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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 10,544 | $ 3,042
Net operating loss and other carryforward available | 743,616 | 782,886
Postretirement and pension benefits | 38,121 | 47,122
Allowance for credit losses | 273,178 | 283,303
Depreciation | 13,352 | 12,281
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 49,562 | 51,811
Unrealized net loss on investment securities | 331,620 | 289,868
Difference in outside basis from pass-through entities | 46,056 | 40,602
Mortgage servicing rights | 14,085 | 13,711
Other temporary differences | 57,304 | 24,937
Total gross deferred tax assets | 1,730,103 | 1,702,228
Deferred tax liabilities: |  |
Intangibles | 136,579 | 135,797
Right of use assets | 44,678 | 46,277
Deferred loan origination fees/cost | 430 | 4,037
Loans acquired | 20,430 | 23,353
Other temporary differences | 6,824 | 1,531
Total gross deferred tax liabilities | 208,941 | 210,995
Valuation allowance | 513,382 | 540,196
Net deferred tax asset | 1,007,780 | 951,037
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 263 | 261
Net operating loss and other carryforward available | 122,634 | 121,742
Postretirement and pension benefits | 38,121 | 47,122
Allowance for credit losses | 244,956 | 250,615
Depreciation | 6,774 | 5,972
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 29,070 | 28,290
Unrealized net loss on investment securities | 312,583 | 265,955
Difference in outside basis from pass-through entities | 46,056 | 40,602
Mortgage servicing rights | 14,085 | 13,711
Other temporary differences | 47,679 | 17,122
Total gross deferred tax assets | 1,014,886 | 944,057
Deferred tax liabilities: |  |
Intangibles | 84,635 | 81,174
Right of use assets | 26,648 | 26,015
Deferred loan origination fees/cost | (1,056) | 1,076
Loans acquired | 20,430 | 23,353
Other temporary differences | 6,402 | 1,531
Total gross deferred tax liabilities | 137,059 | 133,149
Valuation allowance | 139,347 | 137,863
Net deferred tax asset | 738,480 | 673,045
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 10,281 | 2,781
Net operating loss and other carryforward available | 620,982 | 661,144
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 28,222 | 32,688
Depreciation | 6,578 | 6,309
FDIC-assisted transaction | 0 | 0
Lease liability | 20,492 | 23,521
Unrealized net loss on investment securities | 19,037 | 23,913
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 9,625 | 7,815
Total gross deferred tax assets | 715,217 | 758,171
Deferred tax liabilities: |  |
Intangibles | 51,944 | 54,623
Right of use assets | 18,030 | 20,262
Deferred loan origination fees/cost | 1,486 | 2,961
Loans acquired | 0 | 0
Other temporary differences | 422 | 0
Total gross deferred tax liabilities | 71,882 | 77,846
Valuation allowance | 374,035 | 402,333
Net deferred tax asset | $ 269,300 | $ 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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