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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense are summarized below for the indicated periods: Year Ended December 31, 2022 2021 2020 (In thousands) Current income tax expense $ 88,296 $ 28,469 $ 18,421 Deferred income tax expense: Reversal of deferred tax asset valuation allowance - - (8,000) Other deferred income tax expense 54,216 118,323 3,629 Total income tax expense $ 142,512 $ 146,792 $ 14,050
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the income tax expense applicable to income before the provision for income taxes and the amount computed by applying the statutory tax rate in Puerto Rico were as follows for the indicated periods: Year Ended December 31, 2022 2021 2020 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income (Dollars in thousands) Computed income tax at statutory rate $ 167,844 37.5 % $ 160,431 37.5 % $ 43,621 37.5 % Federal and state taxes 10,268 2.2 % 7,014 1.6 % 4,944 4.2 % Benefit of net exempt income (31,266) (7.0) % (20,717) (4.8) % (26,780) (23.0) % Disallowed NOL carryforward resulting from net exempt income 14,221 3.2 % 8,791 2.0 % 9,054 7.8 % Deferred tax valuation allowance (8,410) (1.9) % (13,572) (3.2) % (12,095) (10.4) % Share-based compensation windfall (1,492) (0.3) % (1,044) (0.2) % 157 0.1 % Other permanent differences (7,647) (1.7) % (1,185) (0.3) % (387) (0.3) % Tax return to provision adjustments (519) (0.1) % (406) (0.1) % 597 0.5 % Other-net (487) (0.1) % 7,480 1.7 % (5,061) (4.3) % Total income tax expense $ 142,512 31.8 % $ 146,792 34.2 % $ 14,050 12.1 %
Schedule of significant components Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Significant components of the Corporation's deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In thousands) Deferred tax asset: NOL and capital losses carryforward $ 72,485 $ 137,860 Allowance for credit losses 104,014 105,917 Alternative Minimum Tax credits available for carryforward 40,823 37,361 Unrealized loss on OREO valuation 6,462 7,703 Settlement payment-closing agreement 7,031 7,031 Legal and other reserves 6,345 4,576 Reserve for insurance premium cancellations 781 881 Differences between the assigned values and tax bases of assets and liabilities recognized in purchase business combinations 5,665 8,926 Unrealized loss on available-for-sale debt securities, net 100,776 14,181 Other 7,722 4,420 Total gross deferred tax assets $ 352,104 $ 328,856 Deferred tax liabilities: Servicing assets 9,786 10,510 Pension Plan assets 719 2,035 Other 509 506 Total gross deferred tax liabilities 11,014 13,051 Valuation allowance (185,506) (107,323) Net deferred tax asset $ 155,584 $ 208,482

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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