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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 11,015 | $ 3,042
Net operating loss and other carryforward available | 767,203 | 782,886
Postretirement and pension benefits | 46,823 | 47,122
Allowance for credit losses | 268,461 | 283,303
Depreciation | 12,417 | 12,281
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 49,293 | 51,811
Unrealized net loss on investment securities | 245,985 | 289,868
Difference in outside basis from pass-through entities | 38,439 | 40,602
Mortgage servicing rights | 14,685 | 13,711
Other temporary differences | 38,199 | 24,937
Total gross deferred tax assets | 1,645,185 | 1,702,228
Deferred tax liabilities: |  |
Intangibles | 134,353 | 135,797
Right of use assets | 44,161 | 46,277
Deferred loan origination fees/cost | 3,934 | 4,037
Loans acquired | 19,698 | 23,353
Other temporary differences | 6,475 | 1,531
Total gross deferred tax liabilities | 208,621 | 210,995
Valuation allowance | 541,351 | 540,196
Net deferred tax asset | 895,213 | 951,037
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 261 | 261
Net operating loss and other carryforward available | 123,196 | 121,742
Postretirement and pension benefits | 46,823 | 47,122
Allowance for credit losses | 242,095 | 250,615
Depreciation | 5,972 | 5,972
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 29,056 | 28,290
Unrealized net loss on investment securities | 218,866 | 265,955
Difference in outside basis from pass-through entities | 38,439 | 40,602
Mortgage servicing rights | 14,685 | 13,711
Other temporary differences | 30,804 | 17,122
Total gross deferred tax assets | 902,862 | 944,057
Deferred tax liabilities: |  |
Intangibles | 83,961 | 81,174
Right of use assets | 26,655 | 26,015
Deferred loan origination fees/cost | 1,990 | 1,076
Loans acquired | 19,698 | 23,353
Other temporary differences | 6,053 | 1,531
Total gross deferred tax liabilities | 138,357 | 133,149
Valuation allowance | 140,033 | 137,863
Net deferred tax asset | 624,472 | 673,045
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 10,754 | 2,781
Net operating loss and other carryforward available | 644,007 | 661,144
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 26,366 | 32,688
Depreciation | 6,445 | 6,309
FDIC-assisted transaction | 0 | 0
Lease liability | 20,237 | 23,521
Unrealized net loss on investment securities | 27,119 | 23,913
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 7,395 | 7,815
Total gross deferred tax assets | 742,323 | 758,171
Deferred tax liabilities: |  |
Intangibles | 50,392 | 54,623
Right of use assets | 17,506 | 20,262
Deferred loan origination fees/cost | 1,944 | 2,961
Loans acquired | 0 | 0
Other temporary differences | 422 | 0
Total gross deferred tax liabilities | 70,264 | 77,846
Valuation allowance | 401,318 | 402,333
Net deferred tax asset | $ 270,741 | $ 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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