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LOANS
3 Months Ended
Mar. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
LOANS LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment 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 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 dollarsMarch 31,
2023
December 31,
2022
In North America offices(1)
  
Commercial and industrial$59,790 $56,176 
Financial institutions38,524 43,399 
Mortgage and real estate(2)
18,562 17,829 
Installment and other23,578 23,767 
Lease financing299 308 
Total$140,753 $141,479 
In offices outside North America(1)
  
Commercial and industrial$92,803 $93,967 
Financial institutions22,272 21,931 
Mortgage and real estate(2)
4,975 4,179 
Installment and other24,800 23,347 
Lease financing49 46 
Governments and official institutions2,647 4,205 
Total$147,546 $147,675 
Corporate loans, net of unearned income(3)(4)(5)
$288,299 $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)Corporate loans are net of unearned income of ($801) million and ($797) million at March 31, 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.
(4)Not included in the balances above is approximately $2 billion of accrued interest receivable at March 31, 2023 and December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet.
(5)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three months ended March 31, 2023 and 2022.
The Company sold and/or reclassified to held-for-sale $0.9 billion and $0.3 billion of corporate loans during the three months ended March 31, 2023 and 2022, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2023 or 2022.
Corporate Loan Delinquencies and Non-Accrual Details at March 31, 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$564 $436 $1,000 $909 $148,421 $150,330 
Financial institutions37 89 126 158 60,150 60,434 
Mortgage and real estate188 67 255 89 23,134 23,478 
Lease financing    348 348 
Other69 47 116 57 48,640 48,813 
Loans at fair value4,896 
Total$858 $639 $1,497 $1,213 $280,693 $288,299 

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— 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 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)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.
Corporate Loans Credit Quality Indicators

 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
March 31, 2023
In millions of dollars20232022202120202019Prior
Investment grade(3)
 
Commercial and industrial(4)
$30,374 $12,281 $5,870 $2,895 $3,241 $8,888 $39,492 $103,041 
Financial institutions(4)
5,658 6,899 3,872 602 717 1,766 32,909 52,423 
Mortgage and real estate906 5,081 3,347 3,669 2,112 2,835 120 18,070 
Other(5)
1,742 6,445 1,918 1,223 868 4,824 27,485 44,505 
Total investment grade$38,680 $30,706 $15,007 $8,389 $6,938 $18,313 $100,006 $218,039 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$10,901 $8,199 $2,848 $1,868 $1,111 $4,190 $17,017 $46,134 
Financial institutions(4)
2,347 2,396 717 178 362 233 1,870 8,103 
Mortgage and real estate597 551 860 592 722 1,577 418 5,317 
Other(5)
505 1,049 502 509 435 222 1,375 4,597 
Non-accrual
Commercial and industrial(4)
 7 32 46 111 164 549 909 
Financial institutions 41 35    82 158 
Mortgage and real estate  28   40 21 89 
Other(5)
6 10  7  3 31 57 
Total non-investment grade$14,356 $12,253 $5,022 $3,200 $2,741 $6,429 $21,363 $65,364 
Loans at fair value(6)
$4,896 
Corporate loans, net of unearned income$53,036 $42,959 $20,029 $11,589 $9,679 $24,742 $121,369 $288,299 
 
Recorded investment in loans(1)
Term loans by year of origination(7)
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(5)
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(5)
1,244 559 391 413 219 1,292 4,119 
Non-accrual
Commercial and industrial(4)
12 99 115 49 105 479 860 
Financial institutions41 34 — — — — 77 152 
Mortgage and real estate10 — — — 19 — 33 
Other(5)
— 26 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 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)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)In the first quarter of 2023, Citi identified that at December 31, 2022 certain loans originated prior to 2022 were disclosed as originating in 2022. The table above has been revised to reflect the correct origination year. Citi evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. The impact of the revision increased (decreased) the year of origination amounts as follows: $(24.9) billion, $2.0 billion, $3.2 billion, $4.6 billion, $4.1 billion and $11.0 billion for 2022, 2021, 2020, 2019, 2018 and prior, respectively.
Gross Credit Losses
The table below details gross credit losses recognized in the three months ended March 31, 2023, by year of loan origination:

