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Income taxes (Tables)

9 Months Ended

Sep. 30, 2018

Schedule Of Deferred Tax Assets And Liabilities Table Text Block

			September 30, 2018
(In thousands)			PR		US		Total
Deferred tax assets:
Tax credits available for carryforward		$	16,500	$	7,859	$	24,359
Net operating loss and other carryforward available			114,193		734,822		849,015
Postretirement and pension benefits			81,525		-		81,525
Deferred loan origination fees			3,258		(996)		2,262
Allowance for loan losses			569,336		21,922		591,258
Deferred gains			-		2,653		2,653
Accelerated depreciation			1,300		7,076		8,376
FDIC-assisted transaction			105,249		-		105,249
Intercompany deferred (loss) gains			1,284		-		1,284
Difference in outside basis from pass-through entities			25,495		-		25,495
Other temporary differences			28,387		7,513		35,900
	Total gross deferred tax assets		946,527		780,849		1,727,376
Deferred tax liabilities:
Indefinite-lived intangibles			34,579		39,419		73,998
Unrealized net gain (loss) on trading and available-for-sale securities			11,609		(18,615)		(7,006)
Other temporary differences			11,302		845		12,147
	Total gross deferred tax liabilities		57,490		21,649		79,139
Valuation allowance			84,282		421,162		505,444
Net deferred tax asset		$	804,755	$	338,038	$	1,142,793
			December 31, 2017
(In thousands)			PR		US		Total
Deferred tax assets:
Tax credits available for carryforward		$	16,069	$	7,979	$	24,048
Net operating loss and other carryforward available			115,512		708,158		823,670
Postretirement and pension benefits			85,488		-		85,488
Deferred loan origination fees			3,669		958		4,627
Allowance for loan losses			603,462		20,708		624,170
Deferred gains			-		2,670		2,670
Accelerated depreciation			1,300		7,083		8,383
Intercompany deferred (loss) gains			224		-		224
Difference in outside basis from pass-through entities			30,424		-		30,424
Other temporary differences			25,084		6,901		31,985
	Total gross deferred tax assets		881,232		754,457		1,635,689
Deferred tax liabilities:
FDIC-assisted transaction			60,402		-		60,402
Indefinite-lived intangibles			31,973		33,009		64,982
Unrealized net gain (loss) on trading and available-for-sale securities			26,364		(7,961)		18,403
Other temporary differences			9,876		386		10,262
	Total gross deferred tax liabilities		128,615		25,434		154,049
Valuation allowance			67,263		380,561		447,824
Net deferred tax asset		$	685,354	$	348,462	$	1,033,816

Summary Of Income Tax Contingencies Text Block

(In millions)		2018			2017
Balance at January 1	$	7.3		$	7.4
Additions for tax positions - January through March		0.2			0.2
Balance at March 31	$	7.5		$	7.6
Additions for tax positions - April through June		0.3			0.3
Reduction as a result of settlements - April through June		-			(0.3)
Balance at June 30	$	7.8		$	7.6
Additions for tax positions - July through September		0.3			0.3
Reduction as a result of lapse of statute of limitations - July through September		(1.2)			(0.9)
Balance at September 30	$	6.9		$	7.0

PUERTO RICO

Schedule Of Effective Income Tax Rate Reconciliation Table Text Block

		Quarters ended
		September 30, 2018					September 30, 2017
(In thousands)		Amount	% of pre-tax income				Amount	% of pre-tax income
Computed income tax expense at statutory rates	$	71,240	39	%		$	272	39	%
Net benefit of tax exempt interest income		(24,941)	(14)				(19,563)	(2,803)
Deferred tax asset valuation allowance		5,606	3				5,142	737
Difference in tax rates due to multiple jurisdictions		(5,203)	(3)				189	27
Effect of income subject to preferential tax rate		(2,031)	(1)				(3,313)	(475)
Unrecognized tax benefits		(1,621)	(1)				(1,185)	(170)
State and local taxes		3,115	2				(64)	(9)
Others		(4,147)	(2)				(1,444)	(207)
Income tax (benefit) expense	$	42,018	23	%		$	(19,966)	(2,861)	%

		Nine months ended
		September 30, 2018					September 30, 2017
(In thousands)		Amount	% of pre-tax income				Amount	% of pre-tax income
Computed income tax expense at statutory rates	$	213,474	39	%		$	100,857	39	%
Net benefit of tax exempt interest income		(70,341)	(13)				(56,408)	(22)
Deferred tax asset valuation allowance		17,018	3				15,262	6
Difference in tax rates due to multiple jurisdictions		(10,400)	(2)				(1,601)	(1)
Effect of income subject to preferential tax rate[1]		(108,087)	(20)				(9,825)	(4)
Unrecognized tax benefits		(1,621)	-				(1,185)	-
State and local taxes		6,196	1				2,800	1
Others		(10,626)	(2)				(1,128)	-
Income tax (benefit) expense	$	35,613	6	%		$	48,772	19	%
[1] For the nine months ended September 30, 2018, includes the impact of the Tax Closing Agreement entered into in connection with the Westernbank FDIC-assisted Transaction.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-SubTopic 10
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- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

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-Publisher FASB
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