<SEC-DOCUMENT>0000914317-13-001374.txt : 20131106
<SEC-HEADER>0000914317-13-001374.hdr.sgml : 20131106
<ACCEPTANCE-DATETIME>20131106105105
ACCESSION NUMBER:		0000914317-13-001374
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131106
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131106
DATE AS OF CHANGE:		20131106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00422
		FILM NUMBER:		131195170

	BUSINESS ADDRESS:	
		STREET 1:		1500 RONSON RD
		STREET 2:		P O BOX 1500
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		1500 RONON ROAD
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report: November 6, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>MIDDLESEX WATER COMPANY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>NEW JERSEY</U></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>0-422</U></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>22-1114430</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">incorporation or organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>1500 RONSON ROAD, P.O. BOX 1500, ISELIN,
NEW JERSEY 08830</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(732)-634-1500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.02 Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On November 6, 2013, Middlesex Water Company (the &quot;Company&quot;)
announced its financial results for the third quarter ended September 30, 2013. A copy of the press release announcing these financial
results is attached hereto as Exhibit 99.1 and incorporated into this Form 8-K by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD NOWRAP STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black">Exhibit</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black"><U>Number</U></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black"><U>Description of Document</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; color: black">Press Release and income statement issued by Middlesex Water Company, dated November 6, 2013 announcing Third Quarter 2013 Financial Results.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 49%">MIDDLESEX WATER COMPANY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><U>s/Kenneth J. Quinn</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Kenneth J. Quinn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Vice President, General Counsel,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Secretary and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: November 6, 2013</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MIDDLESEX WATER COMPANY ANNOUNCES THIRD QUARTER
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2013 FINANCIAL RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">November 6, 2013 -- ISELIN, NJ -- Middlesex
Water Company (NASDAQ: MSEX) (&quot;Middlesex&quot; or the &quot;Company&quot;) today reported third quarter operating revenues
of $31.3 million compared to $32.4 million for the same period in 2012. Net income for the quarter decreased to $5.8 million from
$6.1 million in the same quarter of 2012. Earnings per basic and diluted share for the quarter were $0.36, compared to $0.39 and
$0.38, respectively, for the same period in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Third Quarter Operating Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: black">Operating
revenues for the third quarter decreased $1.1 million from the same period in 2012. Revenues in the Middlesex system decreased
$1.3 million, primarily due to greater precipitation than expected during the third quarter 2013; decreased demand related to Hess
Corporation (&ldquo;Hess&rdquo;), Middlesex&rsquo;s largest customer, ceasing </FONT>its oil refining operations at its Port Reading,
New Jersey facility in February 2013 <FONT STYLE="font-size: 10pt; color: black">and decreased contract sales to municipalities
of $0.6 million, primarily due to loss of the </FONT>Borough of Sayreville, New Jersey (&ldquo;<FONT STYLE="font-size: 10pt; color: black">Sayreville&rdquo;)
as a wholesale contract customer in August 2013 due to expansion of the Borough&rsquo;s own supply and treatment capability. Partially,
and positively offsetting these factors were the full quarter effect of the base rate increase that went into effect July 2012
in the Middlesex system and $0.1 million of increased revenues realized by our Tidewater system in Delaware earned through new
water customer connections. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operation and maintenance expenses for the three
months ended September 30, 2013 decreased $0.5 million from the same period in 2012. This was attributable primarily to a $0.6
million decrease in employee benefit expenses prompted by an amendment to Middlesex&rsquo;s postretirement medical benefit plan
which further limits eligibility for benefits and increases contributions by future retirees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Middlesex Water Chairman and Chief Executive
Officer Dennis Doll said, &quot;Despite the decreased demand for water prompted by the loss of two large customers, we reduced
costs, continued to invest in water infrastructure and stayed focused on delivering on our growth strategy. In addition to increasing
efficiencies to better serve our customers, we recently announced the acquisition of a 600-customer wastewater company in Delaware,
achieved milestones in our non-regulated partnership projects such as our biogas renewable energy project in Ridgewood, New Jersey
and a leachate treatment contract to benefit the County of Monmouth, New Jersey. In addition, we are expanding our contract operations
business into the military market with the recent contract award from the U.S. Department of Defense to privatize the water system
operations of Dover Air Force Base in Dover, Delaware. In all these endeavors, controlling costs, protecting the environment and
enhancing service to customers is critical to our continued success,&rdquo; said Doll.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Nine Month Operating Results </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">For the nine months
ended September 30, 2013, revenues were $87.4 million, as compared to $83.3 million for the same period in 2012. Revenues in our
Middlesex system increased $2.0 million, primarily due to the effect of the base rate increase granted in July 2012. Offsetting
the increase was less customer demand resulting from the loss of Hess, Middlesex&rsquo;s largest customer; greater than expected
precipitation events during the second and third quarters of 2013 and loss of Sayreville as a customer in August 2013. Revenues
in our Tidewater system increased $0.4 million, primarily due to new customer connections as well final rate increases that went
into effect in June 2012. Non-regulated contract operations revenues </FONT>increased by $1.3 million for our contracts serving
the City of Perth Amboy, New Jersey and the Borough of Avalon, New Jersey (&ldquo;Avalon&rdquo;). <FONT STYLE="color: black"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">Operation and maintenance
expenses increased $1.0 million from the same period in 2012, primarily due to increased labor costs, higher water treatment costs
caused by increased precipitation, a higher number of main breaks in 2013 as compared to 2012 and e</FONT>xpenditures for contract
operations serving Avalon, New Jersey which commenced July 1, 2012<FONT STYLE="color: black">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net income increased $1.8 million from the same
period in 2012. Basic and diluted earnings per share for the nine months were $0.84 and $0.83, respectively compared to $0.73 in
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Quarterly Dividend Increased for 41st Consecutive Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 22, 2013, the Company's Board of
Directors approved an increase in the quarterly cash dividend on common stock to $0.1900 from $0.1875. The new dividend rate is
payable December 2, 2013 to shareholders of record as of November 15, 2013. This dividend increase raises the annual dividend to
$0.76 from $0.75 per share of common stock and represents the 41st consecutive year of annual dividend increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Middlesex Water Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: black">Middlesex Water
Company, organized in 1897, provides regulated and unregulated water and wastewater utility services primarily in New Jersey and
Delaware through various subsidiary companies. For additional information regarding Middlesex Water Company including information
about the Company's Dividend Reinvestment and Common Stock Purchase Plan, visit the Company's Web site at </FONT><U>www.middlesexwater.com
</U><FONT STYLE="color: black">or call (732) 634-1500. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the