 For the period ended March 31, 2023
In millions of dollars20232022202120202019Prior Revolving line of credit arrangementTotal
Commercial and industrial$1 $ $ $ $ $ $35 $36 
Financial institutions        
Mortgage and real estate        
Other(1)
      3 3 
Total$1 $ $ $ $ $ $38 $39 

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

Non-Accrual Corporate Loans

 March 31, 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$592 $253 $583 $268 
Financial institutions154 70 149 51 
Mortgage and real estate46 5 33 
Other4 1 — — 
Total non-accrual corporate loans with specific allowances$796 $329 $765 $323 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$317 N/A$277 N/A
Financial institutions4 N/AN/A
Mortgage and real estate43 N/A— N/A
Lease financing N/A10 N/A
Other53 N/A67 N/A
Total non-accrual corporate loans without specific allowances$417 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 months ended March 31, 2023, December 31, 2022 and March 31, 2022 was $11 million, $15 million and $11 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 months ended March 31, 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 Months Ended March 31, 2023
In millions of dollars, except for weighted average term extension
Total modifications balance at March 31,
2023(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(5)
Weighted average term extension
(months)
Commercial and industrial$70 $40 $30 15
Financial institutions    
Mortgage and real estate6 6  4
Other(4)
    
Total$76 $46 $30 

(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 March 31, 2023.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $368 million as of March 31, 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)Other includes installment and other, lease financing and loans to government and official institutions.
(5)Payment delays either for principal or interest payments were immaterial.

For the Three Months Ended March 31, 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
Commercial and industrial$12 $— $— $12 
Mortgage and real estate— — — — 
Other(3)
— — — — 
Total$12 $— $— $12 

(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, including loans that were modified during the three months ended March 31, 2023:

 
As of March 31, 2023(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$70 $70 $ $ 
Financial institutions    
Mortgage and real estate6 6   
Other(2)
    
Total$76 $76 $ $ 

(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 months ended March 31, 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.

In millions of dollarsTDR balances at
March 31, 2022
TDR loans that re-defaulted in 2022 within one year of modification
Commercial and industrial$205 $— 
Mortgage and real estate20 — 
Other(1)
23 — 
Total(2)
$248 $— 

(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 in North America offices primarily represent secured mortgage lending to customers of Retail banking and Global Wealth (primarily Private bank and Citigold).
Credit cards in North America offices primarily represent unsecured credit card lending to customers of Branded cards and Retail services.
Personal, small business and other loans in North America 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.
Residential mortgage loans in offices outside North America primarily represent secured mortgage lending to customers of Global Wealth (primarily Private bank and Citigold) as well as customers of Legacy Franchises.
Credit cards in offices outside North America primarily represent unsecured credit card lending to customers of Legacy Franchises, primarily in Asia and Mexico.
Personal, small business and other loans in offices outside North America are primarily composed of secured and unsecured loans to customers of PBWM and Legacy Franchises. A significant portion of PBWM loans is classifiably managed and represents loans to high credit quality Private bank customers who 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 March 31, 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)
$97,881 $336 $332 $241 $98,790 $83 $448 $531 $147 
Home equity loans(8)(9)
4,089 34 121  4,244 46 152 198  
Credit cards142,390 1,545 1,608  145,543    1,608 
Personal, small business and other(10)
37,681 95 29 7 37,812 3 22 25 25 
Total$282,041 $2,010 $2,090 $248 $286,389 $132 $622 $754 $1,780 
In offices outside North America(6)
      
