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Note 12 - Income Taxes

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12. Income Taxes

Flushing Financial Corporation files consolidated Federal and combined New York State and New York City income tax returns with its subsidiaries, with the exception of the Company’s trusts, which file separate Federal income tax returns as trusts, and Flushing Preferred Funding Corporation, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns.

Income tax provisions are summarized as follows:

		For the three months
		ended March 31,
(In thousands)		2018				2017
Federal:
Current		$	2,411			$	2,952
Deferred			197				1,797
Total federal tax provision			2,608				4,749
State and Local:
Current			189				(199	)
Deferred			153				704
Total state and local tax provision			342				505
Total income tax provision		$	2,950			$	5,254

On

December 22, 2017,

the Tax Cuts and Jobs Act (the “TCJA”) was enacted, which among other things, reduced the federal income tax rate for corporations from

35%

to

21%

effective

January 1, 2018.

As a result of TCJA, the Company re-measured its deferred tax assets and liabilities based on the rates these items are expected to reverse at in the future. This re-measurement caused

$2.1

million of stranded tax effects at

December 31, 2017.

Effective

January 1, 2018,

these stranded effects were reclassified from accumulated other comprehensive income to retained earnings.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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