0001628280-25-047821 | 10-Q | XBRL Viewer

Capitalization

9 Months Ended

Sep. 30, 2025

Common Stock – During the nine months ended September 30, 2025 and 2024, there were 12,522 common shares (approximately $0.7 million) and 13,498 common shares (approximately $0.7 million) respectively, issued under the Middlesex Water Company Investment Plan.

In April 2023, the NJBPU authorized Middlesex to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025, through one or more traditional underwriting offerings and/or ATM offerings. In September 2025, the NJBPU authorized Middlesex to issue and sell up to 2.5 million shares of its common stock, without par value, during the period January 2026 through December 2028, through one or more traditional underwriting offerings and/or ATM offerings.

On May 12, 2025, Middlesex entered into an At-the-Market (ATM) Equity Offering Sales Agreement (Equity Sales Agreement) with BofA Securities, Inc., Robert W. Baird & Co. Incorporated, and Janney Montgomery Scott LLC, pursuant to which Middlesex may offer and sell shares of its common stock, no par value per share, from time to time in “at-the-market” offerings, having an aggregate gross sales price of up to $110.0 million. The Company intends to use the net proceeds from these sales, after deducting commissions and offering expenses, to fund our capital expenditures, to purchase and maintain plant equipment, as well as for other general corporate purposes. For the three and nine months ended September 30, 2025, Middlesex issued and sold a total of 316,786 and 380,741 shares of common stock, respectively, at a weighted average price of $53.47 and $54.10 per share, respectively, and received $16.7 million and $20.3 million in net proceeds, respectively, under the Equity Sales Agreement. As of September 30, 2025, the Company has $89.4 million of aggregate gross sales remaining under the Equity Sales Agreement.

Long-term Debt – Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of the borrowings under the New Jersey SRF is interest-free.

Middlesex is currently authorized by the BPU to borrow up to $300.0 million through December 31, 2025, in one or more negotiated transactions in the form of notes and/or first mortgage bonds through loans from the New Jersey SRF Program, the New Jersey Economic Development Authority (NJEDA), private placement and other financial institutions, as needed.

In September 2025, the NJBPU authorized Middlesex to borrow up to $260.0 million during the period January 2026 through December 2028, in one or more negotiated transactions in the form of notes and/or first mortgage bonds through loans from the New Jersey SRF Program, the NJEDA, private placement and other financial institutions as needed.

In October 2025, Middlesex closed on a $30.0 million, 5.99% private placement of First Mortgage Bonds (FMBs) due 2055, designated as Series 2025A. The net proceeds from the sale were used to repay short-term borrowings under the Company’s bank lines of credit and for other general corporate purposes.

In September 2024, Tidewater closed on a $2.2 million Delaware SRF loan with a 0.0% interest rate with maturity dates in 2044. This loan is for costs associated with Tidewater’s obligation, as required by federal law and Delaware regulations, to

identify and inventory lead service lines throughout Tidewater’s service area. Tidewater has drawn down $1.7 million as of September 30, 2025 and expects that the requisitions will continue through the fourth quarter of 2025.

In May 2024, Tidewater closed on four Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with maturity dates in 2044. These loans are for the construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater has drawn down $0.9 million on these loans as of September 30, 2025. Each project has its own construction timetable with the last spending set to occur in 2027.

Separately, Tidewater has two active construction projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection of transmission mains. Tidewater has drawn a total of $7.2 million through September 30, 2025 and expects that the requisitions will continue through the fourth quarter of 2025.

Fair Value of Financial Instruments – The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows:


	(Thousands of Dollars)
	September 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FMBs	$	126,172	$	125,545	$	129,602	$	125,067