Residential mortgages(7)(9)
$26,740 $62 $111 $ $26,913 $ $359 $359 $14 
Credit cards12,704 163 166  13,033  136 136 63 
Personal, small business and other(10)
37,263 90 8  37,361  146 146  
Total$76,707 $315 $285 $ $77,307 $ $641 $641 $77 
Total Citigroup(11)(12)
$358,748 $2,325 $2,375 $248 $363,696 $132 $1,263 $1,395 $1,857 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $238 million of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively.
(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 90 days or more past due of $0.1 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 and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $20.3 billion of residential mortgages outside North America related to the Global Wealth business.
(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)Includes loans related to the Global Wealth business: $33.9 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of March 31, 2023 approximately 95% were rated investment grade; and $26.3 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of March 31, 2023 approximately 89% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification.
(11)Consumer loans are net of unearned income of $748 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.
(12)Not included in the balances above is approximately $1 billion of accrued interest receivable at March 31, 2023, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the three months ended March 31, 2023, the Company reversed accrued interest of approximately $0.2 billion, primarily related to credit card loans.
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 37,752 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 $237 million of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively.
(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 90 days or more past due of $0.2 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, 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 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)Includes loans related to the Global Wealth business: $34.0 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of December 31, 2022 approximately 98% were rated investment grade; and $26.6 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of December 31, 2022 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification.
(11)Consumer loans are net of unearned income of $712 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.
(12)Not included in the balances above is approximately $1 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the year ended December 31, 2022, the Company reversed accrued interest of approximately $0.6 billion, primarily related to credit card loans.
Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollarsThree Months Ended March 31, 2023Three Months Ended March 31, 2022
In North America offices(1)
Residential first mortgages$3 $
Home equity loans2 
Credit cards — 
Personal, small business and other — 
Total$5 $
In offices outside North America(1)
Residential mortgages$1 $— 
Credit cards — 
Personal, small business and other — 
Total$1 $— 
Total Citigroup$6 $

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

The Company sold and/or reclassified to held-for-sale $1.8 billion and $7 million of consumer loans during the three months ended March 31, 2023 and 2022, respectively. The increase was due to the reclassification of a portfolio to HFS in the first quarter of 2023. Loans held by a business for sale are not included in the above. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three months ended March 31, 2023 or 2022. 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. For Citi’s $78.8 billion and $80.5 billion in the consumer loan portfolio outside of the U.S. as of March 31, 2023 and December 31, 2022, 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 distributionU.S. portfolio(1)(2)
March 31, 2023
In millions of dollarsLess than
680
680
to 760
Greater
than 760
Classifiably managed(3)
FICO not available(4)
Total
loans
Residential first mortgages
2023$56 $1,112 $2,258 
2022823 6,981 13,463 
2021669 5,690 12,698 
2020400 4,410 10,981 
2019353 2,382 5,388 
Prior2,341 7,061 14,100 
Total residential first mortgages$4,642 $27,636 $58,888 $ $7,624 $98,790 
Home equity loans (pre-reset)$529 $1,407 $1,739 
Home equity loans (post-reset)63 70 41 
Home equity term loans103 141 111 
2023   
2022   
2021 1 1 
2020 2 2 
20191 1 1 
Prior102 137 107 
Total home equity loans$695 $1,618 $1,891 $ $40 $4,244 
Credit cards$29,044 $57,031 $55,624 
Revolving loans converted to term loans(5)
856 346 51 
Total credit cards(6)
$29,900 $57,377 $55,675 $ $2,071 $145,023 
Personal, small business and other
2023$11 $51 $120 
2022307 576 812 
202194 147 174 
202013 16 24 
201917 18 21 
Prior135 187 131 
Total personal, small business and other(7)(8)
$577 $995 $1,282 $31,452 $2,571 $36,877 
Total$35,814 $87,626 $117,736 $31,452 $12,306 $284,934 
FICO score distribution—U.S. portfolio(1)(2)
December 31, 2022
In millions of dollarsLess than
680
680
to 760
Greater
than 760
Classifiably managed(3)
FICO not available(4)
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— 
2020
2019
2018
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(5)
766 354 54 
Total credit cards(6)
$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 
Prior126 190 144 
Total personal, small business and other(7)(8)
$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)    FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.
(3)    These personal, small business and other loans without a FICO score available include $31.5 billion and $31.5 billion of Private bank loans as of March 31, 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 March 31, 2023 and December 31, 2022, approximately 95% and 98% of these loans, respectively, were rated investment grade.
(4)    FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized.
(5)    Not included in the tables above are $48 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of March 31, 2023 and December 31, 2022, respectively.
(6)    Excludes $520 million and $545 million of balances related to Canada for March 31, 2023 and December 31, 2022, respectively.
(7)    Excludes $935 million and $940 million of balances related to Canada for March 31, 2023 and December 31, 2022, respectively.
(8)    Includes approximately $56 million and $67 million of personal revolving loans that were converted to term loans for March 31, 2023 and December 31, 2022, respectively.
Consumer Gross Credit Losses
The following table provides details on gross credit losses recognized during the three months ended March 31, 2023, by year of loan origination:

