Thanks to a change in state tax law, Flushing Financial Corp., the Lake Success-based owner of Flushing Savings Bank, has revised its third-quarter earnings.
Instead of making $9.1 million in the quarter, the company now reports making $14.6 million. The change is the result of the state legislature altering the way savings banks determine tax deductions for bad debt. For Flushing, that resulted in a reversal of about $5.5 million in tax liabilities.
All its other reported financial data from the third quarter remain unchanged.