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Income taxes - Differences between income tax expense (benefit) in Puerto Rico (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023
Income taxes |  |  |  |
Income tax expense | $ 42,463 | $ 45,859 | $ 138,490 | $ 135,676
PR |  |  |  |
Income taxes |  |  |  |
Computed income tax at statutory rates | 74,169 | 68,426 | 215,582 | 218,409
Net benefit of tax exempt interest income | (29,055) | (22,862) | (91,035) | (72,080)
Effect of income subject to preferential tax rate | (327) | (199) | (475) | (775)
Deferred tax asset valuation allowance | 451 | 1,355 | 2,779 | (2,217)
Difference in tax rates due to multiple jurisdictions | (6,764) | (2,839) | (11,893) | (11,879)
Other tax benefits |  |  | (4,500) | 0
Tax on intercompany distributions |  |  | 24,325 | 0
U.S., State and local taxes | 3,429 | 2,436 | 6,669 | 8,829
Others | 560 | (458) | (2,962) | (4,611)
Income tax expense | $ 42,463 | $ 45,859 | $ 138,490 | $ 135,676
% 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 | (13.00%) | (13.00%) | (16.00%) | (13.00%)
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% | 0.00%
Difference in tax rates due to multiple jurisdictions | (3.00%) | (2.00%) | (2.00%) | (3.00%)
Other tax benefits |  |  | (1.00%) | 0.00%
Tax on intercompany distributions |  |  | 4.00% | 0.00%
U.S., State and local taxes | 1.00% | 1.00% | 1.00% | 2.00%
Others | 0.00% | 0.00% | (1.00%) | (1.00%)
Income tax expense | 22.00% | 25.00% | 24.00% | 23.00%

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