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LOANS
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
LOANS LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment, reporting unit and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Note 1 above and Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K.
Corporate Loans
Corporate loans represent loans and leases managed by ICG and the Mexico SBMM component of Legacy Franchises. The following table presents information by corporate loan type:

In millions of dollarsSeptember 30,
2023		December 31,
2022
In North America offices(1)
  
Commercial and industrial$58,130 $56,176 
Financial institutions36,783 43,399 
Mortgage and real estate(2)
17,445 17,829 
Installment and other23,207 23,767 
Lease financing225 308 
Total$135,790 $141,479 
In offices outside North America(1)
  
Commercial and industrial$95,528 $93,967 
Financial institutions23,759 21,931 
Mortgage and real estate(2)
6,481 4,179 
Installment and other24,407 23,347 
Lease financing46 46 
Governments and official institutions2,794 4,205 
Total$153,015 $147,675 
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments(4)(5)(6)
$288,805 $289,154 
Unallocated portfolio layer cumulative basis adjustments(3)
$(171)$— 
Corporate loans, net of unearned income(4)(5)(6)
$288,634 $289,154 

(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)Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 21.
(4)Corporate loans are net of unearned income of ($806) million and ($797) million at September 30, 2023 and December 31, 2022, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.
(5)Not included in the balances above is approximately $2 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet.
(6)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three and nine months ended September 30, 2023 and 2022.

The Company sold and/or reclassified to held-for-sale $1.3 billion and $4.2 billion of corporate loans during the three and nine months ended September 30, 2023, respectively, and $2.2 billion and $3.7 billion of corporate loans during the three and nine months ended September 30, 2022, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2023 or 2022.
Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2023

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$402 $183 $585 $903 $148,907 $150,395 
Financial institutions106 5 111 87 59,948 60,146 
Mortgage and real estate8 100 108 821 22,932 23,861 
Lease financing— — — — 271 271 
Other70 20 90 164 46,689 46,943 
Loans at fair value7,189 
Total(5)
$586 $308 $894 $1,975 $278,747 $288,805 

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2022

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$763 $594 $1,357 $860 $145,586 $147,803 
Financial institutions233 102 335 152 64,420 64,907 
Mortgage and real estate30 12 42 33 21,874 21,949 
Lease financing— 1 1 10 343 354 
Other145 18 163 67 48,788 49,018 
Loans at fair value5,123 
Total$1,171 $727 $1,898 $1,122 $281,011 $289,154 

(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 collectibility 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)The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot.
(5)Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023.
Corporate Loans Credit Quality Indicators

 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
September 30, 2023
In millions of dollars20232022202120202019Prior
Investment grade(3)
 
Commercial and industrial(4)
$42,312 $7,844 $4,809 $2,441 $2,751 $7,538 $36,301 $103,996 
Financial institutions(4)
9,518 4,050 3,048 520 603 1,978 33,069 52,786 
Mortgage and real estate2,075 4,881 3,874 3,026 1,725 1,903 141 17,625 
Other(6)
2,227 5,739 1,404 1,009 938 4,697 27,682 43,696 
Total investment grade$56,132 $22,514 $13,135 $6,996 $6,017 $16,116 $97,193 $218,103 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$16,057 $5,183 $2,328 $1,650 $920 $2,967 $16,391 $45,496 
Financial institutions(4)
3,172 1,115 842 16 175 205 1,748 7,273 
Mortgage and real estate658 776 946 677 653 1,103 602 5,415 
Other(6)
513 786 376 202 215 132 1,130 3,354 
Non-accrual
Commercial and industrial(4)
80 71 74 — 45 178 455 903 
Financial institutions7 3 28 — — — 49 87 
Mortgage and real estate3 329 12 28 137 260 52 821 
Other(5)
12 — 41 — 62 2 47 164 
Total non-investment grade$20,502 $8,263 $4,647 $2,573 $2,207 $4,847 $20,474 $63,513 
Loans at fair value(6)
$7,189 
Corporate loans, net of unearned income(7)
$76,634 $30,777 $17,782 $9,569 $8,224 $20,963 $117,667 $288,805 
 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31, 2022
In millions of dollars20222021202020192018Prior
Investment grade(3)
 