It was not practicable to estimate the fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $230.5 million and $229.8 million at September 30, 2025 and December 31, 2024, respectively. Advances for construction have carrying amounts of $24.1 million and $22.6 million at September 30, 2025 and December 31, 2024, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Operating Revenues	$ 54,091	$ 55,100	$ 147,715	$ 144,770
Operating Expenses:
Operations and Maintenance	23,738	25,359	67,913	67,649
Depreciation	6,941	6,309	20,171	18,010
Other Taxes	5,709	5,931	16,460	16,430
Total Operating Expenses	36,388	37,599	104,544	102,089
Operating Income	17,703	17,501	43,171	42,681
Other Income (Expense):
Allowance for Funds Used During Construction	432	354	1,218	787
Other Income (Expense), net	1,454	1,614	4,364	9,202
Total Other Income, net	1,886	1,968	5,582	9,989
Interest Charges	4,200	3,411	10,535	10,721
Income before Income Taxes	15,389	16,058	38,218	41,949
Income Taxes	1,431	1,739	4,001	6,402
Net Income	13,958	14,319	34,217	35,547
Preferred Stock Dividend Requirements	18	29	59	89
Earnings Applicable to Common Stock, Basic	13,940	14,290	34,158	35,458
Earnings Applicable to Common Stock, Diluted	$ 13,940	$ 14,290	$ 34,158	$ 35,458
Earnings per share of Common Stock:
Basic (in dollars per share)	$ 0.77	$ 0.80	$ 1.90	$ 1.99
Diluted (in dollars per share)	$ 0.77	$ 0.80	$ 1.90	$ 1.98
Common Shares Outstanding :
Basic (in shares)	18,123	17,838	17,992	17,828
Diluted (in shares)	18,154	17,952	18,023	17,943

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series.


	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2025				2024
Basic:		Income		Shares	Income		Shares
Net Income		$	13,958	18,123	$	14,319	17,838
Preferred Dividend		(18)			(29)
Earnings Applicable to Common Stock		$	13,940	18,123	$	14,290	17,838

Basic EPS		$	0.77		$	0.80

Diluted:
Earnings Applicable to Common Stock		$	13,940	18,123	$	14,290	17,838
$7.00 Series Preferred Dividend		5		31	17		114
Adjusted Earnings Applicable to Common Stock		$	13,945	18,154	$	14,307	17,952

Diluted EPS		$	0.77		$	0.80


	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2025				2024
Basic:		Income		Shares	Income		Shares
Net Income		$	34,217	17,992	$	35,547	17,828
Preferred Dividend		(59)			(89)
Earnings Applicable to Common Stock		$	34,158	17,992	$	35,458	17,828

Basic EPS		$	1.90		$	1.99

Diluted:
Earnings Applicable to Common Stock		$	34,158	17,992	$	35,458	17,828
$7.00 Series Preferred Dividend		19		31	50		115
Adjusted Earnings Applicable to Common Stock		$	34,177	18,023	$	35,508	17,943

Diluted EPS		$	1.90		$	1.98

Employee Benefit Plans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee Benefit Plans - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Company cash contributions to Pension Plan	$ 0	$ 0	$ 0	$ 2,000,000
Company cash contributions to Other Benefits Plan	0	$ 0	0	$ 0
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions over remainder of the current year	900,000		900,000
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions over remainder of the current year	$ 1,000,000.0		$ 1,000,000.0

