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Income taxes - Differences between income tax expense (benefit) in Puerto Rico (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Income taxes |  |  |  |
Income tax expense | $ 40,459 | $ 43,503 | $ 96,027 | $ 89,817
PR |  |  |  |
Income taxes |  |  |  |
Computed income tax at statutory rates | 81,843 | 72,998 | 141,412 | 149,983
Net benefit of tax exempt interest income | (33,220) | (27,316) | (61,979) | (49,218)
Effect of income subject to preferential tax rate | 1,272 | 278 | (148) | (576)
Deferred tax asset valuation allowance | (235) | 994 | 2,328 | (3,572)
Difference in tax rates due to multiple jurisdictions | (4,456) | (3,869) | (5,129) | (9,039)
Other tax benefits | (4,500) | 0 | (4,500) | 0
Tax on intercompany distributions |  |  | 24,325 | 0
U.S., State and local taxes | 2,204 | 3,037 | 3,240 | 6,392
Others | (2,449) | (2,619) | (3,522) | (4,153)
Income tax expense | $ 40,459 | $ 43,503 | $ 96,027 | $ 89,817
% of pre-tax income |  |  |  |
Computed income tax at statutory rates | 38.00% | 38.00% | 38.00% | 38.00%
Net benefit of tax exempt interest income | (15.00%) | (14.00%) | (16.00%) | (12.00%)
Effect of income subject to preferential tax rate | 0.00% | 0.00% | 0.00% | 0.00%
Deferred tax asset valuation allowance | 0.00% | 1.00% | 0.00% | (1.00%)
Difference in tax rates due to multiple jurisdictions | (2.00%) | (2.00%) | (1.00%) | (2.00%)
Other tax benefits | (2.00%) | 0.00% | (1.00%) | 0.00%
Tax on intercompany distributions |  |  | 6.00% | 0.00%
U.S., State and local taxes | 1.00% | 2.00% | 1.00% | 2.00%
Others | (1.00%) | (2.00%) | (1.00%) | (1.00%)
Income tax expense | 19.00% | 22.00% | 26.00% | 24.00%

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