Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The applicable income tax expense was $174 million and $162 million for the three months ended June 30, 2023 and 2022, respectively, and $334 million and $279 million for the six months ended June 30, 2023 and 2022 respectively. The effective tax rates for the three months ended June 30, 2023 and 2022 were 22.5% and 22.4%, respectively, and 22.4% and 20.9% for the six months ended June 30, 2023 and 2022, 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 twelve months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next twelve months.