽³⁾
Commercial and industrial⁽⁴⁾	$	35,627	$	9,480	$	7,242	$	5,035	$	2,233	$	10,162	$	36,478	$	106,257	$	110,797
Financial institutions⁽⁴⁾	8,131		5,359		4,125		1,626		1,458		4,941		47,425		73,065		80,533
Mortgage and real estate	3,614		6,267		5,622		3,207		1,436		3,017		3,086		26,249		27,571
Other⁽⁵⁾	6,782		3,597		5,219		1,312		706		5,845		29,753		53,214		58,155
Total investment grade	$	54,154	$	24,703	$	22,208	$	11,180	$	5,833	$	23,965	$	116,742	$	258,785	$	277,056
Non-investment grade⁽³⁾
Accrual
Commercial and industrial⁽⁴⁾	$	18,097	$	7,045	$	5,922	$	3,431	$	1,061	$	6,022	$	31,045	$	72,623	$	54,220
Financial institutions⁽⁴⁾	7,189		1,343		742		337		39		1,562		2,705		13,917		11,269
Mortgage and real estate	1,217		1,193		2,031		1,025		512		941		920		7,839		3,811
Other⁽⁵⁾	1,179		1,567		603		160		197		783		2,840		7,329		5,734
Non-accrual
Commercial and industrial⁽⁴⁾	207		108		54		181		72		343		2,237		3,202		1,828
Financial institutions	—		—		—		—		—		26		218		244		50
Mortgage and real estate	2		4		2		10		6		52		379		455		188
Other⁽⁵⁾	13		8		—		15		—		42		37		115		122
Total non-investment grade	$	27,904	$	11,268	$	9,354	$	5,159	$	1,887	$	9,771	$	40,381	$	105,724	$	77,222
Non-rated private bank loans managed on a delinquency basis⁽³⁾⁽⁶⁾	$	4,461	$	7,597	$	3,822	$	4,171	$	4,604	$	9,232	$	—	$	33,887	$	31,590
Loans at fair value⁽⁷⁾															5,783		4,067
Corporate loans, net of unearned income	$	86,519	$	43,568	$	35,384	$	20,510	$	12,324	$	42,968	$	157,123	$	404,179	$	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 significant 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:


	June 30, 2020												Three Months Ended June 30, 2020	Six Months Ended June 30, 2020
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾		Interest income recognized⁽³⁾		Interest income recognized⁽³⁾
Non-accrual corporate loans
Commercial and industrial	$	3,202	$	3,824	$	682	$	2,099	$	3	$	5
Financial institutions	244		283		38		90		—		—
Mortgage and real estate	455		455		40		255		—		—
Lease financing	36		36		—		30		—		—
Other	79		88		8		161		1		14
Total non-accrual corporate loans	$	4,016	$	4,686	$	768	$	2,635	$	4	$	19


	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


	June 30, 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	$	1,840	$	682	$	714	$	283
Financial institutions	216		38		40		2
Mortgage and real estate	277		40		48		10
Lease financing	36		—		—		—
Other	41		8		7		4
Total non-accrual corporate loans with specific allowance	$	2,410	$	768	$	809	$	299
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	1,362			$	1,114
Financial institutions	28				10
Mortgage and real estate	178				140
Lease financing	—				41
Other	38				74
Total non-accrual corporate loans without specific allowance	$	1,606	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.

(3)Interest income recognized for the three and six months ended June 30, 2019 was $8 million and $24 million, respectively.

N/A Not applicable

Schedule of troubled debt restructurings


In millions of dollars	Carrying value of TDRs modified during the period		TDRs involving changes in the amount and/or timing of principal payments⁽²⁾		TDRs involving changes in the amount and/or timing of interest payments⁽³⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Three Months Ended June 30, 2020
Commercial and industrial	$	86	$	—	$	—	$	86

Mortgage and real estate	4		—		—		4
Other	4		4		—		—
Total	$	94	$	4	$	—	$	90
Six Months Ended June 30, 2020
Commercial and industrial	$	148	$	—	$	—	$	148

Mortgage and real estate	8		—		—		8
Other	4		4		—		—
Total	$	160	$	4	$	—	$	156

Three and Six Months ended June 30, 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⁽³⁾		TDRs involving changes in the amount and/or timing of interest payments⁽³⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Three Months Ended June 30, 2019
Commercial and industrial	$	55	$	19	$	—	$	36
Mortgage and real estate	3		—		—		3
Other	6		6		—		—

Total	$	64	$	25	$	—	$	39
Six Months Ended June 30, 2019
Commercial and industrial	$	135	$	19	$	—	$	116
Mortgage and real estate	7		—		—		7
Other	6		6		—		—

Total	$	148	$	25	$	—	$	123

(1)The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance.

(2)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.

(3)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.


			TDR loans in payment default								TDR loans in payment default
In millions of dollars	TDR balances at June 30, 2020		Three Months Ended June 30, 2020		Six Months Ended June 30, 2020		TDR balances at June 30, 2019		Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Commercial and industrial	$	406	$	—	$	—	$	601	$	21	$	21
Financial institutions	—		—		—		10		—		—
Mortgage and real estate	91		—		—		112		—		—
Other	10		—		—		6		—		—
Total⁽¹⁾	$	507	$	—	$	—	$	729	$	21	$	21

(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	June 30, 2020		December 31, 2019
In North America offices⁽¹⁾
Commercial and industrial	$	70,755	$	55,929
Financial institutions	53,860		53,922
Mortgage and real estate⁽²⁾	57,821		53,371
Installment and other	25,602		31,238
Lease financing	869		1,290
Total	$	208,907	$	195,750
In offices outside North America⁽¹⁾
Commercial and industrial	$	115,471	$	112,668
Financial institutions	35,173		40,211
Mortgage and real estate⁽²⁾	10,332		9,780
Installment and other	30,678		27,303
Lease financing	66		95
Governments and official institutions	3,552		4,128
Total	$	195,272	$	194,185
Corporate loans, net of unearned income⁽³⁾	$	404,179	$	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 ($854) million and ($791) million at June 30, 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.