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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Schedule Of Components Of Income Tax Expense Benefit | (In thousands) 2022 2021 2020 Current income tax (benefit) expense: Puerto Rico $ 156,425 $ 69,415 $ 33,281 Federal and States 9,034 10,232 3,613 Subtotal 165,459 79,647 36,894 Deferred income tax expense (benefit): Puerto Rico (4,373) 179,688 69,300 Federal and States (28,756) 49,683 5,744 Subtotal (33,129) 229,371 75,044 Total income tax expense $ 132,330 $ 309,018 $ 111,938
Components of Deferred Tax Assets and Liabilities | December 31, 2022 (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 121,742 661,144 782,886 Postretirement and pension benefits 47,122 - 47,122 Allowance for credit losses 250,615 32,688 283,303 Accelerated depreciation 5,972 6,309 12,281 FDIC-assisted transaction 152,665 - 152,665 Intercompany deferred gains 1,548 - 1,548 Lease liability 28,290 23,521 51,811 Unrealized net loss on investment securities 265,955 23,913 289,868 Difference in outside basis from pass-through entities 40,602 - 40,602 Other temporary differences 29,285 7,815 37,100 Total gross deferred tax assets 944,057 758,171 1,702,228 Deferred tax liabilities: Intangibles 81,174 54,623 135,797 Right of use assets 26,015 20,262 46,277 Deferred loan origination fees/cost 1,076 2,961 4,037 Other temporary differences 24,884 - 24,884 Total gross deferred tax liabilities 133,149 77,846 210,995 Valuation allowance 137,863 402,333 540,196 Net deferred tax asset $ 673,045 $ 277,992 $ 951,037 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: Intangibles 76,635 51,150 127,785 Unrealized net gain on investment 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
Summary Of Operating Loss Carryforwards | (In thousands) 2023 $ 1,363 2024 9,310 2025 13,516 2026 13,367 2027 15,202 2028 260,622 2029 111,307 2030 121,017 2031 122,324 2032 55,335 2033 10,565 2034 5,666 2035 43,121 2036 171 $ 782,886
Reconciliation of Unrecognized Tax Benefits | (In millions) Balance at January 1, 2021 $ 14.8 Reduction as a result of lapse of statute of limitations (11.3) Balance at December 31, 2021 $ 3.5 Reduction as a result of lapse of statute of limitations (1.0) Balance at December 31, 2022 $ 2.5
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 | 2022 2021 2020 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Amount % of pre-tax income Computed income tax at statutory rates $ 463,114 38 % $ 466,465 38 % $ 231,960 38 % Benefit of net tax exempt interest income (165,065) (13) (139,426) (12) (126,232) (20) Effect of income subject to preferential tax rate (86,797) (7) (11,981) (1) (10,141) (2) Deferred tax asset valuation allowance (21,469) (2) 20,932 2 15,276 2 NOL Adjustments (34,817) (3) - - - - Difference in tax rates due to multiple jurisdictions (26,887) (2) (30,719) (3) (1,903) - Unrecognized tax benefits (1,503) - (5,484) - (2,163) - State and local taxes 14,981 1 14,629 1 4,350 - Others (9,227) (1) (5,398) - 791 - Income tax expense $ 132,330 11 % $ 309,018 25 % $ 111,938 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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319 + Details
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