Note 10 - Income Taxes |
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Income Tax Disclosure [Text Block] | 10. Income TaxesFlushing 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 trusts, which file separate Federal income tax returns as trusts, and FPFC, which files a separate Federal income tax return as a real estate investment trust. Additionally, the Bank files New Jersey State tax returns. The Company remains subject to examination for its Federal, New York State and New Jersey income tax returns for the years ending on or after December 31, 2013. The Company is undergoing an examination of its New York City income tax returns for 2011, 2012 and 2013. Income tax provisions are summarized as follows for the years ended December 31:
The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 38.8%, 37.0% and 39.2% for the years ended December 31, 2016, 2015 and 2014, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31:
The components of the net deferred tax assets are as follows at December 31:
The Company has recorded a deferred tax asset of $34.7 million. This represents the anticipated net federal, state and local tax benefits expected to be realized in future years upon the utilization of the underlying tax attributes comprising this balance. The Company has reported taxable income for federal, state, and local tax purposes in each of the past three years. In management’s opinion, in view of the Company’s previous, current and projected future earnings trend, the probability that some of the Company’s $16.8 million deferred tax liability can be used to offset a portion of the deferred tax asset, as well as certain tax planning strategies, it is more likely than not that the deferred tax asset will be fully realized. Accordingly, no December 31, 2016 and 2015. The Company does not have uncertain tax positions that are deemed material. The Company’s policy is to recognize interest and penalties on income taxes in operating expenses. During the three years ended December 31, 2016, the Company did not |