<SEC-DOCUMENT>0001174947-19-000926.txt : 20190731
<SEC-HEADER>0001174947-19-000926.hdr.sgml : 20190731
<ACCEPTANCE-DATETIME>20190731144706
ACCESSION NUMBER:		0001174947-19-000926
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190731
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190731
DATE AS OF CHANGE:		20190731

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:		19988410

	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: 6pt 0 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Washington, D.C. 20549</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-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>Date of Report: July 31, 2019 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>MIDDLESEX WATER COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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"><B>&nbsp;</B></P>

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    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NEW JERSEY</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>0-422</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>22-1114430</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<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: 12pt 0 0; text-align: center"><B>485C ROUTE 1 SOUTH, SUITE 400, ISELIN
NEW JERSEY 08830</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>732-634-1500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Registrant&rsquo;s telephone number,
including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 98%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 98%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 98%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 98%; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSEX</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Emerging growth company &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item 2.02 Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On July 31, 2019, Middlesex Water Company announced its
financial results for the second quarter ended June 30, 2019. 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 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">(c) Exhibits</P>

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    <TD STYLE="vertical-align: top; width: 0.75in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit<BR>
Number</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Document</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Press Release issued by Middlesex Water Company, dated July 31, 2019, announces Second Quarter 2019 Financial Results.</A></FONT></TD></TR>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">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/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 57%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIDDLESEX WATER COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/A. Bruce O&rsquo;Connor</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Bruce O&rsquo;Connor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sr. Vice President, Treasurer and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Dated: July 31, 2019</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">2</P>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1.5pt; text-align: center"><B>MIDDLESEX WATER COMPANY ANNOUNCES
<BR>
SECOND QUARTER 2019 FINANCIAL RESULTS</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">ISELIN, N.J., (July 31, 2019) --
Middlesex Water Company (the &ldquo;Company&rdquo; or &ldquo;Middlesex&rdquo;), (Nasdaq:MSEX), a provider of water, wastewater
and related services primarily in New Jersey and Delaware, today reported financial results for the second quarter ended June 30,
2019.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Second Quarter Operating Results</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consolidated net income for the second
quarter 2019 decreased $0.5 million to $8.1 million as compared to the same period in 2018. Diluted earnings per share for the
quarter ended June 30, 2019 were $0.49, as compared to $0.52 for the same period in 2018.&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operating revenues decreased by $1.5 million
to $33.4 million with unfavorable weather patterns in the mid-Atlantic region reducing water demand across all classes of regulated
customers. We continued to add new customers in our Delaware systems at an annualized pace of 4.3%, which helped to offset some
of the consumption demand decline. Revenues also declined in our non-regulated operations. As previously disclosed in our public
filings, we changed the structure of the wastewater component of our new 10-year contract (effective January 1, 2019) to operate
the City of Perth Amboy, New Jersey&rsquo;s (Perth Amboy) water and wastewater systems. This change also resulted in a like amount
decrease in operating expenses for the quarter. On an annual basis, this amounts to $5.6 million in lower revenue and lower expense.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operations and maintenance expenses were
$16.8 million, which is slightly below the expenses for the same period in 2018. The lower expenses attributable to the Perth Amboy
contract change helped to offset higher labor related costs. Middlesex continues to add personnel to meet increasing regulatory
requirements and customer growth in a competitive job market.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Income Tax
expense decreased $1.2 million from the same period in 2018, primarily due to the regulatory accounting treatment of tangible property
regulations related expense deductions, which was approved in Middlesex&rsquo;s 2018 base rate case decision and lower-pre-tax
income.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Middlesex Chairman, President and Chief
Executive Officer Dennis W. Doll said, &ldquo;While unfavorable weather impacted customer water demands in the second quarter,
we have experienced more typical conditions in the third quarter and are optimistic that customer water usage will increase to
forecasted levels during our peak summer season. But, given the early revenue pressures and increasing labor costs, we have established
2019 annual earnings expectations at $1.94 - $1.98 per diluted share,&rdquo; said Doll. &ldquo;We continue to make investments
in numerous water and wastewater infrastructure projects at a robust pace under our Water for Tomorrow&reg; capital program --
all with a focus on improving system reliability and resiliency,&rdquo; added Doll.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Six Month Operating Results</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consolidated operating revenues for the
six months ended June 30, 2019 were $64.0 million, a decrease of $ 2.0 million from the same period in 2018, primarily due to due
to unfavorable weather which reduced water demand in our regulated Middlesex and Tidewater Systems. Non-regulated revenues also
decreased due to changes in our new Perth Amboy contract. Partially offsetting these decreases were Middlesex&rsquo;s April 1,
2018 base rate increase and Tidewater customer growth. For the six months ended June 30, 2019, diluted earnings per share were
$0.88 as compared to $0.80 for the same period in 2018.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Operation and maintenance expenses for
the six months ended June 30, 2019 decreased $1.8 million compared to the same period in 2018 due to reduced expenses related to
our new Perth Amboy contract and reduced production costs related to lower customer demand. These lower expenses were partially
offset by increased labor costs.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Income Tax expense for the six months
ended June 30, 2019 decreased $2.6 million as compared with the same period in 2018, primarily due to the regulatory accounting
treatment of tangible property regulations related expense deductions, lower-pre-tax income and a lower Tidewater effective income
tax rate resulting from the March 2019 tariff rate reduction.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Quarterly Dividend Declared </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As previously announced, the Company&rsquo;s
Board of Directors declared a quarterly cash dividend of $0.24 per share, payable September 3, 2019 to common shareholders as of
August 15, 2019. Middlesex has paid cash dividends continually since 1912 and has increased its annual dividend rate for 46 consecutive
years. The Company&rsquo;s 5% Discount, in effect for participants in the Company&rsquo;s Investment Plan on purchases made by
