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Income taxes (Tables) | 6 Months Ended
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Jun. 30, 2023
Components of Deferred Tax Assets and Liabilities | June 30, 2023 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 261 $ 6,934 $ 7,195 Net operating loss and other carryforward available 122,293 649,973 772,266 Postretirement and pension benefits 46,920 - 46,920 Allowance for credit losses 238,377 30,595 268,972 Depreciation 6,033 6,345 12,378 FDIC-assisted transaction 152,665 - 152,665 Lease liability 29,241 21,058 50,299 Unrealized net loss on investment securities 235,339 22,720 258,059 Difference in outside basis from pass-through entities 32,234 - 32,234 Mortgage Servicing Rights 14,700 - 14,700 Other temporary differences 30,222 9,070 39,292 Total gross deferred tax assets 908,285 746,695 1,654,980 Deferred tax liabilities: Intangibles 83,032 56,209 139,241 Right of use assets 26,856 18,283 45,139 Deferred loan origination fees/cost 2,096 2,478 4,574 Loans acquired 20,914 - 20,914 Other temporary differences 6,522 422 6,944 Total gross deferred tax liabilities 139,420 77,392 216,812 Valuation allowance 138,825 398,360 537,185 Net deferred tax asset $ 630,040 $ 270,943 $ 900,983 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 Balance at June 30 $ 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 June 30, 2023 June 30, 2022 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 72,998 38 % $ 103,362 38 % Net benefit of tax exempt interest income (27,316) (14) (34,397) (12) Effect of income subject to preferential tax rate 278 - (3,097) (1) Deferred tax asset valuation allowance 994 1 2,047 - Difference in tax rates due to multiple jurisdictions (3,869) (2) (6,817) (3) State and local taxes 3,037 2 3,566 1 Others (2,619) (2) (452) - Income tax expense $ 43,503 22 % $ 64,212 23 % Six months ended June 30, 2023 June 30, 2022 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 149,983 38 % $ 201,674 38 % Net benefit of tax exempt interest income (49,218) (12) (77,266) (15) Deferred tax asset valuation allowance (3,572) (1) 5,938 1 Difference in tax rates due to multiple jurisdictions (9,039) (2) (13,310) (3) Effect of income subject to preferential tax rate (576) - (7,042) (1) State and local taxes 6,392 2 7,231 1 Others (4,153) (1) (2,534) - Income tax expense $ 89,817 22 % $ 114,691 21 %

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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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