Commercial and industrial(4)
$40,639 $6,124 $3,620 $3,458 $2,617 $7,048 $38,358 $101,864 
Financial institutions(4)
11,850 3,877 835 922 333 1,327 37,462 56,606 
Mortgage and real estate4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 
Other(6)
7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 
Total investment grade$64,574 $15,924 $9,904 $7,642 $6,196 $13,913 $102,777 $220,930 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$17,278 $3,139 $1,973 $1,331 $965 $3,546 $16,848 $45,080 
Financial institutions(4)
4,708 630 197 254 47 240 2,073 8,149 
Mortgage and real estate582 835 429 729 783 801 472 4,631 
Other(6)
1,244 559 391 413 1 219 1,292 4,119 
Non-accrual
Commercial and industrial1 12 99 115 49 105 479 860 
Financial institutions(4)
41 34 — — — — 77 152 
Mortgage and real estate10 4 — — — 19 — 33 
Other(5)
6 — 26 8 10 11 16 77 
Total non-investment grade$23,870 $5,213 $3,115 $2,850 $1,855 $4,941 $21,257 $63,101 
Loans at fair value(6)
$5,123 
Corporate loans, net of unearned income$88,444 $21,137 $13,019 $10,492 $8,051 $18,854 $124,034 $289,154 

(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 period.
(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)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $(171) million of unallocated portfolio layer cumulative basis adjustments at September 30, 2023.
Corporate Gross Credit Losses
The table below details gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination:

 For the Nine Months Ended September 30, 2023
In millions of dollars20232022202120202019Prior Revolving line of credit arrangementTotal
Commercial and industrial$9 $19 $1 $1 $— $2 $73 $105 
Financial institutions— — — — — — 38 38 
Mortgage and real estate— — — 1 — 2 1 4 
Other(1)
— — — — — — 50 50 
Total$9 $19 $1 $2 $— $4 $162 $197 

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

Non-Accrual Corporate Loans

 September 30, 2023December 31, 2022
In millions of dollars
Recorded
investment(1)(2)
Related specific
allowance
Recorded
investment(1)(2)
Related specific
allowance
Non-accrual corporate loans with specific allowances    
Commercial and industrial$718 $205 $583 $268 
Financial institutions81 50 149 51 
Mortgage and real estate628 114 33 4 
Other10 1 — — 
Total non-accrual corporate loans with specific allowances$1,437 $370 $765 $323 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$185 N/A$277 N/A
Financial institutions6 N/A3 N/A
Mortgage and real estate193 N/A— N/A
Lease financing— N/A10 N/A
Other154 N/A67 N/A
Total non-accrual corporate loans without specific allowances$538 N/A$357 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)Interest income recognized for the three and nine months ended September 30, 2023 was $6 million and $31 million, respectively, and for the three and nine months ended September 30, 2022 was $10 million and $33 million, respectively.
N/A Not applicable
Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following table details corporate loan modifications granted during the three and nine months ended September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.

For the Three and Nine Months Ended September 30, 2023
In millions of dollars, except for weighted average term extension
Total modifications balance at September 30,
2023(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted average term extension
(months)
Three Months Ended September 30, 2023
Commercial and industrial$25 $25 $— 22
Financial institutions— — — — 
Mortgage and real estate35 35 — 55
Other(5)
— — — — 
Total$60 $60 $— 
Nine Months Ended September 30, 2023
Commercial and industrial$93 $70 $23 28
Financial institutions— — — — 
Mortgage and real estate85 84 1 37
Other(5)
— — — — 
Total $178 $154 $24 

(1)The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of September 30, 2023.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $1 billion as of September 30, 2023.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to government and official institutions.

The following table presents the Company’s corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023:

For the Three and Nine Months Ended September 30, 2022
In millions of dollarsCarrying 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
Three Months Ended September 30, 2022
Commercial and industrial$11 $— $— $11 
Mortgage and real estate 1 1 — — 
Other(3)
7 — — 7 
Total$19 $1 $— $18 
Nine Months Ended September 30, 2022
Commercial and industrial$26 $— $— $26 
Mortgage and real estate 1 1 — — 
Other(3)
30 — — 30 
Total$57 $1 $— $56 

(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 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.
(2)    TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.
(3)    Other includes installment and other, lease financing and loans to government and official institutions.

