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Income taxes (Tables) | 3 Months Ended
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Mar. 31, 2023
Components of Deferred Tax Assets and Liabilities | March 31, 2023 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 261 $ 4,726 $ 4,987 Net operating loss and other carryforward available 121,758 655,505 777,263 Postretirement and pension benefits 47,039 - 47,039 Allowance for credit losses 238,695 30,628 269,323 Depreciation 6,033 6,257 12,290 FDIC-assisted transaction 152,665 - 152,665 Lease liability 27,995 22,427 50,422 Unrealized net loss on investment securities 235,932 20,832 256,764 Difference in outside basis from pass-through entities 32,800 - 32,800 Mortgage Servicing Rights 13,012 - 13,012 Other temporary differences 29,835 8,589 38,424 Total gross deferred tax assets 906,025 748,964 1,654,989 Deferred tax liabilities: Intangibles 82,103 55,415 137,518 Right of use assets 25,631 19,322 44,953 Deferred loan origination fees/cost 1,804 2,995 4,799 Loans acquired 22,134 - 22,134 Other temporary differences 6,159 422 6,581 Total gross deferred tax liabilities 137,831 78,154 215,985 Valuation allowance 138,016 396,472 534,488 Net deferred tax asset $ 630,178 $ 274,338 $ 904,516 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 Depreciation 5,972 6,309 12,281 FDIC-assisted transaction 152,665 - 152,665 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 Mortgage Servicing Rights 13,711 - 13,711 Other temporary differences 17,122 7,815 24,937 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 Loans acquired 23,353 - 23,353 Other temporary differences 1,531 - 1,531 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
Reconciliation of Unrecognized Tax Benefits | (In millions) 2023 2022 Balance at January 1 $ 2.5 $ 3.5 Balance at March 31 $ 2.5 $ 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 | Quarters ended March 31, 2023 March 31, 2022 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 76,985 38 % $ 98,312 38 % Net benefit of tax exempt interest income (21,902) (11) (42,869) (16) Effect of income subject to preferential tax rate (855) - (3,945) (2) Deferred tax asset valuation allowance (4,565) (2) 3,891 1 Difference in tax rates due to multiple jurisdictions (5,169) (3) (6,493) (2) State and local taxes 3,355 2 3,665 1 Others (1,535) (1) (2,082) (1) Income tax expense $ 46,314 23 % $ 50,479 19 %

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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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