Consumer Credit Scores (FICO)

In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a Fair Isaac Corporation (FICO) credit score. These scores are continually updated by the agencies based upon an individual’s credit actions (e.g., taking out a loan or missed or late payments).

The following tables provide details on the 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)	December 31, 2020
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2020	$	187	$	3,741	$	9,052
2019	150		1,857		5,384
2018	246		655		1,227
2017	298		846		1,829
2016	323		1,368		3,799
Prior	1,708		4,133		9,105
Total residential first mortgages	$	2,912	$	12,600	$	30,396	$	1,870	$	47,778
Credit cards(2)	$	26,227	$	52,778	$	49,767	$	1,041	$	129,813
Home equity loans (pre-reset)	$	292	$	1,014	$	1,657
Home equity loans (post-reset)	1,055		1,569		1,524
Total home equity loans	$	1,347	$	2,583	$	3,181	$	17	$	7,128
Installment and other
2020	$	23	$	58	$	95
2019	79		106		134
2018	82		80		84
2017	26		27		30
2016	10		9		8
Prior	214		393		529
Personal, small business and other	$	434	$	673	$	880	$	2,522	$	4,509
Total	$	30,920	$	68,634	$	84,224	$	5,450	$	189,228

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

(2)Excludes $572 million of balances related to Canada.


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.

Loan to Value (LTV) Ratios

LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.

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	December 31, 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	$	11,447	$	1,543	$	—
2019	7,029		376		2
2018	1,617		507		11
2017	2,711		269		4
2016	5,423		84		2
Prior	14,966		66		16
Total residential first mortgages	$	43,193	$	2,845	$	35	$	1,705	$	47,778
Home equity loans (pre-reset)	$	2,876	$	50	$	16
Home equity loans (post-reset)	3,782		290		58
Total home equity loans	$	6,658	$	340	$	74	$	56	$	7,128
Total	$	49,851	$	3,185	$	109	$	1,761	$	54,906


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

Impaired Consumer Loans

A loan is considered impaired when Citi believes it is probable that all amounts due according to the original contractual terms of the loan will not be collected. Impaired consumer loans include non-accrual loans, as well as smaller-balance homogeneous loans whose terms have been modified due to the borrower’s financial difficulties and where Citi has granted a concession to the borrower. These modifications may

include interest rate reductions and/or principal forgiveness. Impaired consumer loans exclude smaller-balance homogeneous loans that have not been modified and are carried on a non-accrual basis.

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, 2020
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	$	1,787	$	1,962	$	157	$	1,661	$	68
Home equity loans	478		651		60		527		13
Credit cards	1,982		2,135		918		1,926		106
Personal, small business and other	552		552		210		463		63
Total	$	4,799	$	5,300	$	1,345	$	4,577	$	250


	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
Personal, small business and other	419		455		135		683		55
Total	$	4,608	$	5,405	$	1,190	$	5,135	$	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)For December 31, 2020, $211 million of residential first mortgages and $147 million of home equity loans do not have a specific allowance. For December 31, 2019, $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.

(5) Includes amounts recognized on both an accrual and cash basis.

Consumer Troubled Debt Restructurings(1)


	For the year ended December 31, 2020(1)
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	1,225	$	209	$	—	$	—	$	—	—	%
Home equity loans	296	27		—		—		—		1
Credit cards	215,466	1,038		—		—		—		17
Personal, small business and other	2,452	28		—		—		—		5
Total(7)	219,439	$	1,302	$	—	$	—	$	—
International
Residential first mortgages	2,542	$	141	$	3	$	—	$	—	2	%
Credit cards	90,694	401		—		—		12		15
Personal, small business and other	41,079	301		—		—		8		10
Total(7)	134,315	$	843	$	3	$	—	$	20


	For the year ended December 31, 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	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(7)	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(7)	103,965	$	566	$	—	$	—	$	16

(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 $13 million of residential first mortgages and $2 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2020. These amounts include $9 million of residential first mortgages and $2 million of home equity loans that were newly classified as TDRs during 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 during the year.

(8) 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.

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	2020		2019
North America
Residential first mortgages	$	71	$	85
Home equity loans	14		15
Credit cards	317		301
Personal, small business and other	4		4
Total	$	406	$	405
International
Residential first mortgages	$	26	$	13
Credit cards	178		142
Personal, small business and other	78		74
Total	$	282	$	229

Purchased Credit-Deteriorated Assets


	Year ended December 31, 2020
In millions of dollars	Credit cards		Mortgages(1)		Installment and other
Purchase price	$	4	$	49	$	—
Allowance for credit losses at acquisition date	4		—		—
Discount or premium attributable to non-credit factors	—		—		—
Par value (amortized cost basis)	$	8	$	49	$	—

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

Corporate Loans

Corporate loans represent loans and leases managed by ICG. The following table presents information by corporate loan type:


In millions of dollars	December 31, 2020		December 31, 2019
In North America offices(1)
Commercial and industrial	$	57,731	$	55,929
Financial institutions	55,809		53,922
Mortgage and real estate(2)	60,675		53,371
Installment and other	26,744		31,238
Lease financing	673		1,290
Total	$	201,632	$	195,750
In offices outside North America(1)
Commercial and industrial	$	104,072	$	112,668
Financial institutions	32,334		40,211
Mortgage and real estate(2)	11,371		9,780
Installment and other	33,759		27,303
Lease financing	65		95
Governments and official institutions	3,811		4,128
Total	$	185,412	$	194,185
Corporate loans, net of unearned income(3)	$	387,044	$	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 ($844) million and ($814) million at December 31, 2020 and 2019, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.

