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Income Taxes

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Income Taxes

13. 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. As of September 30, 2020, the Company is undergoing examination for its New York State income tax returns for 2014, 2015 and 2016 and its New York City income tax return for 2015, 2016 and 2017.

Income tax provisions are summarized as follows:


		For the three months						For the nine months
		ended September 30,						ended September 30,
		2020			2019			2020			2019
(In thousands)
Federal:
Current		$	4,626		$	3,578		$	11,290		$	9,354
Deferred			(1,267)			(1,121)			(2,635)			(1,973)
Total federal tax provision			3,359			2,457			8,655			7,381
State and Local:
Current			1,491			1,345			2,975			2,518
Deferred			(361)			(1,266)			(1,539)			(1,804)
Total state and local tax provision			1,130			79			1,436			714
Total income tax provision		$	4,489		$	2,536		$	10,091		$	8,095