optional cash payment or dividend reinvestment, is nearly fully subscribed and is anticipated to continue until 200,000 shares
are purchased at the discounted price or December 30, 2019, whichever occurs first.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>About Middlesex Water Company</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Middlesex Water Company, organized
in 1897, is an investor-owned water and wastewater utility, serving customers primarily in central and southern New Jersey and
Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 5pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including,
among others,&nbsp;earnings guidance, 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 numerous 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 including without limitation, those described under </I></FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Forward-Looking
Statements&rdquo; and &ldquo;Risk Factors&rdquo; in our annual and quarterly filings with the Securities and Exchange Commission.</I></FONT></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>Contact:</B></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">485C Route 1 South</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 400</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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; white-space: nowrap; vertical-align: bottom">Three Months Ended June 30,</TD><TD STYLE="font-weight: bold; white-space: nowrap; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; white-space: nowrap; vertical-align: bottom">Six Months Ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2019</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1pt; white-space: nowrap">Operating Revenues</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">33,393</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">34,919</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">64,090</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">66,096</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">Operating Expenses:</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Operations and Maintenance</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,781</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,825</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">32,901</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">34,659</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Depreciation</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">4,123</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">3,736</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">8,170</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">7,345</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; white-space: nowrap">Other Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">3,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,637</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">7,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,021</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Total Operating Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">24,443</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">24,198</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">48,113</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49,025</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Operating Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">8,950</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">10,721</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">15,977</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">17,071</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Other Income (Expense):</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Allowance for Funds Used During Construction</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">643</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">214</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">1,158</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">381</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; white-space: nowrap">Other Income (Expense), net</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">(80</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">)</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">571</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">(138</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">)</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">868</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Other Income, net</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">563</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">785</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">1,020</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,249</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Interest Charges</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">1,788</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,068</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">2,988</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,206</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Income before Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">7,725</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,438</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">14,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">15,114</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Income Taxes</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">(421</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">)</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">763</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">(687</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">)</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,945</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Net Income</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">8,146</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">8,675</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">14,696</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">13,169</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Preferred Stock Dividend Requirements</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">36</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">36</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">72</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">72</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap">Earnings Applicable to Common Stock</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">8,110</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,639</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">14,624</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">13,097</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Earnings per share of Common Stock:</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Basic</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.49</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.53</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.89</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.80</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Diluted</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.49</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.52</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.88</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.80</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap">Average Number of</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Common Shares Outstanding :</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Basic</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,519</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,388</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,474</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,371</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Diluted</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,675</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,544</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">16,630</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">16,527</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; white-space: nowrap">Cash Dividends Paid per Common Share</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.2400</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.2238</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.4800</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.4475</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
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