Performance of Modified Corporate Loans
The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the nine months ended September 30, 2023:

 
As of September 30, 2023(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$93 $93 $— $— 
Financial institutions— — — — 
Mortgage and real estate85 85 — — 
Other(2)
— — — — 
Total$178 $178 $— $— 

(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to government and official institutions.

Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three and nine months ended September 30, 2023. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.
The following table presents the Company’s three and nine months ended September 30, 2022 corporate TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due:

TDR loans that re-defaulted within one year of modification during the
In millions of dollarsTDR balances at September 30, 2022Three Months Ended
September 30, 2022		Nine Months Ended
September 30, 2022
Commercial and industrial$114 $— $— 
Mortgage and real estate14 — — 
Other(1)
22 — — 
Total(2)
$150 $— $— 

(1)    Other includes installment and other, lease financing and loans to government and official institutions.
(2)    The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period.
Consumer Loans
Consumer loans represent loans and leases managed primarily by PBWM and Legacy Franchises (except Mexico SBMM). The tables below present details about these loans, including the following loan categories:

•Residential first mortgages and Home equity loans primarily represent secured mortgage lending to customers of Retail banking and Global Wealth.
•Credit cards primarily represent unsecured credit card lending to customers of Branded cards and Retail services.
•Personal, small business and other loans are primarily composed of classifiably managed loans to customers of Global Wealth (mostly within the Private bank) who are typically high credit quality borrowers that historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral.
The following tables provide Citi’s consumer loans by type:

Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2023

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 loansNon-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due
and accruing
In North America offices(6)
        
Residential first mortgages(7)
$105,453 $389 $294 $233 $106,369 $102 $384 $486 $120 
Home equity loans(8)(9)
3,675 32 89 — 3,796 47 132 179 — 
Credit cards151,560 2,093 2,045 — 155,698 — — — 2,045 
Personal, small business and other(10)
36,447 92 49 2 36,590 3 56 59 5 
Total$297,135 $2,606 $2,477 $235 $302,453 $152 $572 $724 $2,170 
In offices outside North America(6)
      
Residential mortgages(7)
$26,268 $49 $72 $— $26,389 $— $258 $258 $20 
Credit cards13,179 192 202 — 13,573 — 187 187 59 
Personal, small business and other(10)
35,154 104 41 — 35,299 — 133 133 — 
Total$74,601 $345 $315 $— $75,261 $— $578 $578 $79 
Total Citigroup(11)(12)
$371,736 $2,951 $2,792 $235 $377,714 $152 $1,150 $1,302 $2,249 

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022

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 is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due
and accruing
In North America offices(6)
       
Residential first mortgages(7)
$95,023 $421 $316 $279 $96,039 $86 $434 $520 $163 
Home equity loans(8)(9)
4,407 38 135 — 4,580 51 151 202 — 
Credit cards147,717 1,511 1,415 — 150,643 — — — 1,415 
Personal, small business and other(10)
37,635 88 22 7 37,752 3 23 26 11 
Total$284,782 $2,058 $1,888 $286 $289,014 $140 $608 $748 $1,589 
In offices outside North America(6)
       
Residential mortgages(7)
$27,946 $62 $106 $— $28,114 $— $305 $305 $13 
Credit cards12,659 147 149 — 12,955 — 127 127 56 
Personal, small business and other(10)
37,869 105 10 — 37,984 — 137 137 — 
Total$78,474 $314 $265 $— $79,053 $— $569 $569 $69 
Total Citigroup(11)(12)
$363,256 $2,372 $2,153 $286 $368,067 $140 $1,177 $1,317 $1,658 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $222 million and $237 million at September 30, 2023 and December 31, 2022, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $29.8 billion and $17.0 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at September 30, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022.
(4)Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America 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).
(5)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at September 30, 2023 and December 31, 2022, respectively.
(6)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(7)Includes approximately $0.2 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.0 billion of residential mortgages outside North America related to the Global Wealth business at September 30, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022.
(8)Includes approximately $0.1 billion and $0.1 billion at September 30, 2023 and December 31, 2022, respectively, 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)As of September 30, 2023, Global Wealth business in North America includes $32.3 billion of loans, of which $29.8 billion are classifiably managed with 96% rated investment grade, and Global Wealth business outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 93% rated investment grade. As of December 31, 2022, Global Wealth business in North America includes $34.0 billion of loans, of which $31.5 billion are classifiably managed with 98% rated investment grade, and Global Wealth business outside North America includes $26.6 billion of loans, of which $17.8 billion are classifiably managed with 94% rated investment grade. Such loans are shown as “current” above.
(11)Consumer loans are net of unearned income of $789 million and $712 million at September 30, 2023 and December 31, 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.
(12)Not included in the balances above are approximately $1 billion and $1 billion of accrued interest receivable at September 30, 2023 and December 31, 2022, respectively, which are included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees).
During the three and nine months ended September 30, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.3 billion and $0.8 billion, respectively, and during the three and nine months ended September 30, 2022, the Company reversed accrued interest of approximately $0.2 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest revenue in the Consolidated Statement of Income.


Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollarsThree Months Ended September 30, 2023Three Months Ended September 30, 2022Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
In North America offices(1)
Residential first mortgages$2 $3 $8 $9 
Home equity loans2 1 5 3 
Credit cards— — — — 
Personal, small business and other1 1 2 2 
Total$5 $5 $15 $14 
In offices outside North America(1)
Residential mortgages$2 $2 $7 $2 
Credit cards— — — — 
Personal, small business and other— — — — 
Total$2 $2 $7 $2 
Total Citigroup$7 $7 $22 $16 

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

During the three and nine months ended September 30, 2023, the Company sold and/or reclassified to held-for-sale $1 million and $1.8 billion (a mortgage portfolio, which was moved to HFS in 1Q23 and subsequently sold in 2Q23) of consumer loans, respectively. During the three and nine months ended September 30, 2022, the Company sold and/or reclassified to held-for-sale $0 million and $337 million of consumer loans, respectively. The increase was due to the reclassification of a portfolio to HFS in the first quarter of 2023. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three and nine months ended September 30, 2023 or 2022. Loans held by a business for sale are not included in the above since they have been reclassified to Other assets. See Note 2 for additional information regarding Citigroup’s businesses held-for-sale.

Consumer Credit Scores (FICO)
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. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. With respect to Citi’s consumer loan portfolio outside of the U.S. as of September 30, 2023 and
December 31, 2022 ($76.8 billion and $80.5 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.

FICO score distribution—U.S. portfolio(1)
September 30, 2023
In millions of dollarsLess than
680		680
to 760		Greater
than 760
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2023$300 $4,526 $9,067 
2022698 6,331 13,766 
2021592 5,574 12,503 
2020412 4,235 10,738 
2019280 2,367 5,239 
Prior2,073 6,980 13,472 
Total residential first mortgages$4,355 $30,013 $64,785 $— $7,216 $106,369 
Home equity loans (pre-reset)$418 $1,079 $1,745 
Home equity loans (post-reset)74 76 51 
Home equity term loans87 131 102 
2023— — — 
2022— — — 
2021— — 1 
2020— 2 2 
20191 1 1 
Prior86 128 98 
Total home equity loans$579 $1,286 $1,898 $— $33 $3,796 
Credit cards$30,570 $60,462 $60,592 
Revolving loans converted to term loans(4)
1,013 375 53 
Total credit cards(5)
$31,583 $60,837 $60,645 $— $2,027 $155,092 
Personal, small business and other
2023$84 $304 $633 
2022293 440 575 
202177 104 127 
20209 11 16 
201910 10 11 
Prior131 177 130 
Total personal, small business and other(6)(7)
$604 $1,046 $1,492 $29,828 $2,721 $35,691 
Total$37,121 $93,182 $128,820 $29,828 $11,997 $300,948 
FICO score distribution—U.S. portfolio(1)
December 31, 2022
In millions of dollarsLess than
680		680
to 760		Greater
than 760
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2022$691 $7,530 $12,928 
20216395,93312,672
20204314,62110,936
20193212,5055,445
20183021,0721,899
Prior2,0206,55112,649
Total residential first mortgages$4,404 $28,212 $56,529 $6,894 $96,039 
Home equity line of credit (pre-reset)$552 $1,536 $1,876 
Home equity line of credit (post-reset)62 65 40 
Home equity term loans106 151 117 
2022— — — 
2021— 1 1 
20201 2 2 
20191 2 2 
20181 2 1 
Prior103 144 111 
Total home equity loans$720 $1,752 $2,033 $75 $4,580 
Credit cards$27,901 $58,213 $60,896 
Revolving loans converted to term loans(4)
766 354 54 
Total credit cards(5)
$28,667 $58,567 $60,950 $1,914 $150,098 
Personal, small business and other
2022$247 $546 $800 
202196 170 210 
202015 20 30 
201921 23 28 
201810 10 9 
Prior126 190 144 
Total personal, small business and other(6)(7)
$515 $959 $1,221 $31,478 $2,639 $36,812 
Total$34,306 $89,490 $120,733 $31,478 $11,522 $287,529 