Business Segment Data - Schedule of Segment Transactions (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenues:
Operating Revenues	$ 54,091			$ 55,100			$ 147,715	$ 144,770
Purchased Water:
Consolidated Purchased Water	2,050			1,407			5,933	5,019
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	21,688			23,952			61,980	62,630
Other Taxes:
Consolidated Other Taxes	5,709			5,931			16,460	16,430
Depreciation:
Consolidated Depreciation	6,941			6,309			20,171	18,010
Operating Income:
Consolidated Operating Income	17,703			17,501			43,171	42,681
Other Income:
Consolidated Other Income, Net	1,886			1,968			5,582	9,989
Interest Charges:
Consolidated Interest Charges	4,200			3,411			10,535	10,721
Income Taxes:
Consolidated Income Taxes	1,431			1,739			4,001	6,402
Net Income:
Consolidated Net Income	13,958	$ 10,778	$ 9,479	14,319	$ 10,546	$ 10,682	34,217	35,547
Capital Expenditures:
Total Capital Expenditures	21,007			20,743			71,642	49,480
ASSETS
Consolidated Assets	1,341,959						1,341,959		$ 1,255,174
Regulated
Other Taxes:
Consolidated Other Taxes	5,656			5,881			16,283	16,264
Non – Regulated
Other Taxes:
Consolidated Other Taxes	53			50			177	166
Operating Segments \| Regulated
Revenues:
Operating Revenues	51,209			52,252			138,973	135,682
Purchased Water:
Consolidated Purchased Water	2,353			1,767			6,339	5,521
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	19,624			21,802			56,269	56,446
Depreciation:
Consolidated Depreciation	6,871			6,245			19,973	17,812
Operating Income:
Consolidated Operating Income	16,826			16,673			40,470	39,989
Other Income:
Consolidated Other Income, Net	2,002			2,038			5,924	10,048
Interest Charges:
Consolidated Interest Charges	4,377			3,557			11,031	10,963
Income Taxes:
Consolidated Income Taxes	1,116			1,457			3,074	5,497
Net Income:
Consolidated Net Income	13,335			13,697			32,289	33,576
Capital Expenditures:
Total Capital Expenditures	20,785			20,743			71,334	49,444
ASSETS
Consolidated Assets	1,351,268						1,351,268		1,264,472
Operating Segments \| Non – Regulated
Revenues:
Operating Revenues	3,305			3,325			9,509	9,940
Purchased Water:
Consolidated Purchased Water	0			0			0	0
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	2,184			2,267			6,072	6,534
Depreciation:
Consolidated Depreciation	70			64			198	198
Operating Income:
Consolidated Operating Income	877			828			2,701	2,692
Other Income:
Consolidated Other Income, Net	61			76			154	183
Interest Charges:
Consolidated Interest Charges	0			0			0	0
Income Taxes:
Consolidated Income Taxes	315			282			927	905
Net Income:
Consolidated Net Income	623			622			1,928	1,971
Capital Expenditures:
Total Capital Expenditures	222			0			308	36
ASSETS
Consolidated Assets	7,679						7,679		7,671
Inter-segment Elimination
Revenues:
Operating Revenues	(423)			(477)			(767)	(852)
Purchased Water:
Consolidated Purchased Water	(303)			(360)			(406)	(502)
Other Operations and Maintenance Expenses:
Consolidated Other Operations and Maintenance Expenses	(120)			(117)			(361)	(350)
Other Income:
Consolidated Other Income, Net	(177)			(146)			(496)	(242)
Interest Charges:
Consolidated Interest Charges	(177)			$ (146)			(496)	$ (242)
ASSETS
Consolidated Assets	$ (16,988)						$ (16,988)		$ (16,969)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
UTILITY PLANT:
Water Production	$ 325,756	$ 314,924
Transmission and Distribution	918,455	855,497
General	108,142	105,167
Construction Work in Progress	37,444	34,209
TOTAL	1,389,797	1,309,797
Less Accumulated Depreciation	270,445	254,425
UTILITY PLANT - NET	1,119,352	1,055,372
CURRENT ASSETS:
Cash and Cash Equivalents	3,384	4,226
Accounts Receivable, net of allowance for uncollectible accounts of $2,055and $2,326, respectively	22,738	18,842
Unbilled Revenues	10,987	10,764
Materials and Supplies (at average cost)	7,309	6,719
Prepayments	5,184	2,422
TOTAL CURRENT ASSETS	49,602	42,973
OTHER ASSETS:
Operating Lease Right of Use Asset	2,117	2,567
Restricted Cash	1,675	0
Regulatory Assets	109,951	101,783
Non-utility Assets - Net	12,195	11,760
Employee Benefit Plans	40,468	36,856
Other	6,599	3,863
TOTAL OTHER ASSETS	173,005	156,829
TOTAL ASSETS	1,341,959	1,255,174
CAPITALIZATION:
Common Stock, No Par Value, authorized 40,000, issued 18,338 and 17,887 in 2025 and 2024, respectively	269,636	248,202
Retained Earnings	212,910	197,061
TOTAL COMMON EQUITY	482,546	445,263
Preferred Stock, No Par Value; authorized 120; issued 13	1,352	1,635
Long-term Debt	350,151	352,822
TOTAL CAPITALIZATION	834,049	799,720
CURRENT LIABILITIES:
Current Portion of Long-term Debt	7,645	7,711
Notes Payable	55,000	23,000
Accounts Payable	28,143	28,050
Accrued Taxes	15,540	11,976
Accrued Interest	2,554	2,916
Unearned Revenues and Advanced Service Fees	1,497	1,476
Other	7,902	7,759
TOTAL CURRENT LIABILITIES	118,281	82,888
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:
Advances for Construction	24,116	22,629
Lease Obligations	1,959	2,432
Accumulated Deferred Income Taxes	110,627	101,235
Regulatory Liabilities	63,063	64,557
Other	261	344
TOTAL OTHER LIABILITIES	200,026	191,197
CONTRIBUTIONS IN AID OF CONSTRUCTION	189,603	181,369
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,341,959	$ 1,255,174

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Water Supply – Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 mgd. Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.

