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Income taxes (Tables) | 3 Months Ended
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Mar. 31, 2024
Components of Deferred Tax Assets and Liabilities | March 31, 2024 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 263 $ 10,749 $ 11,012 Net operating loss and other carryforward available 53,852 619,457 673,309 Postretirement and pension benefits 37,314 - 37,314 Allowance for credit losses 246,566 29,866 276,432 Depreciation 6,774 6,651 13,425 FDIC-assisted transaction 152,665 - 152,665 Lease liability 28,280 19,272 47,552 Unrealized net loss on investment securities 309,191 20,406 329,597 Difference in outside basis from pass-through entities 44,008 - 44,008 Mortgage Servicing Rights 14,378 - 14,378 Other temporary differences 49,600 10,041 59,641 Total gross deferred tax assets 942,891 716,442 1,659,333 Deferred tax liabilities: Intangibles 85,564 52,715 138,279 Right of use assets 25,839 16,940 42,779 Deferred loan origination fees/cost (823) 2,085 1,262 Loans acquired 19,703 - 19,703 Other temporary differences 6,854 422 7,276 Total gross deferred tax liabilities 137,137 72,162 209,299 Valuation allowance 71,380 378,910 450,290 Net deferred tax asset $ 734,374 $ 265,370 $ 999,744 December 31, 2023 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 263 $ 10,281 $ 10,544 Net operating loss and other carryforward available 122,634 620,982 743,616 Postretirement and pension benefits 38,121 - 38,121 Allowance for credit losses 244,956 28,222 273,178 Depreciation 6,774 6,578 13,352 FDIC-assisted transaction 152,665 - 152,665 Lease liability 29,070 20,492 49,562 Unrealized net loss on investment securities 312,583 19,037 331,620 Difference in outside basis from pass-through entities 46,056 - 46,056 Mortgage Servicing Rights 14,085 - 14,085 Other temporary differences 47,679 9,625 57,304 Total gross deferred tax assets 1,014,886 715,217 1,730,103 Deferred tax liabilities: Intangibles 84,635 51,944 136,579 Right of use assets 26,648 18,030 44,678 Deferred loan origination fees/cost (1,056) 1,486 430 Loans acquired 20,430 - 20,430 Other temporary differences 6,402 422 6,824 Total gross deferred tax liabilities 137,059 71,882 208,941 Valuation allowance 139,347 374,035 513,382 Net deferred tax asset $ 738,480 $ 269,300 $ 1,007,780
Reconciliation of Unrecognized Tax Benefits | (In millions) 2024 2023 Balance at January 1 $ 1.5 $ 2.5 Balance at March 31 $ 1.5 $ 2.5
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 March 31, 2024 March 31, 2023 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 59,569 38 % $ 76,985 38 % Net benefit of tax exempt interest income (28,759) (18) (21,902) (11) Effect of income subject to preferential tax rate (1,420) (1) (855) - Deferred tax asset valuation allowance 2,563 1 (4,565) (2) Difference in tax rates due to multiple jurisdictions (673) - (5,169) (3) Tax on intercompany distributions [1] 24,325 16 - - U.S., States, and local taxes 1,036 - 3,355 2 Others (1,073) (1) (1,535) (1) Income tax expense $ 55,568 35 % $ 46,314 23 % [1] Includes $ 16.5 million of out-of-period adjustment.

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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