Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The applicable income tax expense was $192 million and $191 million for the three months ended September 30, 2022 and 2021, respectively, and $470 million and $582 million for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rates for the three months ended September 30, 2022 and 2021 were 22.7% and 21.3%, respectively, and 21.6% for both the nine months ended September 30, 2022 and 2021.

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 twelve months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next twelve months.