XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Income Taxes | 10. Income Taxes The Company and its subsidiaries are subject to income tax within U.S. federal, New York, New York City, and various other state and local jurisdictions. The Company is undergoing examinations of New York City income tax returns for years ending December 31, 2015 through 2017 and New York State income tax returns for years ending December 31, 2017 through 2019. The New York State examination of tax years 2015 through 2016 was closed in 2022. The Company remains subject to examination for its federal and various other states income tax returns for the years ending on or after December 31, 2020. Income tax provisions are summarized as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In thousands)
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Current | ​ | $ | 4,904 | ​ | $ | 17,565 | ​ | $ | 21,206
Deferred | ​ |  | 2,681 | ​ |  | 4 | ​ |  | (1,128)
Total federal tax provision | ​ |  | 7,585 | ​ |  | 17,569 | ​ |  | 20,078
State and Local: | ​ |  |  | ​ |  |  | ​ |  |
Current | ​ |  | 2,544 | ​ |  | 10,198 | ​ |  | 8,004
Deferred | ​ |  | 1,040 | ​ |  | 140 | ​ |  | (597)
Total state and local tax provision | ​ |  | 3,584 | ​ |  | 10,338 | ​ |  | 7,407
Total provision for income taxes | ​ | $ | 11,169 | ​ | $ | 27,907 | ​ | $ | 27,485
​ The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 28.0%, 26.6%, and 25.2% for the years ended December 31, 2023, 2022, and 2021, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (Dollars in thousands) |
Taxes at federal statutory rate | ​ | $ | 8,365 |  | 21.0 | % | $ | 22,019 |  | 21.0 | % | $ | 22,948 |  | 21.0 | %
Increase (reduction) in taxes resulting from: | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  |  | ​
State and local income tax, net of Federal income tax benefit | ​ |  | 2,831 |  | 7.1 | ​ |  | 8,167 |  | 7.8 | ​ |  | 6,865 |  | 6.3 | ​
Tax exempt income, net | ​ |  | (1,079) |  | (2.7) | ​ |  | (2,083) |  | (2.0) | ​ |  | (1,150) |  | (1.0) | ​
Other | ​ |  | 1,052 |  | 2.6 | ​ |  | (196) |  | (0.2) | ​ |  | (1,178) |  | (1.1) | ​
Taxes at effective rate | ​ | $ | 11,169 |  | 28.0 | % | $ | 27,907 |  | 26.6 | % | $ | 27,485 |  | 25.2 | %
​ ​ ​ ​ ​ ​ ​ ​ The components of the net deferred tax assets are as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses on loans | ​ | $ | 12,475 | ​ | $ | 12,528
Net unrealized losses on securities available for sale* | ​ |  | 24,667 | ​ |  | 28,418
Operating lease liabilities | ​ | ​ | 12,680 | ​ | ​ | 14,289
Accrued compensation | ​ |  | 7,882 | ​ |  | 8,709
Stock based compensation | ​ |  | 3,140 | ​ |  | 3,171
Depreciation | ​ |  | 2,711 | ​ |  | 2,462
Derivative adjustments | ​ |  | 445 | ​ |  | 2,030
Pension and post-retirement benefits | ​ |  | 2,044 | ​ |  | 2,126
Other allowances | ​ |  | 3,609 | ​ |  | 1,185
Acquisition fair value marks | ​ | ​ | 637 | ​ | ​ | 960
Net operating losses | ​ | ​ | 491 | ​ | ​ | 257
Net unrealized losses on pension and post-retirement benefits* | ​ | ​ | 172 | ​ | ​ | 124
Other | ​ |  | 1,482 | ​ |  | 989
Deferred tax assets | ​ | ​ | 72,435 | ​ | ​ | 77,248
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets | ​ | ​ | 12,287 | ​ | ​ | 13,410
Net unrealized gains on cash flow hedges* | ​ |  | 6,667 | ​ |  | 11,429
Deferred loan fees, net | ​ | ​ | 3,819 | ​ | ​ | 3,930
Fair value adjustments | ​ |  | 3,110 | ​ |  | 2,314
Net unrealized gains on entity specific fair value* | ​ |  | 747 | ​ |  | 672
Other | ​ | ​ | 660 | ​ | ​ | 24
Deferred tax liabilities | ​ | ​ | 27,290 | ​ | ​ | 31,779
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset included in other assets | ​ | $ | 45,145 | ​ | $ | 45,469
​ *Represents the amount of deferred taxes recorded in accumulated other comprehensive loss. ​ At December 31, 2023, after considering all available positive and negative evidence, management concluded that a valuation allowance against deferred tax assets was not necessary because it is more likely than not that these tax benefits will be fully realized in future periods. While management continues to evaluate the need for a valuation allowance prospectively, it is not expected that a valuation allowance will be required based upon projected profitability. ​ At December 31, 2023 and 2022, the Company had no material unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months.

X
- Definition n/a. + References No definition available. + Details
Name: | ffic_NotesToFinancialStatementsAbstract
Namespace Prefix: | ffic_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration