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Income taxes (Tables) | 3 Months Ended
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Mar. 31, 2025
Differences Between Income Tax Expense (Benefit) Applicable to Income Before Income Taxes and Amount Computed by Applying the Statutory Tax Rate in Puerto Rico | Quarters ended March 31, 2025 March 31, 2024 (In thousands) Amount % of pre-tax income Amount % of pre-tax income Computed income tax expense at statutory rates $ 83,462 38 % $ 59,569 38 % Net benefit of tax exempt interest income (39,955) (18) (28,759) (18) Effect of income subject to preferential tax rate (913) - (1,420) (1) Deferred tax asset valuation allowance 3,882 1 2,563 1 Difference in tax rates due to multiple jurisdictions (2,975) (1) (673) - Tax on intercompany distributions [1] - - 24,325 16 State and local taxes 4,036 1 1,036 - Others (2,474) (1) (1,073) (1) Income tax expense $ 45,063 20 % $ 55,568 35 % [1] Includes $ 16.5 million of out-of-period adjustment
Components of Deferred Tax Assets and Liabilities | March 31, 2025 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 4,861 $ 27,774 $ 32,635 Net operating loss and other carryforward available 58,060 603,736 661,796 Postretirement and pension benefits 28,190 - 28,190 Allowance for credit losses 244,976 27,014 271,990 Depreciation 7,700 7,381 15,081 FDIC-assisted transaction 152,665 - 152,665 Lease liability 26,658 15,218 41,876 Unrealized net loss on investment securities 221,538 17,007 238,545 Difference in outside basis from pass-through entities 53,381 - 53,381 Mortgage Servicing Rights 14,815 - 14,815 Other temporary differences 38,635 8,870 47,505 Total gross deferred tax assets 851,479 707,000 1,558,479 Deferred tax liabilities: Intangibles 89,280 56,710 145,990 Right of use assets 24,190 13,371 37,561 Deferred loan origination fees/cost (1,154) 2,607 1,453 Loans acquired 17,907 - 17,907 Other temporary differences 6,826 429 7,255 Total gross deferred tax liabilities 137,049 73,117 210,166 Valuation allowance 75,598 386,913 462,511 Net deferred tax asset $ 638,832 $ 246,970 $ 885,802 December 31, 2024 (In thousands) PR US Total Deferred tax assets: Tax credits available for carryforward $ 4,861 $ 24,728 $ 29,589 Net operating loss and other carryforward available 52,211 610,279 662,490 Postretirement and pension benefits 27,786 - 27,786 Allowance for credit losses 247,153 24,415 271,568 Depreciation 7,700 7,229 14,929 FDIC-assisted transaction 152,665 - 152,665 Lease liability 25,167 16,451 41,618 Unrealized net loss on investment securities 252,411 20,996 273,407 Difference in outside basis from pass-through entities 50,144 - 50,144 Mortgage Servicing Rights 14,475 - 14,475 Other temporary differences 41,127 9,072 50,199 Total gross deferred tax assets 875,700 713,170 1,588,870 Deferred tax liabilities: Intangibles 88,351 55,926 144,277 Right of use assets 22,784 14,454 37,238 Deferred loan origination fees/cost (1,880) 2,085 205 Loans acquired 18,415 - 18,415 Other temporary differences 6,799 429 7,228 Total gross deferred tax liabilities 134,469 72,894 207,363 Valuation allowance 69,837 386,914 456,751 Net deferred tax asset $ 671,394 $ 253,362 $ 924,756
Reconciliation of Unrecognized Tax Benefits | The reconciliation of unrecognized tax benefits, excluding interest, was as follows: (In millions) 2025 2024 Balance at January 1 $ 1.5 $ 1.5 Balance at March 31 $ 1.5 $ 1.5

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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