In millions of dollarsThree Months Ended
March 31, 2023
Residential first mortgages
2023$ 
2022 
2021 
20201 
20191 
Prior12 
Total residential first mortgages$14 
Home equity line of credit (pre-reset)$ 
Home equity line of credit (post-reset) 
Home equity term loans1 
Total home equity loans$1 
Credit cards$1,366 
Revolving loans converted to term loans42 
Total credit cards$1,408 
Personal, small business and other
2023$38 
202237 
202129 
202013 
201913 
Prior42 
Total personal, small business and other$172 
Total Citigroup$1,595 
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 distributionU.S. portfolio
March 31, 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$2,464 $985 $ 
202214,533 7,710 148 
202118,590 1,556 33 
202016,678 336 1 
20198,532 220 26 
Prior25,655 261 24 
Total residential first mortgages$86,452 $11,068 $232 $1,038 $98,790 
Home equity loans (pre-reset)$3,559 $41 $61 
Home equity loans (post-reset)488 9 14 
Total home equity loans$4,047 $50 $75 $72 $4,244 
Total$90,499 $11,118 $307 $1,110 $103,034 

LTV distributionU.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 
20198,789 140 23 
20183,598 74 
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 distributionoutside of U.S. portfolio(1)
March 31, 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$966 $399 $ 
20223,165 1,018 190 
20213,816 966 197 
20202,927 475  
20192,841 78 1 
Prior9,668 68 8 
Total$23,383 $3,004 $396 $130 $26,913 

LTV distributionoutside 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 
20182,074 48 — 
Prior9,201 36 
Total$24,866 $2,617 $600 $31 $28,114 

(1)Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of March 31, 2023 and December 31, 2022, mortgage portfolios outside of the U.S. had an average LTV of approximately 52% and 51%, respectively.
Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at March 31, 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
1Q23 NCL ratio1Q22 NCL ratio
Residential mortgages(3)
$26,913 $ $26,913 0.23 %0.41 %0.11 %0.09 %
Credit cards13,033  13,033 1.25 1.27 3.80 3.23 
Personal, small business and other(4)
37,361 17,808 19,553 0.46 0.04 0.87 0.63 
Total$77,307 $17,808 $59,499 0.53 %0.48 %1.09 %0.81 %
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 March 31, 2023 and December 31, 2022, approximately 89% and 94% of these loans, respectively, were rated investment grade.
(3)    Includes $20.3 billion and $19.8 billion as of March 31, 2023 and December 31, 2022, respectively, of residential mortgages related to the Global Wealth business.
(4)    Includes $26.3 billion and $26.6 billion as of March 31, 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.
Residential Mortgages
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. In the U.S., before permanently modifying 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. Upon successful completion of the trial period, Citi and the borrower enter into a permanent modification. Citi expects most loans entering trial modifications to ultimately be granted permanent modifications. At March 31, 2023, $25 million of mortgage loans were enrolled in trial programs. At March 31, 2023, mortgage loans of $1 million had gone through Chapter 7 bankruptcy during the three months ended March 31, 2023.

