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Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 29,589 | $ 10,544
Net operating loss and other carryforward available | 662,490 | 743,616
Postretirement and pension benefits | 27,786 | 38,121
Allowance for credit losses | 271,568 | 273,178
Depreciation | 14,929 | 13,352
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 41,618 | 49,562
Unrealized net loss on investment securities | 273,407 | 331,620
Difference in outside basis from pass-through entities | 50,144 | 46,056
Mortgage servicing rights | 14,475 | 14,085
Other temporary differences | 50,199 | 57,304
Total gross deferred tax assets | 1,588,870 | 1,730,103
Deferred tax liabilities: |  |
Intangibles | 144,277 | 136,579
Right of use assets | 37,238 | 44,678
Deferred loan origination fees/cost | 205 | 430
Loans acquired | 18,415 | 20,430
Other temporary differences | 7,228 | 6,824
Total gross deferred tax liabilities | 207,363 | 208,941
Valuation allowance | 456,751 | 513,382
Net deferred tax asset | 924,756 | 1,007,780
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 4,861 | 263
Net operating loss and other carryforward available | 52,211 | 122,634
Postretirement and pension benefits | 27,786 | 38,121
Allowance for credit losses | 247,153 | 244,956
Depreciation | 7,700 | 6,774
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 25,167 | 29,070
Unrealized net loss on investment securities | 252,411 | 312,583
Difference in outside basis from pass-through entities | 50,144 | 46,056
Mortgage servicing rights | 14,475 | 14,085
Other temporary differences | 41,127 | 47,679
Total gross deferred tax assets | 875,700 | 1,014,886
Deferred tax liabilities: |  |
Intangibles | 88,351 | 84,635
Right of use assets | 22,784 | 26,648
Deferred loan origination fees/cost | (1,880) | (1,056)
Loans acquired | 18,415 | 20,430
Other temporary differences | 6,799 | 6,402
Total gross deferred tax liabilities | 134,469 | 137,059
Valuation allowance | 69,837 | 139,347
Net deferred tax asset | 671,394 | 738,480
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 24,728 | 10,281
Net operating loss and other carryforward available | 610,279 | 620,982
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 24,415 | 28,222
Depreciation | 7,229 | 6,578
FDIC-assisted transaction | 0 | 0
Lease liability | 16,451 | 20,492
Unrealized net loss on investment securities | 20,996 | 19,037
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 9,072 | 9,625
Total gross deferred tax assets | 713,170 | 715,217
Deferred tax liabilities: |  |
Intangibles | 55,926 | 51,944
Right of use assets | 14,454 | 18,030
Deferred loan origination fees/cost | 2,085 | 1,486
Loans acquired | 0 | 0
Other temporary differences | 429 | 422
Total gross deferred tax liabilities | 72,894 | 71,882
Valuation allowance | 386,914 | 374,035
Net deferred tax asset | $ 253,362 | $ 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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