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Income taxes (Tables)

6 Months Ended

Jun. 30, 2019

Schedule Of Deferred Tax Assets And Liabilities Table Text Block

			June 30, 2019
(In thousands)			PR		US		Total
Deferred tax assets:
Tax credits available for carryforward		$	15,900	$	7,757	$	23,657
Net operating loss and other carryforward available			122,413		714,253		836,666
Postretirement and pension benefits			82,650		-		82,650
Deferred loan origination fees			2,816		(2,267)		549
Allowance for loan losses			449,995		19,864		469,859
Deferred gains			-		2,479		2,479
Accelerated depreciation			1,963		5,687		7,650
FDIC-assisted transaction			88,821		-		88,821
Intercompany deferred gains			1,638		-		1,638
Difference in outside basis from pass-through entities			15,399		-		15,399
Other temporary differences			29,792		8,006		37,798
	Total gross deferred tax assets		811,387		755,779		1,567,166
Deferred tax liabilities:
Indefinite-lived intangibles			35,746		41,975		77,721
Unrealized net gain (loss) on trading and available-for-sale securities			38,225		(1,567)		36,658
Other temporary differences			11,832		1,109		12,941
	Total gross deferred tax liabilities		85,803		41,517		127,320
Valuation allowance			96,596		395,239		491,835
Net deferred tax asset		$	628,988	$	319,023	$	948,011
			December 31, 2018
(In thousands)			PR		US		Total
Deferred tax assets:
Tax credits available for carryforward		$	15,900	$	7,757	$	23,657
Net operating loss and other carryforward available			116,154		720,933		837,087
Postretirement and pension benefits			83,390		-		83,390
Deferred loan origination fees			3,216		(1,280)		1,936
Allowance for loan losses			516,643		18,612		535,255
Deferred gains			-		2,551		2,551
Accelerated depreciation			1,963		5,786		7,749
FDIC-assisted transaction			95,851		-		95,851
Intercompany deferred gains			1,518		-		1,518
Difference in outside basis from pass-through entities			20,209		-		20,209
Other temporary differences			24,957		7,522		32,479
	Total gross deferred tax assets		879,801		761,881		1,641,682
Deferred tax liabilities:
Indefinite-lived intangibles			34,081		39,597		73,678
Unrealized net gain (loss) on trading and available-for-sale securities			23,823		(12,783)		11,040
Other temporary differences			10,579		1,109		11,688
	Total gross deferred tax liabilities		68,483		27,923		96,406
Valuation allowance			89,852		406,455		496,307
Net deferred tax asset		$	721,466	$	327,503	$	1,048,969

Summary Of Income Tax Contingencies Text Block

(In millions)		2019			2018
Balance at January 1	$	7.2		$	7.3
Additions for tax positions - January through March		0.3			0.2
Balance at March 31	$	7.5		$	7.5
Additions for tax positions - April through June		0.2			0.3
Balance at June 30	$	7.7		$	7.8

PUERTO RICO

Schedule Of Effective Income Tax Rate Reconciliation Table Text Block

			Quarters ended
			June 30, 2019					June 30, 2018
(In thousands)			Amount	% of pre-tax income				Amount	% of pre-tax income
Computed income tax expense at statutory rates		$	79,289	38	%		$	97,977	39	%
Net benefit of tax exempt interest income			(30,939)	(15)				(22,407)	(9)
Deferred tax asset valuation allowance			1,263	1				4,186	2
Difference in tax rates due to multiple jurisdictions			(2,756)	(2)				(2,238)	(1)
Effect of income subject to preferential tax rate[1]			(2,287)	(1)				(103,008)	(41)
State and local taxes			1,731	1				1,718	1
Others			(5,971)	(3)				(4,788)	(2)
Income tax (benefit) expense		$	40,330	19	%		$	(28,560)	(11)	%
[1]	For the quarter ended June 30, 2018, includes the impact of the Tax Closing Agreement entered into in connection with the FDIC Transaction.

			Six months ended
			June 30, 2019					June 30, 2018
(In thousands)			Amount	% of pre-tax income				Amount	% of pre-tax income
Computed income tax expense at statutory rates		$	161,094	38	%		$	142,234	39	%
Net benefit of tax exempt interest income			(57,883)	(14)				(45,400)	(12)
Deferred tax asset valuation allowance			6,745	2				11,412	3
Difference in tax rates due to multiple jurisdictions			(5,618)	(2)				(5,197)	(2)
Effect of income subject to preferential tax rate[1]			(5,215)	(1)				(106,056)	(29)
State and local taxes			3,355	1				3,081	1
Others			(11,925)	(3)				(6,479)	(2)
Income tax (benefit) expense		$	90,553	21	%		$	(6,405)	(2)	%
[1]	For the six months ended June 30, 2018, includes the impact of the Tax Closing Agreement entered into in connection with the FDIC 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.

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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.

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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.

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