status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact
of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable
weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability
and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange
Commission. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Bernadette Sohler, Vice President &ndash; Corporate Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Middlesex Water Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1500 Ronson Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Iselin, New Jersey 08830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(732) 638-7549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">www.middlesexwater.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="A001"></A>MIDDLESEX WATER COMPANY</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="A002"></A>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Unaudited)</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(In thousands except per share amounts)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="7" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended September 30,</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="7" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months Ended September 30,</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid">2013</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid">2012</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid">2013</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2px solid">2012</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<TD COLSPAN="9" NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD COLSPAN="3" NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="width: 46%; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Operating Revenues</TD>
<TD NOWRAP STYLE="width: 3%; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">31,285</TD>
<TD NOWRAP STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,353</TD>
<TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">87,424</TD>
<TD NOWRAP STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,300</TD>
<TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Operating Expenses:</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Operations and Maintenance</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15,120</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">15,600</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">45,698</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">44,740</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Depreciation</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,772</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">2,629</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,205</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">7,759</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Other Taxes</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,123</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,281</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,215</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,871</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 20pt">Total Operating Expenses</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">21,015</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,510</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">63,118</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">61,370</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">Operating Income</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,270</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,843</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">24,306</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,930</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Other Income (Expense):</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Allowance for Funds Used During Construction</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">104</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">110</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">230</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">383</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Other Income</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">27</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">106</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">124</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">423</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Other Expense</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(21</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">Total Other Income, net</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">130</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">212</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">333</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">651</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">Interest Charges</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,541</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,808</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,234</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,941</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">Income before Income Taxes</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,859</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,247</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">20,405</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,640</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">Income Taxes</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,052</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,109</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">6,940</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,970</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Net Income</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">5,807</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">6,138</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">13,465</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">11,670</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">Preferred Stock Dividend Requirements</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">44</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">52</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">147</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">155</TD>
<TD NOWRAP STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">Earnings Applicable to Common Stock</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">5,763</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,086</TD>
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">13,318</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,515</TD>
<TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">Earnings per share of Common Stock:</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Basic</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.36</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.39</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.84</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Diluted</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.36</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.38</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.83</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">Average Number of</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Common Shares Outstanding :</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Basic</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15,882</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">15,741</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15,839</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">15,717</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="padding-left: 10pt; font: 10pt Times New Roman, Times, Serif">Diluted</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">16,117</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">16,004</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">16,093</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">15,980</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">Cash Dividends Paid per Common Share</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.1875</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.1850</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.5625</TD>
<TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">$</TD>
<TD NOWRAP STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">0.5550</TD>
<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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