Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The applicable income tax expense was $163 million and $174 million for the three months ended June 30, 2024 and 2023, respectively, and $302 million and $334 million for the six months ended June 30, 2024 and 2023, respectively. The effective tax rates for the three months ended June 30, 2024 and 2023 were 21.3% and 22.5%, respectively, and 21.2% and 22.4% for the six months ended June 30, 2024 and 2023, 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.