(1)    The FICO bands in the tables are consistent with general industry peer presentations.
(2)    These personal, small business and other loans without a FICO score available include $29.8 billion and $31.5 billion of Private bank loans as of September 30, 2023 and December 31, 2022, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of September 30, 2023 and December 31, 2022, approximately 96% and 98% of these loans, respectively, were rated investment grade.
(3)    FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized.
(4)    Not included in the tables above are $68 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of September 30, 2023 and December 31, 2022, respectively.
(5)    Excludes $606 million and $545 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively.
(6)    Excludes $899 million and $940 million of balances related to Canada for September 30, 2023 and December 31, 2022, respectively.
(7)    Includes approximately $42 million and $67 million of personal revolving loans that were converted to term loans for September 30, 2023 and December 31, 2022, respectively.
Consumer Gross Credit Losses
The following table provides details on gross credit losses recognized during the nine months ended September 30, 2023, by year of loan origination:

In millions of dollarsNine Months Ended September 30, 2023
Residential first mortgages
2023$— 
20222 
2021— 
20201 
20195 
Prior31 
Total residential first mortgages$39 
Home equity line of credit (pre-reset)$2 
Home equity line of credit (post-reset)— 
Home equity term loans2 
Total home equity loans$4 
Credit cards$4,598 
Revolving loans converted to term loans132 
Total credit cards$4,730 
Personal, small business and other
2023$110 
2022146 
202183 
202034 
201938 
Prior132 
Total personal, small business and other$543 
Total Citigroup$5,316 
Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
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 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—U.S. portfolio
September 30, 2023
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2023$11,461 $2,668 $8 
202217,794 4,057 42 
202119,047 663 33 
202016,325 241 1 
20198,306 182 26 
Prior24,138 197 75 
Total residential first mortgages$97,071 $8,008 $185 $1,105 $106,369 
Home equity loans (pre-reset)$2,846 $19 $7 
Home equity loans (post-reset)486 6 12 
Total home equity loans$3,332 $25 $19 $420 $3,796 
Total$100,403 $8,033 $204 $1,525 $110,165 

LTV distribution—U.S. portfolio
December 31, 2022
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2022$15,644 $6,497 $40 
202119,104 1,227 33 
202016,935 267 1 
20198,789 140 23 
20183,598 74 9 
Prior22,367 132 74 
Total residential first mortgages$86,437 $8,337 $180 $1,085 $96,039 
Home equity loans (pre-reset)$3,677 $36 $56 
Home equity loans (post-reset)627 12 27 
Total home equity loans$4,304 $48 $83 $145 $4,580 
Total$90,741 $8,385 $263 $1,230 $100,619 

(1)Residential first mortgages with no LTV information available includes government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:

LTV distribution—outside of U.S. portfolio(1)
September 30, 2023
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2023$2,304 $883 $— 
20223,303 957 187 
20213,467 928 187 
20202,494 446 — 
20192,622 68 — 
Prior8,322 45 3 
Total$22,512 $3,327 $377 $173 $26,389 

LTV distribution—outside of U.S. portfolio(1)
December 31, 2022
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2022$3,106 $975 $294 
20214,144 964 273 
20203,293 502 25 
20193,048 92 1 
20182,074 48 — 
Prior9,201 36 7 
Total$24,866 $2,617 $600 $31 $28,114 

(1)Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of September 30, 2023 and December 31, 2022, mortgage portfolios outside of the U.S. had an average LTV of approximately 53% and 51%, respectively.
Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at September 30, 2023
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
3Q23 NCL ratio3Q22 NCL ratio
Residential mortgages(3)
$26,389 $— $26,389 0.19 %0.27 %(0.01)%0.18 %
Credit cards13,573 — 13,573 1.41 1.49 4.35 3.22 
Personal, small business and other(4)
35,299 16,954 18,345 0.57 0.22 0.99 0.74 
Total$75,261 $16,954 $58,307 0.59 %0.54 %1.24 %0.91 %
Delinquency-managed loans and ratios
In millions of dollars at December 31, 2022
Total
loans outside
of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
Residential mortgages(3)
$28,114 $— $28,114 0.22 %0.38 %
Credit cards12,955 — 12,955 1.13 1.15 
Personal, small business and other(4)
37,984 17,762 20,222 0.52 0.05 
Total$79,053 $17,762 $61,291 0.51 %0.43 %

