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Income taxes - Differences between income tax expense (benefit) in Puerto Rico (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021
Amount |  |  |  |
Income tax expense | $ 64,212 | $ 73,093 | $ 114,691 | $ 149,924
PR |  |  |  |
Amount |  |  |  |
Computed income tax at statutory rates | 103,362 | 109,189 | 201,674 | 236,488
Net benefit of tax exempt interest income | (41,336) | (36,840) | (77,825) | (71,003)
Deferred tax asset valuation allowance | 2,047 | 5,832 | 5,938 | 16,153
Difference in tax rates due to multiple jurisdictions | (6,817) | (4,881) | (13,310) | (15,829)
Effect of income subject to preferential tax rate | (3,097) | (1,405) | (7,042) | (4,734)
Adjustment due to estimate on the annual effective rate | 6,939 | (405) | 559 | (10,733)
State and local taxes | 3,566 | 2,530 | 7,231 | 2,591
Other | (452) | (927) | (2,534) | (3,009)
Income tax expense | $ 64,212 | $ 73,093 | $ 114,691 | $ 149,924
% of pre-tax income |  |  |  |
Computed income tax at statutory rates | 38.00% | 38.00% | 38.00% | 38.00%
Net benefit of tax exempt interest income | (15.00%) | (13.00%) | (15.00%) | (11.00%)
Deferred tax asset valuation allowance | 0.00% | 2.00% | 1.00% | 3.00%
Difference in tax rates due to multiple jurisdictions | (3.00%) | (2.00%) | (3.00%) | (3.00%)
Effect of income subject to preferential tax rate | (1.00%) | (1.00%) | (1.00%) | (1.00%)
Adjustment due to estimate on the annual effective rate | 3.00% | 0.00% | 0.00% | (2.00%)
State and local taxes | 1.00% | 1.00% | 1.00% | 0.00%
Others | 0.00% | 0.00% | 0.00% | 0.00%
Income tax expense | 23.00% | 25.00% | 21.00% | 24.00%

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