Middlesex also has an agreement with a non-affiliated NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2031, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases if needed.

Tidewater contracts with the City of Dover in Delaware to purchase treated water of up to 75.0 million gallons annually.

Purchased water costs are shown below:


	(In Thousands)
	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Treated		$	1,143	$	796	$	3,242	$	2,697
Untreated		907		611		2,691		2,322
Total Costs		$	2,050	$	1,407	$	5,933	$	5,019

Leases – The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.

The Company’s only significant operating lease is for office space for administrative purposes, which expires in January 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.

The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining the present value of lease payments.

Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended September 30, 2025 and 2024, respectively, and $0.6 million for each of the nine months ended September 30, 2025 and 2024, respectively.

Information related to operating lease ROU assets and lease liabilities is as follows:


	(In Millions)
	As of
	September 30, 2025		December 31, 2024
ROU Asset at Lease Inception	$	7.3	$	7.3
Accumulated Amortization	(5.2)		(4.7)
ROU Asset	$	2.1	$	2.6

The Company’s future minimum operating lease commitments as of September 30, 2025 are as follows:


	(In Millions)
2025	$	0.2
2026	0.8
2027	0.9
2028	0.9
2029	0.9
Total Lease Payments	$	3.7
Imputed Interest	1.1
Present Value of Lease Payments	2.6
Less Current Portion*	(0.6)
Non-Current Lease Liability	$	2.0

*Included in Other Current Liabilities

Construction – In connection with the Company’s planned capital expenditures, the Company has entered into several contractual construction agreements that in total obligate it to expend an estimated $18.9 million in the future. The actual amount and timing of capital expenditures is dependent on the need for replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs.

Contingencies – Based on our operations in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may mitigate the effect of any current or future loss contingencies.

Change in Control Agreements – The Company has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment under certain conditions in connection with a change in control of the Company.

Revenue Recognition from Contracts with Customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based water and wastewater utility services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services.

The Company’s regulated revenue results from tariff-based water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers which includes an accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data and regional weather indicators. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer.

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers.

The Company’s contracts do not contain any significant financing components.

The Company’s operating revenues are comprised of the following:


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Regulated Tariff Sales
Residential	$	29,149	$	28,889	$	78,511	$	73,955
Commercial	9,120		9,693		23,169		24,252
Industrial	3,454		3,799		9,856		10,573
Fire Protection	3,729		3,641		11,449		10,589
Wholesale	5,423		5,839		15,484		15,720
Non-Regulated Contract Operations	3,184		3,208		9,148		9,588
Total Revenue from Contracts with Customers	$	54,059	$	55,069	$	147,617	$	144,677
Other Regulated Revenues	334		391		504		595
Other Non-Regulated Revenues	121		117		361		350
Inter-segment Elimination	(423)		(477)		(767)		(852)
Total Revenue	$	54,091	$	55,100	$	147,715	$	144,770

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Short-term Borrowings - Narrative (Details) - Line of Credit - USD ($)	Sep. 30, 2025	Jul. 31, 2025
Short-Term Debt [Line Items]
Aggregate lines of credit	$ 148,000,000.0
Weighted average interest rate	5.33%
CoBank, ACB
Short-Term Debt [Line Items]
Aggregate lines of credit	$ 20,000,000.0
CoBank, ACB \| Tidewater
Short-Term Debt [Line Items]
Aggregate lines of credit		$ 20,000,000.0

