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LOANS (Tables)

9 Months Ended

Sep. 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 September 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)	$	47,152	$	458	$	285	$	475	$	48,370	$	84	$	466	$	550	$	300
Home equity loans(8)(9)	7,347		88		190		—		7,625		2		359		361		—
Credit cards	123,120		1,234		1,131		—		125,485		—		—		—		1,131
Personal, small business and other	4,645		30		14		—		4,689		2		21		23		—
Total	$	182,264	$	1,810	$	1,620	$	475	$	186,169	$	88	$	846	$	934	$	1,431
In offices outside North America(6)
Residential first mortgages(7)	$	38,154	$	184	$	169	$	—	$	38,507	$	—	$	438	$	438	$	—
Credit cards	20,382		378		348		—		21,108		—		196		196		307
Personal, small business and other	33,900		224		117		—		34,241		—		122		122		—
Total	$	92,436	$	786	$	634	$	—	$	93,856	$	—	$	756	$	756	$	307
Total Citigroup(10)	$	274,700	$	2,596	$	2,254	$	475	$	280,025	$	88	$	1,602	$	1,690	$	1,738

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

(2)Includes $14 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 $0.2 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 $739 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 September 30, 2020		Nine Months Ended September 30, 2020
In North America offices(1)
Residential first mortgages	$	4	$	11
Home equity loans	2		6
Credit cards	—		—
Personal, small business and other	—		—
Total	$	6	$	17
In offices outside North America(1)
Residential first mortgages	$	—	$	—
Credit cards	—		—
Personal, small business and other	—		—
Total	$	—	$	—
Total Citigroup	$	6	$	17

(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)	$	37,654	$	210	$	160	$	—	$	38,024	$	425	$	—
Credit cards	25,111		426		372		—		25,909		310		242
Personal, small business and other	36,118		272		132		—		36,522		176		—
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)	September 30, 2020
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2020	$	114	$	2,945	$	7,092
2019	177		2,040		5,827
2018	272		789		1,443
2017	331		923		2,084
2016	351		1,482		4,272
Prior	1,829		4,361		10,446
Total residential first mortgages	$	3,074	$	12,540	$	31,164	$	1,592	$	48,370
Credit cards(2)	$	26,613	$	51,604	$	45,187	$	1,513	$	124,917

Home equity loans (pre-reset)	$	309	$	1,061	$	1,702
Home equity loans (post-reset)	1,179		1,704		1,656
Total home equity loans	$	1,488	$	2,765	$	3,358	$	14	$	7,625
Installment and other
2020	$	21	$	49	$	76
2019	93		121		153
2018	100		95		97
2017	33		33		38
2016	14		13		12
Prior	232		403		549
Personal, small business and other	$	493	$	714	$	925	$	2,557	$	4,689
Total	$	31,668	$	67,623	$	80,634	$	5,676	$	185,601

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

(2)Excludes $568 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	September 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	$	8,643	$	1,515	$	1
2019	7,437		610		3
2018	1,908		584		18
2017	2,988		351		5
2016	6,003		108		3
Prior	16,562		97		19
Total residential first mortgages	$	43,541	$	3,265	$	49	$	1,515	$	48,370
Home equity loans (pre-reset)	$	2,991	$	44	$	15
Home equity loans (post-reset)	4,022		406		95
Total home equity loans	$	7,013	$	450	$	110	$	52	$	7,625
Total	$	50,554	$	3,715	$	159	$	1,567	$	55,995


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 September 30,				Nine Months Ended September 30,
	Balance at September 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	$	1,650	$	1,824	$	146	$	1,631	$	16	$	16	$	44	$	51
Home equity loans	502		684		72		556		3		2		10		6
Credit cards	1,924		1,996		860		1,913		26		25		77		77
Personal, small business and other	449		451		186		430		18		4		50		15
Total	$	4,525	$	4,955	$	1,264	$	4,530	$	63	$	47	$	181	$	149

(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) $208 million of residential first mortgages and $157 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 September 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	237	$	42	$	—	$	—	$	—	—	%
Home equity loans	62	5		—		—		—		—
Credit cards	48,909	261		—		—		—		17
Personal, small business and other	1,040	12		—		—		—		6
Total(7)	50,248	$	320	$	—	$	—	$	—
International
Residential first mortgages	696	$	21	$	—	$	—	$	—	1	%
Credit cards	25,147	122		—		—		2		14
Personal, small business and other	12,652	106		—		—		2		10
Total(7)	38,495	$	249	$	—	$	—	$	4