(1)    Mexico is included in offices outside of North America.
(2)    Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of September 30, 2023 and December 31, 2022, approximately 93% and 94% of these loans, respectively, were rated investment grade.
(3)    Includes $20.0 billion and $19.8 billion as of September 30, 2023 and December 31, 2022, respectively, of residential mortgages related to the Global Wealth business.
(4)    Includes $24.9 billion and $26.6 billion as of September 30, 2023 and December 31, 2022, respectively, of loans related to the Global Wealth business.


Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify consumer loans to borrowers experiencing financial difficulty to minimize losses, avoid foreclosure or repossession of collateral, and ultimately maximize payments received from the borrowers. Citi uses various metrics to identify consumer borrowers experiencing financial difficulty, with the primary indicator being delinquency at the time of modification. Citi’s significant consumer modification programs are described below.

Credit Cards
Citi seeks to assist credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In both circumstances, if the cardholder does not comply with the modified payment terms, the credit card loan continues to age and will ultimately be charged off in accordance with Citi’s standard charge-off policy. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.
Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi seeks to assist residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. These loans continue to age and accrue interest in accordance with their original contractual terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification. During the three and nine months ended September 30, 2023, $12 million and $22 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $4 million and $6 million had gone through Chapter 7 bankruptcy during the three and nine months ended September 30, 2023, respectively.

Types of Consumer Loan Modifications and Their Financial Effect
The following tables provide details on permanent consumer loan modifications granted during the three and nine months ended September 30, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the Three Months Ended September 30, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension
 Combination: term extension and payment delay(4)
Weighted average interest rate reduction %Weighted average term extension (months)Weighted average delay in payments (months)
In North America offices(5)
     
Residential first mortgages(6)
0.05 %$48 $— $25 $19 $4 $— 1 %2206
Home equity loans0.03 1 — — 1 — — 2 1466
Credit cards0.22 339 339 — — — — 22 — — 
Personal, small business and other0.01 4 — — — 4 — 6 15— 
Total0.13 %$392 $339 $25 $20 $8 $— 
In offices outside North America(5)
Residential mortgages0.99 %$260 $— $— $7 $— $253 — %11
Credit cards0.10 13 13 — — — — 18 — — 
Personal, small business and other0.02 7 1 2 — 4 — 8 21— 
Total0.37 %$280 $14 $2 $7 $4 $253 

 
For the Nine Months Ended September 30, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at September 30, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension
 Combination: term extension and payment delay(4)
Weighted average interest rate reduction %Weighted average term extension (months)Weighted average delay in payments (months)
In North America offices(5)
     
Residential first mortgages(6)
0.14 %$145 $1 $53 $82 $9 $— 1 %2028
Home equity loans0.55 21 — — 8 13 — 2 1228
Credit cards0.49 756 756 — — — — 22 — — 
Personal, small business and other0.02 9 1 — — 8 — 6 15— 
Total0.31 %$931 $758 $53 $90 $30 $— 
In offices outside North America(5)
Residential mortgages1.15 %$303 $— $— $25 $1 $277 2 %34
Credit cards0.24 33 32 — — 1 — 18 28— 
Personal, small business and other0.06 20 3 6 — 11 — 8 19— 
Total0.47 %$356 $35 $6 $25 $13 $277 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three and nine months ended September 30, 2023, Citi granted forgiveness of $17 million and $38 million, respectively, in credit card loans and $1 million and $2 million, respectively, in personal, small business and other loans that had no remaining outstanding balance at September 30, 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2023.
(3)    For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4)    Residential mortgages in offices outside North America were granted four months of payment deferrals during the six months ended December 31, 2022.
(5)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(6)    Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three and nine months ended September 30, 2023.
The following tables present the Company’s three and nine months ended September 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023:

Consumer Troubled Debt Restructurings(1)