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 9.3% and 10.5% for the three and nine months ended September 30, 2025, respectively, compared to 10.8% and 15.3% for the same periods in 2024. We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Income Taxes for the three months ended September 30, 2025 decreased by $0.3 million from the same period in 2024, primarily due to lower pre-tax income and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System. Income Taxes for the nine months ended September 30, 2025 decreased by $2.4 million from the same period in 2024, primarily due to lower pretax income and higher income tax benefits associated with increased repair expenditures on tangible property in the Middlesex System offset by the 2024 recovery of income taxes on the taxable portion of the proceeds from a litigation agreement. The statutory Federal tax rate is 21.0% for the three and nine months ended September 30, 2025 and 2024. For states with a corporate net income tax, the state corporate net income tax rates range from 8.7% to 9.0% for all periods presented. Our effective tax rate differs from the federal statutory tax rate primarily due to the recognition of the income tax benefits for the immediate deduction of repair expenditures on tangible property in the Middlesex System as well as other permanent book-to-tax differences. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act, which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017. The Company does not expect this to have a material impact on the Company's 2025 financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Short-term Borrowings - Schedule of Weighted Average Daily Amounts of Borrowings Outstanding and Weighted Average Interest Rates (Details) - Line of Credit - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Short-Term Debt [Line Items]
Average Daily Amounts Outstanding	$ 61,664	$ 23,476	$ 46,205	$ 44,620
Weighted Average Interest Rates	5.46%	6.41%	5.44%	6.42%

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Cumulative preferred stock, price (in dollars per share)	$ 7.00
First Mortgage Bonds \| Minimum
Interest rate	0.00%
First Mortgage Bonds \| Maximum
Interest rate	5.50%
Amortizing Secured Notes \| Minimum
Interest rate	3.94%
Amortizing Secured Notes \| Maximum
Interest rate	7.05%
State Revolving Trust Notes \| Minimum
Interest rate	0.00%
State Revolving Trust Notes \| Maximum
Interest rate	4.03%
Convertible Preferred Stock $7.00 Series
Cumulative preferred stock, price (in dollars per share)	$ 7.00	$ 7.00
Nonredeemable Preferred Stock $7.00 Series
Cumulative preferred stock, price (in dollars per share)	7.00	7.00
Nonredeemable Preferred Stock $4.75 Series
Cumulative preferred stock, price (in dollars per share)	$ 4.75	$ 4.75

Employee Benefit Plans - Schedule of Employee Retirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 242	$ 318	$ 725	$ 953
Interest Cost	1,159	1,070	3,476	3,210
Expected Return on Assets	(1,687)	(1,580)	(5,061)	(4,741)
Amortization of Unrecognized Losses (Gains)	12	38	37	114
Net Periodic Benefit	(274)	(154)	(823)	(464)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	85	80	255	240
Interest Cost	430	328	1,289	985
Expected Return on Assets	(928)	(846)	(2,784)	(2,538)
Amortization of Unrecognized Losses (Gains)	(153)	(275)	(460)	(824)
Net Periodic Benefit	$ (566)	$ (713)	$ (1,700)	$ (2,137)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 13,958	$ 9,479	$ 14,319	$ 10,682	$ 34,217	$ 35,547
Adjustments to Reconcile Net Income to
Depreciation and Amortization					23,988	20,231
Provision for Deferred Income Taxes and Investment Tax Credits					(4,361)	408
Equity Portion of Allowance for Funds Used During Construction (AFUDC)					(735)	(465)
Cash Surrender Value of Life Insurance					(134)	(318)
Stock Compensation Expense					1,119	1,227
Changes in Assets and Liabilities:
Accounts Receivable					(3,896)	(4,531)
Unbilled Revenues					(223)	(4,121)
Materials & Supplies					(590)	422
Prepayments					(2,762)	(1,298)
Accounts Payable					2,300	4,737
Accrued Taxes					3,564	2,873
Accrued Interest					(362)	(742)
Employee Benefit Plans					(4,024)	(5,781)
Recovered Costs-Environmental Litigation Settlement					0	(8,774)
Other Assets and Liabilities					(3,967)	(2,080)
NET CASH PROVIDED BY OPERATING ACTIVITIES					44,134	37,335
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC-Debt of $483 in 2025 and $322 in 2024					(71,642)	(49,480)
Acquisition of Water Systems					(4,607)	0
NET CASH USED IN INVESTING ACTIVITIES					(76,249)	(49,480)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt					(6,330)	(6,438)
Proceeds from Issuance of Long-term Debt					3,603	592
Net Short-term Bank Borrowings					32,000	(25,250)
Proceeds from Litigation Settlement, Net					0	63,635
Deferred Debt Issuance Expense					(36)	(54)
Common Stock Issuance Expense					(871)	0
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock					(379)	(1,350)
Proceeds from Issuance of Common Stock					21,281	740
Payment of Common Dividends					(18,307)	(17,326)
Payment of Preferred Dividends					(59)	(89)
Construction Advances and Contributions-Net					2,046	1,639
NET CASH PROVIDED BY FINANCING ACTIVITIES					32,948	16,099
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					833	3,954
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		$ 4,226		$ 2,390	4,226	2,390	$ 6,344
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 5,059		$ 6,344		5,059	6,344	$ 5,059
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions					7,676	6,959
Accrued Payables for Utility Plant					4,401	10,927
Litigation Settlement Receivable					0	(6,237)
Litigation Settlement Payable					0	(6,237)
Conversion of Preferred Stock into Common Stock					283	194
Cash Paid During the Period for:
Interest					11,070	11,695
Interest Capitalized					483	322
Income Taxes					$ 946	$ 2,413