	For the Three Months Ended September 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	175	$	26	$	—	$	—	$	—	—	%
Home equity loans	219	24		1		—		—		1
Credit cards	66,925	296		—		—		—		17
Personal, small business and other	503	4		—		—		—		6
Total(7)	67,822	$	350	$	1	$	—	$	—
International
Residential first mortgages	572	$	22	$	—	$	—	$	—	—	%
Credit cards	16,703	66		—		—		2		17
Personal, small business and other	7,240	52		—		—		2		8
Total(7)	24,515	$	140	$	—	$	—	$	4

(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 $2 million of residential first mortgages and $0.3 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2020. These amounts include $1 million of residential first mortgages and $0.2 million of home equity loans that were newly classified as TDRs in the three months ended September 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 $3 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 September 30, 2019. These amounts include $2 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs in the three months ended September 30, 2019, based on previously received OCC guidance.

Consumer Troubled Debt Restructurings(1)


	For the Nine Months Ended September 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	812	$	137	$	—	$	—	$	—	—	%
Home equity loans	227	22		—		—		—		1
Credit cards	167,082	786		—		—		—		13
Personal, small business and other	1,816	19		—		—		—		4
Total(7)	169,937	$	964	$	—	$	—	$	—
International
Residential first mortgages	1,874	$	80	$	—	$	—	$	—	5	%
Credit cards	65,738	289		—		—		7		16
Personal, small business and other	31,590	234		—		—		6		10
Total(7)	99,202	$	603	$	—	$	—	$	13


	For the Nine Months Ended September 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	805	$	120	$	—	$	—	$	—	—	%
Home equity loans	613	66		2		—		—		1
Credit cards	202,453	874		—		—		—		17
Personal, small business and other	1,206	11		—		—		—		5
Total(7)	205,077	$	1,071	$	2	$	—	$	—
International
Residential first mortgages	1,935	$	59	$	—	$	—	$	—	—	%
Credit cards	53,649	214		—		—		8		16
Personal, small business and other	22,038	151		—		—		5		9
Total(7)	77,622	$	424	$	—	$	—	$	13

(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 $10 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2020. These amounts include $7 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the nine months ended September 30, 2020, based on previously received OCC guidance.

(5)Represents portion of contractual loan principal that is non-interest bearing and, depending on 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 $15 million of residential first mortgages and $6 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2019. These amounts include $9 million of residential first mortgages and $5 million of home equity loans that were newly classified as TDRs in the nine months ended September 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions of dollars	2020		2019		2020		2019
North America
Residential first mortgages	$	24	$	19	$	59	$	69
Home equity loans	6		4		12		11
Credit cards	70		74		251		217
Personal, small business and other	1		1		3		3
Total	$	101	$	98	$	325	$	300
International
Residential first mortgages	$	6	$	1	$	17	$	8
Credit cards	47		34		118		109
Personal, small business and other	20		19		55		56
Total	$	73	$	54	$	190	$	173

Purchased Credit-Deteriorated Assets


	Three Months Ended September 30, 2020
In millions of dollars	Credit cards		Mortgages(1)		Installment and other
Purchase price	$	—	$	25	$	—
Allowance for credit losses at acquisition date	—		—		—
Discount or premium attributable to non-credit factors	—		—		—
Par value (amortized cost basis)	$	—	$	25	$	—

(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 September 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	$	648	$	57	$	705	$	2,784	$	161,546	$	165,035
Financial institutions	405		84		489		165		84,259		84,913
Mortgage and real estate	641		134		775		486		68,500		69,761
Lease financing	18		16		34		37		696		767
Other	197		54		251		112		60,537		60,900
Loans at fair value											5,510

