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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 11,012 | $ 10,544
Net operating loss and other carryforward available | 673,309 | 743,616
Postretirement and pension benefits | 37,314 | 38,121
Allowance for credit losses | 276,432 | 273,178
Depreciation | 13,425 | 13,352
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 47,552 | 49,562
Unrealized net loss on investment securities | 329,597 | 331,620
Difference in outside basis from pass-through entities | 44,008 | 46,056
Mortgage servicing rights | 14,378 | 14,085
Other temporary differences | 59,641 | 57,304
Total gross deferred tax assets | 1,659,333 | 1,730,103
Deferred tax liabilities: |  |
Intangibles | 138,279 | 136,579
Right of use assets | 42,779 | 44,678
Deferred loan origination fees/cost | 1,262 | 430
Loans acquired | 19,703 | 20,430
Other temporary differences | 7,276 | 6,824
Total gross deferred tax liabilities | 209,299 | 208,941
Valuation allowance | 450,290 | 513,382
Net deferred tax asset | 999,744 | 1,007,780
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 263 | 263
Net operating loss and other carryforward available | 53,852 | 122,634
Postretirement and pension benefits | 37,314 | 38,121
Allowance for credit losses | 246,566 | 244,956
Depreciation | 6,774 | 6,774
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 28,280 | 29,070
Unrealized net loss on investment securities | 309,191 | 312,583
Difference in outside basis from pass-through entities | 44,008 | 46,056
Mortgage servicing rights | 14,378 | 14,085
Other temporary differences | 49,600 | 47,679
Total gross deferred tax assets | 942,891 | 1,014,886
Deferred tax liabilities: |  |
Intangibles | 85,564 | 84,635
Right of use assets | 25,839 | 26,648
Deferred loan origination fees/cost | (823) | (1,056)
Loans acquired | 19,703 | 20,430
Other temporary differences | 6,854 | 6,402
Total gross deferred tax liabilities | 137,137 | 137,059
Valuation allowance | 71,380 | 139,347
Net deferred tax asset | 734,374 | 738,480
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 10,749 | 10,281
Net operating loss and other carryforward available | 619,457 | 620,982
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 29,866 | 28,222
Depreciation | 6,651 | 6,578
FDIC-assisted transaction | 0 | 0
Lease liability | 19,272 | 20,492
Unrealized net loss on investment securities | 20,406 | 19,037
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 10,041 | 9,625
Total gross deferred tax assets | 716,442 | 715,217
Deferred tax liabilities: |  |
Intangibles | 52,715 | 51,944
Right of use assets | 16,940 | 18,030
Deferred loan origination fees/cost | 2,085 | 1,486
Loans acquired | 0 | 0
Other temporary differences | 422 | 422
Total gross deferred tax liabilities | 72,162 | 71,882
Valuation allowance | 378,910 | 374,035
Net deferred tax asset | $ 265,370 | $ 269,300

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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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