Commitments and Contingent Liabilities - Schedule of Future Minimum Operating Lease Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2025	$ 200
2026	800
2027	900
2028	900
2029	900
Total Lease Payments	3,700
Imputed Interest	1,100
Present Value of Lease Payments	2,600
Less Current Portion	(600)
Non-Current Lease Liability	$ 1,959	$ 2,432

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Statement of Cash Flows [Abstract]
AFUDC-Debt utility plant expenditures	$ 483	$ 322

Short-term Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Short-Term Debt [Abstract]

Schedule of Lines of Credit


	(Millions)
	As of September 30, 2025							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	10.0	$	50.0	$	60.0	Uncommitted	July 31, 2026
PNC Bank	28.2		$	39.8	68.0		Committed	January 31, 2027
CoBank, ACB	16.8		3.2		20.0		Committed	May 20, 2028
	$	55.0	$	93.0	$	148.0

Schedule of Weighted Average Daily Amounts of Borrowings Outstanding and Weighted Average Interest Rates

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:


	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Average Daily Amounts Outstanding	$	61,664		$	23,476		$	46,205		$	44,620
Weighted Average Interest Rates	5.46		%	6.41		%	5.44		%	6.42		%

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends on Common Stock (in dollars per share)	$ 0.3400	$ 0.3400	$ 0.3400	$ 0.3250	$ 0.3250	$ 0.3250
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00	$ 7	$ 7	$ 7.00

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Transactions


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operation by Segments
Revenues:
Regulated	$	51,209	$	52,252	$	138,973	$	135,682
Non – Regulated	3,305		3,325		9,509		9,940
Inter-segment Elimination	(423)		(477)		(767)		(852)
Consolidated Revenues	$	54,091	$	55,100	$	147,715	$	144,770

Operating Expenses
Purchased Water:
Regulated	$	2,353	$	1,767	$	6,339	$	5,521
Non – Regulated	—		—		—		—
Inter-segment Elimination	(303)		(360)		(406)		(502)
Consolidated Purchased Water	$	2,050	$	1,407	$	5,933	$	5,019

Other Operations and Maintenance Expenses:
Regulated	$	19,624	$	21,802	$	56,269	$	56,446
Non – Regulated	2,184		2,267		6,072		6,534
Inter-segment Elimination	(120)		(117)		(361)		(350)
Consolidated Other Operations and Maintenance Expenses	$	21,688	$	23,952	$	61,980	$	62,630

Other Taxes:
Regulated	$	5,656	$	5,881	$	16,283	$	16,264
Non – Regulated	53		50		177		166
Consolidated Other Taxes	$	5,709	$	5,931	$	16,460	$	16,430

Depreciation:
Regulated	$	6,871	$	6,245	$	19,973	$	17,812
Non – Regulated	70		64		198		198
Consolidated Depreciation	$	6,941	$	6,309	$	20,171	$	18,010