Total	$	1,909	$	345	$	2,254	$	3,584	$	375,538	$	386,886

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				September 30, 2020		December 31, 2019
Investment grade(3)
Commercial and industrial(4)	$	33,735	$	8,471	$	6,379	$	4,440	$	2,092	$	8,506	$	30,601	$	94,224	$	110,797
Financial institutions(4)	9,205		3,403		2,603		760		820		2,090		52,564		71,445		80,533
Mortgage and real estate	5,283		6,931		5,511		2,896		1,342		2,193		1,916		26,072		27,571
Other(5)	8,475		3,393		5,119		1,176		646		5,381		30,040		54,230		58,155
Total investment grade	$	56,698	$	22,198	$	19,612	$	9,272	$	4,900	$	18,170	$	115,121	$	245,971	$	277,056
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	24,224	$	6,284	$	5,806	$	3,175	$	1,187	$	3,621	$	23,394	$	67,691	$	54,220
Financial institutions(4)	7,245		1,137		806		755		93		152		3,302		13,490		11,269
Mortgage and real estate	1,470		1,648		2,239		1,059		596		861		518		8,391		3,811
Other(5)	2,015		1,179		744		229		163		408		2,364		7,102		5,734
Non-accrual
Commercial and industrial(4)	135		130		81		162		68		343		1,865		2,784		1,828
Financial institutions	—		—		—		—		—		1		164		165		50
Mortgage and real estate	6		1		7		28		6		52		386		486		188
Other(5)	52		9		17		19		—		23		29		149		122
Total non-investment grade	$	35,147	$	10,388	$	9,700	$	5,427	$	2,113	$	5,461	$	32,022	$	100,258	$	77,222
Non-rated private bank loans managed on a delinquency basis(3)(6)	$	7,244	$	7,368	$	3,676	$	3,839	$	4,448	$	8,572	$	—	$	35,147	$	31,590
Loans at fair value(7)															5,510		4,067
Corporate loans, net of unearned income	$	99,089	$	39,954	$	32,988	$	18,538	$	11,461	$	32,203	$	147,143	$	386,886	$	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:


	September 30, 2020								Three Months Ended September 30, 2020		Nine Months Ended September 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	$	2,784	$	4,336	$	487	$	2,407	$	4	$	9
Financial institutions	165		254		26		122		—		—
Mortgage and real estate	486		756		37		333		—		—
Lease financing	37		37		—		39		—		—
Other	112		225		48		167		1		15
Total non-accrual corporate loans	$	3,584	$	5,608	$	598	$	3,068	$	5	$	24


	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


	September 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	$	1,398	$	487	$	714	$	283
Financial institutions	162		26		40		2
Mortgage and real estate	286		37		48		10
Lease financing	36		—		—		—
Other	40		48		7		4
Total non-accrual corporate loans with specific allowance	$	1,922	$	598	$	809	$	299
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	1,386			$	1,114
Financial institutions	3				10
Mortgage and real estate	200				140
Lease financing	1				41
Other	72				74
Total non-accrual corporate loans without specific allowance	$	1,662	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 nine months ended September 30, 2019 was $8 million and $23 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 September 30, 2020
Commercial and industrial	$	52	$	—	$	—	$	52

Mortgage and real estate	8		—		—		8
Other	1		1		—		—
Total	$	61	$	1	$	—	$	60
Nine Months Ended September 30, 2020
Commercial and industrial	$	200	$	—	$	—	$	200

Mortgage and real estate	16		—		—		16
Other	5		5		—		—
Total	$	221	$	5	$	—	$	216

Three and Nine Months Ended September 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 September 30, 2019
Commercial and industrial	$	48	$	—	$	—	$	48
Mortgage and real estate	3		—		—		3
Other	—		—		—		—

Total	$	51	$	—	$	—	$	51
Nine Months Ended September 30, 2019
Commercial and industrial	$	183	$	19	$	—	$	164
Mortgage and real estate	10		—		—		10
Other	6		6		—		—

Total	$	199	$	25	$	—	$	174

(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 September 30, 2020		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020		TDR balances at September 30, 2019		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Commercial and industrial	$	390	$	—	$	—	$	591	$	2	$	23
Financial institutions	—		—		—		9		—		—
Mortgage and real estate	98		—		—		75		—		—
Other	22		—		—		4		—		—
Total(1)	$	510	$	—	$	—	$	679	$	2	$	23

(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	September 30, 2020		December 31, 2019
In North America offices(1)
Commercial and industrial	$	59,921	$	55,929
Financial institutions	52,884		53,922
Mortgage and real estate(2)	59,340		53,371
Installment and other	26,858		31,238
Lease financing	704		1,290
Total	$	199,707	$	195,750
In offices outside North America(1)
Commercial and industrial	$	108,551	$	112,668
Financial institutions	32,583		40,211
Mortgage and real estate(2)	10,424		9,780
Installment and other	32,323		27,303
Lease financing	63		95
Governments and official institutions	3,235		4,128
Total	$	187,179	$	194,185
Corporate loans, net of unearned income(3)	$	386,886	$	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 ($857) million and ($814) million at September 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.