 
For the Three Months Ended September 30, 2022
In millions of dollars, except number of loans modifiedNumber of
loans modified
Post-
modification
recorded
investment(2)(3)
Deferred
principal(4)
Contingent
principal
forgiveness(5)
Principal
forgiveness(6)
Average
interest rate
reduction
In North America offices(7)
      
Residential first mortgages235 $58 $— $— $— — %
Home equity loans117 14 — — — — 
Credit cards46,326 203 — — — 18 
Personal, small business and other132 3 — — — 7 
Total(8)
46,810 $278 $— $— $— 
In offices outside North America(7)
Residential mortgages172 $6 $— $— $— — %
Credit cards3,519 15 — — — 27 
Personal, small business and other575 6 — — 1 8 
Total(8)
4,266 $27 $— $— $1 
 
For the Nine Months Ended September 30, 2022
In millions of dollars, except number of loans modifiedNumber of
loans modified
Post-
modification
recorded
investment(2)(9)
Deferred
principal(4)
Contingent
principal
forgiveness(5)
Principal
forgiveness(6)
Average
interest rate
reduction
In North America offices(7)
      
Residential first mortgages860 $195 $— $— $— — %
Home equity loans324 30 — — — — 
Credit cards123,886 533 — — — 18 
Personal, small business and other383 5 — — — 5 
Total(8)
125,453 $763 $— $— $— 
In offices outside North America(7)
Residential first mortgages465 $16 $— $— $— — %
Credit cards11,981 50 — — 1 24 
Personal, small business and other1,842 22 — — 1 8 
Total(8)
14,288 $88 $— $— $2 

(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 $1.8 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended September 30, 2022. These amounts include $1.8 million of residential first mortgages that were newly classified as TDRs in the three months ended September 30, 2022, 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)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(8)    The above tables reflect activity for restructured loans that were considered TDRs during the reporting period.
(9)    Post-modification balances in North America include $3.7 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the nine months ended September 30, 2022. These amounts include $3.7 million of residential first mortgages that were newly classified as TDRs in the nine months ended September 30, 2022, based on previously received OCC guidance.
Performance of Modified Consumer Loans
The following table presents the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the nine months ended September 30, 2023:

As of September 30, 2023
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due		Gross
credit losses
In North America offices(1)
Residential first mortgages$145 $62 $19 $64 $— 
Home equity loans21 14 1 6 — 
Credit cards756 522 143 91 118 
Personal, small business and other9 8 1 — — 
Total(2)(3)
$931 $606 $164 $161 $118 
In offices outside North America(1)
Residential mortgages$304 $301 $2 $1 $— 
Credit cards33 29 2 2 1 
Personal, small business and other19 17 2 — — 
Total(2)(3)
$356 $347 $6 $3 $1 

(1)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2)    Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.
(3)    Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification.

Defaults of Modified Consumer Loans
The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three and nine months ended September 30, 2023. Default is defined as 60 days past due:

 
For the Three Months Ended September 30, 2023
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$6 $— $5 $1 $— $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
61 61 — — — — — 
Personal, small business and other— — — — — — — 
Total$67 $61 $5 $1 $— $— $— 
In offices outside North America(3)
Residential mortgages$— $— $— $— $— $— $— 
Credit cards(4)
2 2 — — — — — 
Personal, small business and other— — — — — — — 
Total$2 $2 $— $— $— $— $— 
 For the Nine Months Ended September 30, 2023
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$7 $1 $5 $1 $— $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
93 93 — — — — — 
Personal, small business and other— — — — — — — 
Total$100 $94 $5 $1 $— $— $— 
In offices outside North America(3)
Residential mortgages$2 $— $— $2 $— $— $— 
Credit cards(4)
3 3 — — — — — 
Personal, small business and other2 — — — 2 — — 
Total$7 $3 $— $2 $2 $— $— 

(1)    The above table reflects activity for loans outstanding as of the end of the reporting period.
(2)    Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4)    Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.
The following table presents the Company’s three and nine months ended September 30, 2022 consumer TDRs, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, 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 dollars20222022
In North America offices(1)
Residential first mortgages$6 $23 
Home equity loans1 3 
Credit cards62 178 
Personal, small business and other— — 
Total$69 $204 
In offices outside North America(1)
Residential mortgages$2 $9 
Credit cards3 10 
Personal, small business and other1 3 
Total$6 $22 

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