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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Schedule Of Components Of Income Tax Expense Benefit |
(In thousands) |  | 2021 |  | 2020 |  | 2019
Current income tax (benefit) expense: |  |  |  |  |  |
Puerto Rico | $ | 69,415 | $ | 33,281 | $ | 2,251
Federal and States |  | 10,232 |  | 3,613 |  | 3,598
Subtotal |  | 79,647 |  | 36,894 |  | 5,849
Deferred income tax expense (benefit): |  |  |  |  |  |
Puerto Rico |  | 179,688 |  | 69,300 |  | 123,337
Federal and States |  | 49,683 |  | 5,744 |  | 17,995
Subtotal |  | 229,371 |  | 75,044 |  | 141,332
Total income tax expense | $ | 309,018 | $ | 111,938 | $ | 147,181
Components of Deferred Tax Assets and Liabilities |
|  |  | December 31, 2021
(In thousands) |  | PR |  | US |  | Total
Deferred tax assets: |  |  |  |  |  |
Tax credits available for carryforward | $ | 261 | $ | 2,781 | $ | 3,042
Net operating loss and other carryforward available |  | 112,331 |  | 665,164 |  | 777,495
Postretirement and pension benefits |  | 57,002 |  | - |  | 57,002
Deferred loan origination fees/cost |  | 2,788 |  | - |  | 2,788
Allowance for credit losses |  | 233,500 |  | 31,872 |  | 265,372
Deferred gains |  | 1,642 |  | - |  | 1,642
Accelerated depreciation |  | 5,246 |  | 7,422 |  | 12,668
FDIC-assisted transaction |  | 152,665 |  | - |  | 152,665
Lease liability |  | 31,211 |  | 23,894 |  | 55,105
Difference in outside basis from pass-through entities |  | 54,781 |  | - |  | 54,781
Other temporary differences |  | 38,512 |  | 8,418 |  | 46,930
| Total gross deferred tax assets |  | 689,939 |  | 739,551 |  | 1,429,490
Deferred tax liabilities: |  |  |  |  |  |
Indefinite-lived intangibles |  | 76,635 |  | 51,150 |  | 127,785
Unrealized net gain (loss) on trading and available-for-sale securities |  | 4,329 |  | 2,817 |  | 7,146
Right of use assets |  | 29,025 |  | 20,282 |  | 49,307
Deferred loan origination fees/cost |  | - |  | 3,567 |  | 3,567
Other temporary differences |  | 43,856 |  | 1,530 |  | 45,386
| Total gross deferred tax liabilities |  | 153,845 |  | 79,346 |  | 233,191
Valuation allowance |  | 128,557 |  | 410,970 |  | 539,527
Net deferred tax asset | $ | 407,537 | $ | 249,235 | $ | 656,772
|  |  | December 31, 2020
(In thousands) |  | PR |  | US |  | Total
Deferred tax assets: |  |  |  |  |  |
Tax credits available for carryforward | $ | 3,003 | $ | 5,269 | $ | 8,272
Net operating loss and other carryforward available |  | 124,355 |  | 698,842 |  | 823,197
Postretirement and pension benefits |  | 80,179 |  | - |  | 80,179
Deferred loan origination fees |  | 12,079 |  | (2,652) |  | 9,427
Allowance for credit losses |  | 373,010 |  | 38,606 |  | 411,616
Accelerated depreciation |  | 3,439 |  | 5,390 |  | 8,829
FDIC-assisted transaction |  | 152,665 |  | - |  | 152,665
Intercompany deferred gains |  | 1,728 |  | - |  | 1,728
Lease liability |  | 22,790 |  | 18,850 |  | 41,640
Difference in outside basis from pass-through entities |  | 61,222 |  | - |  | 61,222
Other temporary differences |  | 38,954 |  | 7,344 |  | 46,298
| Total gross deferred tax assets |  | 873,424 |  | 771,649 |  | 1,645,073
Deferred tax liabilities: |  |  |  |  |  |
Indefinite-lived intangibles |  | 73,305 |  | 37,745 |  | 111,050
Unrealized net gain (loss) on trading and available-for-sale securities |  | 67,003 |  | 8,595 |  | 75,598
Right of use assets |  | 20,708 |  | 15,510 |  | 36,218
Other temporary differences |  | 50,247 |  | 1,169 |  | 51,416
| Total gross deferred tax liabilities |  | 211,263 |  | 63,019 |  | 274,282
Valuation allowance |  | 112,871 |  | 407,225 |  | 520,096
Net deferred tax asset | $ | 549,290 | $ | 301,405 | $ | 850,695
Summary Of Operating Loss Carryforwards |
(In thousands) |  |
2022 | $ | 396
2023 |  | 1,363
2024 |  | 9,310
2025 |  | 13,516
2026 |  | 13,367
2027 |  | 15,202
2028 |  | 288,395
2029 |  | 119,297
2030 |  | 120,255
2031 |  | 117,210
2032 |  | 22,758
2033 |  | 10,749
2034 |  | 44,473
2035 |  | 1,079
2036 |  | 125
| $ | 777,495
Reconciliation of Unrecognized Tax Benefits |
(In millions) |  |
Balance at January 1, 2020 | $ | 16.3
Reduction as a result of lapse of statute of limitations |  | (1.5)
Balance at December 31, 2020 | $ | 14.8
Reduction as a result of lapse of statute of limitations |  | (11.3)
Balance at December 31, 2021 | $ | 3.5
PR |
Differences Between Income Tax Expense (Benefit) Applicable to Income Before Income Taxes and Amount Computed by Applying the Statutory Tax Rate in Puerto Rico |
|  |  | 2021 |  |  | 2020 |  |  | 2019 |
(In thousands) |  | Amount | % of pre-tax income |  |  | Amount | % of pre-tax income |  |  | Amount | % of pre-tax income |
Computed income tax at statutory rates | $ | 466,465 | 38 | % | $ | 231,960 | 38 | % | $ | 306,869 | 38 | %
Benefit of net tax exempt interest income |  | (139,426) | (12) |  |  | (126,232) | (20) |  |  | (145,597) | (18) |
Effect of income subject to preferential tax rate |  | (11,981) | (1) |  |  | (10,141) | (2) |  |  | (9,562) | (1) |
Deferred tax asset valuation allowance |  | 20,932 | 2 |  |  | 15,276 | 2 |  |  | 16,992 | 2 |
Difference in tax rates due to multiple jurisdictions |  | (30,719) | (3) |  |  | (1,903) | - |  |  | (12,888) | (2) |
Adjustment in net deferred tax due to change in the applicable tax rate |  | - | - |  |  | - | - |  |  | (6,559) | (1) |
Unrecognized tax benefits |  | (5,484) | - |  |  | (2,163) | - |  |  | - | - |
State and local taxes |  | 14,629 | 1 |  |  | 4,350 | - |  |  | 4,749 | 1 |
Others |  | (5,398) | - |  |  | 791 | - |  |  | (6,823) | (1) |
Income tax expense | $ | 309,018 | 25 | % | $ | 111,938 | 18 | % | $ | 147,181 | 18 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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