Types of Consumer Loan Modifications and Their Financial Effect
The following table provides details on permanent consumer loan modifications granted during the three months ended March 31, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the Three Months Ended March 31, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at March 31, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension
 Combination: term extension and payment delay(4)
Combination: interest rate reduction, term extension and payment delayWeighted 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 %$52 $ $15 $34 $3 $ $ 2 %1836
Home equity loans0.19 8   3 5   3 1205
Credit cards0.19 276 276      22   
Personal, small business and other0.01 2    2   7 16 
Total0.12 %$338 $276 $15 $37 $10 $ $ 
In offices outside North America(5)
Residential mortgages0.97 %$260 $ $ $17 $ $242 $1  %11
Credit cards0.09 12 12      18   
Personal, small business and other0.02 7 1 2  4   6 206
Total0.36 %$279 $13 $2 $17 $4 $242 $1 

(1)    The above table reflects activity for loans outstanding as of the end of the reporting period. During the three months ended March 31, 2023, Citi granted forgiveness of $9 million in credit card loans and $1 million in personal, small business and other loans that had no outstanding balance at March 31, 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the table above were immaterial at March 31, 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 months ended March 31, 2023.

Consumer Troubled Debt Restructurings

 
For the Three Months Ended March 31, 2022
In millions of dollars, except number of loans modifiedNumber of
loans modified
Post-
modification
recorded
investment(1)(2)
Deferred
principal(3)
Contingent
principal
forgiveness(4)
Principal
forgiveness(5)
Average
interest rate
reduction
In North America offices(6)
      
Residential first mortgages346 $81 $— $— $— — %
Home equity loans104 — — — — 
Credit cards40,740 173 — — — 17 
Personal, small business and other146 — — — 
Total(7)
41,336 $264 $— $— $—  
In offices outside North America(6)
      
Residential mortgages183 $$— $— $— — %
Credit cards5,000 22 — — 19 
Personal, small business and other672 — — — 
Total(7)
5,855 $37 $— $— $ 

(1)Post-modification balances include past due amounts that are capitalized at the modification date.
(2)Post-modification balances in North America include $1 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2022. These amounts include $1 million of residential first mortgages that were newly classified as TDRs in the three months ended March 31, 2022, based on previously received OCC guidance.
(3)Represents the portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value.
(4)Represents the portion of contractual loan principal that is non-interest bearing and, depending on borrower performance, eligible for forgiveness.
(5)Represents the portion of contractual loan principal that was forgiven at the time of permanent modification.
(6)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(7)    The above tables reflect activity for restructured loans that were considered TDRs during the reporting period.

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, including loans that were modified during the three months ended March 31, 2023:
As of March 31, 2023For the Three Months Ended
In millions of dollarsTotal Current30-89 days
past due
90+ days
past due
Gross
credit losses
In North America offices(1)
Residential first mortgages$52 $18 $18 $16 $ 
Home equity loans9 6 1 2  
Credit cards276 129 81 66 13 
Personal, small business and other2 2    
Total(2)(3)
$339 $155 $100 $84 $13 
In offices outside North America(1)
Residential mortgages$260 $259 $1 $ $1 
Credit cards12 12    
Personal, small business and other6 6    
Total(2)(3)
$278 $277 $1 $ $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 table presents 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 months ended March 31, 2023. Default is defined as 60 days past due:

 
For the Three Months Ended March 31, 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$ $ $ $ $ $ $ 
Home equity loans       
Credit cards(4)
12 12      
Personal, small business and other       
Total$12 $12 $ $ $ $ $ 
In offices outside North America(3)
Residential mortgages$2 $ $ $1 $ $ $1 
Credit cards(4)
       
Personal, small business and other       
Total$2 $ $ $1 $ $ $1 

(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 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:

In millions of dollarsThree Months Ended March 31, 2022
In North America offices(1)
Residential first mortgages$
Home equity loans— 
Credit cards57 
Personal, small business and other— 
Total$61 
In offices outside North America(1)
Residential mortgages$
Credit cards
Personal, small business and other
Total$

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

Purchased Credit-Deteriorated Assets

Three Months Ended
March 31, 2023
Three Months Ended
December 31, 2022
Three Months Ended
March 31, 2022
In millions of dollarsCredit
cards
Mortgages(1)
Installment
and other
Credit
cards
Mortgages(1)
Installment
and other
Credit
cards
Mortgages(1)
Installment
and other
Purchase price $ $6 $ $— $$— $— $$— 
Allowance for credit losses at acquisition date   — — — — — — 
Discount or premium attributable to non-credit factors   — — — — — — 
Par value (amortized cost basis)$ $6 $ $— $$— $— $$— 

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