Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The applicable income tax expense was $202 million and $49 million for the three months ended June 30, 2021 and 2020, respectively, and $391 million and $61 million for the six months ended June 30, 2021 and 2020, respectively. The effective tax rates for the three months ended June 30, 2021 and 2020 were 22.1% and 19.9%, respectively, and 21.8% and 20.4% for the six months ended June 30, 2021 and 2020, respectively.

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.