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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 7,195 | $ 3,042
Net operating loss and other carryforward available | 772,266 | 782,886
Postretirement and pension benefits | 46,920 | 47,122
Allowance for credit losses | 268,972 | 283,303
Depreciation | 12,378 | 12,281
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 50,299 | 51,811
Unrealized net loss on investment securities | 258,059 | 289,868
Difference in outside basis from pass-through entities | 32,234 | 40,602
Mortgage servicing rights | 14,700 | 13,711
Other temporary differences | 39,292 | 24,937
Total gross deferred tax assets | 1,654,980 | 1,702,228
Deferred tax liabilities: |  |
Intangibles | 139,241 | 135,797
Right of use assets | 45,139 | 46,277
Deferred loan origination fees/cost | 4,574 | 4,037
Loans acquired | 20,914 | 23,353
Other temporary differences | 6,944 | 1,531
Total gross deferred tax liabilities | 216,812 | 210,995
Valuation allowance | 537,185 | 540,196
Net deferred tax asset | 900,983 | 951,037
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 261 | 261
Net operating loss and other carryforward available | 122,293 | 121,742
Postretirement and pension benefits | 46,920 | 47,122
Allowance for credit losses | 238,377 | 250,615
Depreciation | 6,033 | 5,972
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 29,241 | 28,290
Unrealized net loss on investment securities | 235,339 | 265,955
Difference in outside basis from pass-through entities | 32,234 | 40,602
Mortgage servicing rights | 14,700 | 13,711
Other temporary differences | 30,222 | 17,122
Total gross deferred tax assets | 908,285 | 944,057
Deferred tax liabilities: |  |
Intangibles | 83,032 | 81,174
Right of use assets | 26,856 | 26,015
Deferred loan origination fees/cost | 2,096 | 1,076
Loans acquired | 20,914 | 23,353
Other temporary differences | 6,522 | 1,531
Total gross deferred tax liabilities | 139,420 | 133,149
Valuation allowance | 138,825 | 137,863
Net deferred tax asset | 630,040 | 673,045
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 6,934 | 2,781
Net operating loss and other carryforward available | 649,973 | 661,144
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 30,595 | 32,688
Depreciation | 6,345 | 6,309
FDIC-assisted transaction | 0 | 0
Lease liability | 21,058 | 23,521
Unrealized net loss on investment securities | 22,720 | 23,913
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 9,070 | 7,815
Total gross deferred tax assets | 746,695 | 758,171
Deferred tax liabilities: |  |
Intangibles | 56,209 | 54,623
Right of use assets | 18,283 | 20,262
Deferred loan origination fees/cost | 2,478 | 2,961
Loans acquired | 0 | 0
Other temporary differences | 422 | 0
Total gross deferred tax liabilities | 77,392 | 77,846
Valuation allowance | 398,360 | 402,333
Net deferred tax asset | $ 270,943 | $ 277,992

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- Definition The sum of the tax effects as of the balance sheet date of the amount of excesses of tax deductions over gross income in a year which cannot be used on the tax returns in the current year but can be carried forward to reduce taxable income or income taxes payable in a future year, for which there must be sufficient tax-basis income to utilize a portion or all of the carryforward amount to realize the deferred tax asset (Includes operating loss and pension carryforwards). + References No definition available. + Details
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