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v3.25.1

Income taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Deferred tax assets: |  |
Tax credits available for carryforward | $ 32,635 | $ 29,589
Net operating loss and other carryforward available | 661,796 | 662,490
Postretirement and pension benefits | 28,190 | 27,786
Allowance for credit losses | 271,990 | 271,568
Depreciation | 15,081 | 14,929
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 41,876 | 41,618
Unrealized net loss on investment securities | 238,545 | 273,407
Difference in outside basis from pass-through entities | 53,381 | 50,144
Mortgage servicing rights | 14,815 | 14,475
Other temporary differences | 47,505 | 50,199
Total gross deferred tax assets | 1,558,479 | 1,588,870
Deferred tax liabilities: |  |
Intangibles | 145,990 | 144,277
Right of use assets | 37,561 | 37,238
Deferred loan origination fees/cost | 1,453 | 205
Loans acquired | 17,907 | 18,415
Other temporary differences | 7,255 | 7,228
Total gross deferred tax liabilities | 210,166 | 207,363
Valuation allowance | 462,511 | 456,751
Net deferred tax asset | 885,802 | 924,756
PR |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 4,861 | 4,861
Net operating loss and other carryforward available | 58,060 | 52,211
Postretirement and pension benefits | 28,190 | 27,786
Allowance for credit losses | 244,976 | 247,153
Depreciation | 7,700 | 7,700
FDIC-assisted transaction | 152,665 | 152,665
Lease liability | 26,658 | 25,167
Unrealized net loss on investment securities | 221,538 | 252,411
Difference in outside basis from pass-through entities | 53,381 | 50,144
Mortgage servicing rights | 14,815 | 14,475
Other temporary differences | 38,635 | 41,127
Total gross deferred tax assets | 851,479 | 875,700
Deferred tax liabilities: |  |
Intangibles | 89,280 | 88,351
Right of use assets | 24,190 | 22,784
Deferred loan origination fees/cost | (1,154) | (1,880)
Loans acquired | 17,907 | 18,415
Other temporary differences | 6,826 | 6,799
Total gross deferred tax liabilities | 137,049 | 134,469
Valuation allowance | 75,598 | 69,837
Net deferred tax asset | 638,832 | 671,394
US |  |
Deferred tax assets: |  |
Tax credits available for carryforward | 27,774 | 24,728
Net operating loss and other carryforward available | 603,736 | 610,279
Postretirement and pension benefits | 0 | 0
Allowance for credit losses | 27,014 | 24,415
Depreciation | 7,381 | 7,229
FDIC-assisted transaction | 0 | 0
Lease liability | 15,218 | 16,451
Unrealized net loss on investment securities | 17,007 | 20,996
Difference in outside basis from pass-through entities | 0 | 0
Mortgage servicing rights | 0 | 0
Other temporary differences | 8,870 | 9,072
Total gross deferred tax assets | 707,000 | 713,170
Deferred tax liabilities: |  |
Intangibles | 56,710 | 55,926
Right of use assets | 13,371 | 14,454
Deferred loan origination fees/cost | 2,607 | 2,085
Loans acquired | 0 | 0
Other temporary differences | 429 | 429
Total gross deferred tax liabilities | 73,117 | 72,894
Valuation allowance | 386,913 | 386,914
Net deferred tax asset | $ 246,970 | $ 253,362

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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