<SEC-DOCUMENT>0001174947-19-001151.txt : 20191101
<SEC-HEADER>0001174947-19-001151.hdr.sgml : 20191101
<ACCEPTANCE-DATETIME>20191101114950
ACCESSION NUMBER:		0001174947-19-001151
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191101
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191101
DATE AS OF CHANGE:		20191101

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:		191185899

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-22976_msx.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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>&nbsp;</B></P>

<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: November 1, 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>

<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: 34%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>NEW JERSEY</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>0-422</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>22-1114430</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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">&nbsp;</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%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>

<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: 33%; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="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-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-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-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">MSEX</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="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 <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></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. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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>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 1, 2019, Middlesex Water Company announced its financial
results for the third quarter ended September 30, 2019. A copy of the press release announcing these results is attached hereto
as Exhibit 99.1 and incorporated into this Current Report on Form 8-K by reference.</P>



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

<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: 1in"><FONT STYLE="font-size: 10pt">Exhibit</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-size: 10pt">Description of Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ex99-1.htm">Press Release issued by Middlesex Water Company, dated November 1,
    2019, announcing Third Quarter 2019 Financial Results.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&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>

<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: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%">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><U>s/A. Bruce O&rsquo;Connor</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>A. Bruce O&rsquo;Connor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Sr. Vice President, Treasurer and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</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 1, 2019</P>

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



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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></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 0 1.5pt; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">ISELIN, N.J., (November 1, 2019) -- Middlesex
Water Company (the &ldquo;Company&rdquo; or &ldquo;Middlesex&rdquo;), (Nasdaq: MSEX), a provider of water and wastewater services,
today reported financial results for the quarter ended September 30, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Consolidated net income for the quarter
was $11.1 million, a decrease of $1.2 million from $12.3 million for the same period in 2018. Diluted earnings per share for the
quarter were $0.66, down from $0.74 for the same period in 2018.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Operating revenues decreased $0.9 million
to $37.8 million as compared to $38.7 million for the same period in 2018 with unfavorable weather patterns in the mid-Atlantic
region reducing customer demand for water. We continued to add customers in our Delaware system, Tidewater Utilities, Inc. (&ldquo;Tidewater&rdquo;),
which offset a portion of the decline in water consumption. Non-regulated revenues decreased $1.3 million. As previously described
in other communications, we changed the structure of the wastewater component relative to 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 related decrease in operating expenses for the quarter. On an annual basis, this amounts to $5.6 million in lower revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Middlesex Chairman, President and Chief
Executive Officer Dennis W. Doll said, &ldquo;While unfavorable weather impacted consumption in the third quarter, we remained
focused on strategic growth and increasing reliability and resiliency throughout our various systems. We announced the acquisition
of approximately 1,000 new customer connections in Delaware. We raised $60 million through the New Jersey Economic Development
Authority by issuing tax-exempt first mortgage bonds to help fund the recently commenced $70 million upgrade to our largest treatment
plant in New Jersey. In addition, we were pleased to announce a 6.7 % increase in the common dividend in late October, demonstrating
our ongoing commitment to returning value to shareholders. This increase represents our 47<SUP>th</SUP> year of consecutive dividend
increases in our company&rsquo;s history,&rdquo; added Doll.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">Operation and maintenance
expenses were $17.7 million, down $0.4 million from the same period in 2018. The lower expenses attributable to the Perth Amboy
contract change partially mitigated increased labor related costs. We have added personnel in selected areas to meet increasing
regulatory requirements as well as to meet the demands related to customer growth in a competitive job market.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Consolidated net income for the nine months
ended September 30, 2019 increased $0.4 million to $25.8 million. Diluted earnings per share were $1.55 compared to $1.54 for the
same period in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Consolidated operating revenues for the
nine months ended September 30, 2019 were $101.9 million, a decrease of $3.0 million from the same period in 2018. Unfavorable
weather reduced customer demand for water and non-regulated revenues decreased due to changes in our Perth Amboy contract. Partially
offsetting these decreases was an April 1, 2018 base rate increase in our Middlesex System in New Jersey and Tidewater customer
growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Operation and maintenance expenses for
the nine months ended September 30, 2019 decreased by $2.2 million as compared to the same period in 2018, due to reduced expenses
associated with our new Perth Amboy operating contract offset by higher labor costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Income Tax expense for the nine months
ended September 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 a March 2019 tariff rate reduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>Board of Directors Declares Dividend</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Company&rsquo;s Board of Directors
declared a quarterly cash dividend of $0.25625 per share, payable December 2, 2019 to common shareholders as of November 15, 2019.
Middlesex has paid cash dividends continually since 1912.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; 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.&nbsp;
Information about Middlesex&rsquo;s Direct Share Purchase and Sale and Dividend Reinvestment Plan can be found on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><I>This release contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995, including, among others,&nbsp;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 United
States Securities and Exchange Commission.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 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">(732) 638-7549</P>

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



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

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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



<P STYLE="margin: 0">&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">Three Months Ended September 30,</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; white-space: nowrap">Nine Months Ended September 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; 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">2019</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">2018</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">2019</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">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; border-bottom: Black 1pt solid; 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">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">37,769</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</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">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">101,859</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</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">17,669</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">18,114</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">50,569</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">52,773</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">4,246</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">3,792</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">12,415</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">11,137</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; border-bottom: Black 1pt solid; 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">3,871</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">3,889</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">10,913</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">10,910</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; border-bottom: Black 1pt solid; 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">25,786</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">25,795</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">73,897</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">74,820</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; border-bottom: Black 1pt solid; 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">11,983</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">12,918</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">27,962</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">29,989</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">871</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">424</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">2,030</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">805</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; border-bottom: Black 1pt solid; 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">(4</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">409</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">(142</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">1,277</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; border-bottom: Black 1pt solid; 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">867</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">833</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">1,888</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">2,082</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; border-bottom: Black 1pt solid; 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">1,996</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">1,723</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">4,984</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">4,929</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; border-bottom: Black 1pt solid; 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">10,854</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">12,028</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">24,866</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">27,142</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; border-bottom: Black 1pt solid; 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">(265</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">(262</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</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">(952</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">1,683</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">11,119</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">12,290</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">25,818</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">25,459</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; border-bottom: Black 1pt solid; 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">30</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">102</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">108</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; border-bottom: Black 1pt solid; 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">11,089</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,254</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; white-space: nowrap">25,716</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,351</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">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.67</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.75</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">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">1.56</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">1.55</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">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.66</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.74</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">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">1.55</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">1.54</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">16,610</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">16,394</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">16,520</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">16,379</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">16,757</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">16,550</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">16,673</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">16,535</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">$</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">0.7200</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">$</TD><TD STYLE="text-align: right; white-space: nowrap">0.6713</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
