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Income taxes (Tables) | 9 Months Ended
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Sep. 30, 2023
Components of Deferred Tax Assets and Liabilities | September 30, 2023 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 261 $ 10,754 $ 11,015 Net operating loss and other carryforward available 123,196 644,007 767,203 Postretirement and pension benefits 46,823 - 46,823 Allowance for credit losses 242,095 26,366 268,461 Depreciation 5,972 6,445 12,417 FDIC-assisted transaction 152,665 - 152,665 Lease liability 29,056 20,237 49,293 Unrealized net loss on investment securities 218,866 27,119 245,985 Difference in outside basis from pass-through entities 38,439 - 38,439 Mortgage Servicing Rights 14,685 - 14,685 Other temporary differences 30,804 7,395 38,199 Total gross deferred tax assets 902,862 742,323 1,645,185 Deferred tax liabilities: Intangibles 83,961 50,392 134,353 Right of use assets 26,655 17,506 44,161 Deferred loan origination fees/cost 1,990 1,944 3,934 Loans acquired 19,698 - 19,698 Other temporary differences 6,053 422 6,475 Total gross deferred tax liabilities 138,357 70,264 208,621 Valuation allowance 140,033 401,318 541,351 Net deferred tax asset $ 624,472 $ 270,741 $ 895,213 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 Reduction as a result of lapse of statute of limitations - July through September - (1.1) Balance at September 30 $ 2.5 $ 2.4
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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 September 30, 2023 September 30, 2022 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 68,426 38 % $ 183,893 38 % Net benefit of tax exempt interest income (22,862) (13) (35,403) (8) Effect of income subject to preferential tax rate (199) - (109,588) (22) Deferred tax asset valuation allowance 1,355 1 3,724 1 Difference in tax rates due to multiple jurisdictions (2,839) (2) (7,147) (2) Unrecognized tax benefits - - (1,503) - State and local taxes 2,436 1 3,726 1 Others (458) - 30,284 6 Income tax expense $ 45,859 25 % $ 67,986 14 % Nine months ended September 30, 2023 September 30, 2022 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 218,409 38 % $ 385,567 38 % Net benefit of tax exempt interest income (72,080) (13) (112,669) (12) Effect of income subject to preferential tax rate (775) - (116,630) (11) Deferred tax asset valuation allowance (2,217) - 9,662 1 Difference in tax rates due to multiple jurisdictions (11,879) (3) (20,457) (2) Unrecognized tax benefits - - (1,503) - State and local taxes 8,829 2 10,957 1 Others (4,611) (1) 27,750 3 Income tax expense $ 135,676 23 % $ 182,677 18 %

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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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