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Income Taxes
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The applicable income tax expense was $165 million and $140 million for the three months ended September 30, 2020 and 2019, respectively, and $228 million and $483 million for the nine months ended September 30, 2020 and 2019, respectively. The effective tax rates for the three months ended September 30, 2020 and 2019 were 22.1% and 20.2%, respectively, and 21.6% and 21.4% for the nine months ended September 30, 2020 and 2019, respectively. The increase in the effective tax rate for the three months ended September 30, 2020 compared to the same period in the prior year was primarily related to the amount of income tax benefit recognized related to gains on sales of leases that are exempt from federal taxation for the three months ended September 30, 2019 as well as an increase in estimated state income tax expense and an increase in non-deductible expenses for the three months ended September 30, 2020.

While it is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of the Bancorp’s uncertain tax positions could increase or decrease during the next 12 months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next 12 months.