The Company sold and/or reclassified to held-for-sale $2.2 billion and $2.6 billion of corporate loans during the years ended December 31, 2020 and 2019, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2020 or 2019.

Lease financing

Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $0.7 billion of lease financing receivables, as of December 31, 2020, is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Interest income on direct financing and leveraged leases during the year ended December 31, 2020 was not material.

The Company’s leases have an average remaining maturity of approximately three and a half years. In certain cases, Citi obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. The receivable related to the residual value of the leased assets is $0.3 billion as of December 31, 2020, while the amount covered by residual value guarantees is $0.2 billion.

The Company’s operating leases, where Citi is a lessor, are not significant to the Consolidated Financial Statements.

Delinquency Status

Citi generally does not manage corporate loans on a delinquency basis. Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type.

Corporate Loan Delinquencies and Non-Accrual Details at December 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	$	400	$	109	$	509	$	2,795	$	153,036	$	156,340
Financial institutions	668		65		733		92		86,864		87,689
Mortgage and real estate	450		247		697		505		70,836		72,038
Lease financing	62		12		74		24		640		738
Other	112		19		131		111		63,157		63,399
Loans at fair value											6,840

Total	$	1,692	$	452	$	2,144	$	3,527	$	374,533	$	387,044

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 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.

Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor and the obligor’s industry and geography.

The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard and doubtful will have risk ratings within the non-investment-grade categories.

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				December 31, 2020		December 31, 2019
Investment grade(3)
Commercial and industrial(4)	$	38,398	$	7,607	$	5,929	$	3,909	$	2,094	$	8,670	$	25,819	$	92,426	$	110,797
Financial institutions(4)	10,560		2,964		2,106		782		681		2,030		56,239		75,362		80,533
Mortgage and real estate	6,793		6,714		5,174		2,568		1,212		1,719		1,557		25,737		27,571
Other(5)	10,874		3,566		4,597		952		780		5,290		31,696		57,755		58,155
Total investment grade	$	66,625	$	20,851	$	17,806	$	8,211	$	4,767	$	17,709	$	115,311	$	251,280	$	277,056
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	19,683	$	4,794	$	4,645	$	2,883	$	1,182	$	4,533	$	23,400	$	61,120	$	54,220
Financial institutions(4)	7,413		700		654		274		141		197		2,855		12,234		11,269
Mortgage and real estate	1,882		1,919		2,058		1,457		697		837		551		9,401		3,811
Other(5)	1,407		918		725		370		186		657		1,986		6,249		5,734
Non-accrual
Commercial and industrial(4)	260		203		192		143		57		223		1,717		2,795		1,828
Financial institutions	1		—		—		—		—		—		91		92		50
Mortgage and real estate	13		4		3		18		8		32		427		505		188
Other(5)	15		3		12		29		2		65		9		135		122
Total non-investment grade	$	30,674	$	8,541	$	8,289	$	5,174	$	2,273	$	6,544	$	31,036	$	92,531	$	77,222
Non-rated private bank loans managed on a delinquency basis(3)(6)	$	9,823	$	7,121	$	3,533	$	3,674	$	4,300	$	7,942	$	—	$	36,393	$	31,590
Loans at fair value(7)															6,840		4,067
Corporate loans, net of unearned income	$	107,122	$	36,513	$	29,628	$	17,059	$	11,340	$	32,195	$	146,347	$	387,044	$	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 year.

(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.

Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months, in accordance with the contractual terms of the loan.

Non-Accrual Corporate 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, 2020


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	$	2,795	$	3,664	$	442	$	2,649	$	14
Financial institutions	92		181		17		132		—
Mortgage and real estate	505		803		38		413		—
Lease financing	24		24		—		34		—
Other	111		235		18		174		21
Total non-accrual corporate loans	$	3,527	$	4,907	$	515	$	3,402	$	35


	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


	December 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	$	1,523	$	442	$	714	$	283
Financial institutions	90		17		40		2
Mortgage and real estate	246		38		48		10
Lease financing	—		—		—		—
Other	68		18		7		4
Total non-accrual corporate loans with specific allowances	$	1,927	$	515	$	809	$	299
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	1,272			$	1,114
Financial institutions	2				10
Mortgage and real estate	259				140
Lease financing	24				41
Other	43				74
Total non-accrual corporate loans without specific allowances	$	1,600	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 allowances.

(3)Interest income recognized for the year ended December 31, 2018 was $56 million.

N/A Not applicable

Corporate Troubled Debt Restructurings(1)

For the year ended December 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(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
Commercial and industrial	$	247	$	—	$	—	$	247

Mortgage and real estate	19		—		—		19
Other	19		6		—		13

Total	$	285	$	6	$	—	$	279

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(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
Commercial and industrial	$	283	$	19	$	—	$	264

Mortgage and real estate	16		—		—		16
Other	6		6		—		—

Total	$	305	$	25	$	—	$	280

(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 uncollectible 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.

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, 2020		TDR loans that re-defaulted in 2020 within one year of modification		TDR balances at December 31, 2019		TDR loans that re-defaulted in 2019 within one year of modification
Commercial and industrial	$	325	$	—	$	426	$	35
Financial institutions	—		—		—		—
Mortgage and real estate	92		—		79		—
Lease financing	—		—		—		—
Other	33		—		44		—
Total(1)	$	450	$	—	$	549	$	35

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