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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 14,467 | $ 10,544
Net operating loss and other carryforward available | 670,022 | 743,616
Postretirement and pension benefits | 37,219 | 38,121
Allowance for credit losses | 270,313 | 273,178
Depreciation | 13,520 | 13,352
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 45,295 | 49,562
Unrealized net loss on investment securities | 315,246 | 331,620
Difference in outside basis from pass-through entities | 45,207 | 46,056
Mortgage servicing rights | 14,063 | 14,085
Other temporary differences | 57,497 | 57,304
Total gross deferred tax assets | 1,635,514 | 1,730,103
Deferred tax liabilities: |  |
Intangibles | 139,978 | 136,579
Right of use assets | 40,675 | 44,678
Deferred loan origination fees/cost | 1,320 | 430
Loans acquired | 18,229 | 20,430
Other temporary differences | 7,353 | 6,824
Total gross deferred tax liabilities | 207,555 | 208,941
Valuation allowance | 450,057 | 513,382
Net deferred tax asset | 977,902 | 1,007,780
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 263 | 263
Net operating loss and other carryforward available | 53,942 | 122,634
Postretirement and pension benefits | 37,219 | 38,121
Allowance for credit losses | 242,722 | 244,956
Depreciation | 6,774 | 6,774
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 27,196 | 29,070
Unrealized net loss on investment securities | 294,942 | 312,583
Difference in outside basis from pass-through entities | 45,207 | 46,056
Mortgage servicing rights | 14,063 | 14,085
Other temporary differences | 47,615 | 47,679
Total gross deferred tax assets | 922,608 | 1,014,886
Deferred tax liabilities: |  |
Intangibles | 86,493 | 84,635
Right of use assets | 24,764 | 26,648
Deferred loan origination fees/cost | (749) | (1,056)
Loans acquired | 18,229 | 20,430
Other temporary differences | 6,931 | 6,402
Total gross deferred tax liabilities | 135,668 | 137,059
Valuation allowance | 71,145 | 139,347
Net deferred tax asset | 715,795 | 738,480
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 14,204 | 10,281
Net operating loss and other carryforward available | 616,080 | 620,982
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 27,591 | 28,222
Depreciation | 6,746 | 6,578
FDIC-assisted transaction | 0 | 0
Lease liability | 18,099 | 20,492
Unrealized net loss on investment securities | 20,304 | 19,037
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 9,882 | 9,625
Total gross deferred tax assets | 712,906 | 715,217
Deferred tax liabilities: |  |
Intangibles | 53,485 | 51,944
Right of use assets | 15,911 | 18,030
Deferred loan origination fees/cost | 2,069 | 1,486
Loans acquired | 0 | 0
Other temporary differences | 422 | 422
Total gross deferred tax liabilities | 71,887 | 71,882
Valuation allowance | 378,912 | 374,035
Net deferred tax asset | $ 262,107 | $ 269,300

X
- 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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