Operating Income:
Regulated	$	16,826	$	16,673	$	40,470	$	39,989
Non – Regulated	877		828		2,701		2,692
Consolidated Operating Income	$	17,703	$	17,501	$	43,171	$	42,681

Other Income:
Regulated	$	2,002	$	2,038	$	5,924	$	10,048
Non – Regulated	61		76		154		183
Inter-segment Elimination	(177)		(146)		(496)		(242)
Consolidated Other Income, Net	$	1,886	$	1,968	$	5,582	$	9,989


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operation by Segments (continued)
Interest Charges:
Regulated	$	4,377	$	3,557	$	11,031	$	10,963
Non – Regulated	—		—		—		—
Inter-segment Elimination	(177)		(146)		(496)		(242)
Consolidated Interest Charges	$	4,200	$	3,411	$	10,535	$	10,721

Income Taxes:
Regulated	$	1,116	$	1,457	$	3,074	$	5,497
Non – Regulated	$	315	282		$	927	905
Consolidated Income Taxes	$	1,431	$	1,739	$	4,001	$	6,402

Net Income:
Regulated	$	13,335	$	13,697	$	32,289	$	33,576
Non – Regulated	$	623	622		$	1,928	1,971
Consolidated Net Income	$	13,958	$	14,319	$	34,217	$	35,547

Capital Expenditures:
Regulated	$	20,785	$	20,743	$	71,334	$	49,444
Non – Regulated	222		—		$	308	36
Total Capital Expenditures	$	21,007	$	20,743	$	71,642	$	49,480


	(Thousands of Dollars)
	As of September 30, 2025		As of December 31, 2024
Assets:
Regulated	1,351,268		$	1,264,472
Non – Regulated	7,679		7,671
Inter-segment Elimination	(16,988)		(16,969)
Consolidated Assets	$	1,341,959	$	1,255,174

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Common Stock, No Par Value	$ 269,636	$ 248,202
Retained Earnings	212,910	197,061
TOTAL COMMON EQUITY	482,546	445,263
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	1,352	1,635
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	356,659	359,386
Add: Premium on Issuance of Long-term Debt	6,195	6,339
Less: Unamortized Debt Expense	(5,058)	(5,192)
Less: Current Portion of Long-term Debt	(7,645)	(7,711)
TOTAL LONG-TERM DEBT	350,151	352,822
First Mortgage Bonds
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	271,172	274,602
Amortizing Secured Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	64,702	66,889
State Revolving Trust Notes
Long-term Debt:
SUBTOTAL LONG-TERM DEBT	20,785	17,895
Convertible Preferred Stock $7.00 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	274	556
Nonredeemable Preferred Stock $7.00 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	78	79
Nonredeemable Preferred Stock $4.75 Series
Cumulative Preferred Stock, No Par Value:
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

Employee Benefit Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Pension Benefits – The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three-month periods ended September 30, 2025 and 2024, the Company did not make cash contributions to the Pension Plan. For the nine-month periods ended September 30, 2025 and 2024, the Company made cash contributions of $0 and $2.0 million, respectively, to the Pension Plan. The Company expects to make cash contributions of approximately $0.9 million over the remainder of the current year.

Other Benefits – The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three- and nine-month periods ended September 30, 2025 and 2024, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $1.0 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans:


	(In Thousands)
	Pension Benefits				Other Benefits

	Three Months Ended September 30,
	2025		2024		2025		2024
Service Cost	$	242	$	318	$	85	$	80
Interest Cost	1,159		1,070		430		328
Expected Return on Assets	(1,687)		(1,580)		(928)		(846)
Amortization of Unrecognized Losses (Gains)	12		38		(153)		(275)
Net Periodic Benefit*	$	(274)	$	(154)	$	(566)	$	(713)


	(In Thousands)
	Pension Benefits				Other Benefits

	Nine Months Ended September 30,
	2025		2024		2025		2024
Service Cost	$	725	$	953	$	255	$	240
Interest Cost	3,476		3,210		1,289		985
Expected Return on Assets	(5,061)		(4,741)		(2,784)		(2,538)
Amortization of Unrecognized Losses (Gains)	37		114		(460)		(824)
Net Periodic Benefit*	$	(823)	$	(464)	$	(1,700)	$	(2,137)

*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Commitments and Contingent Liabilities - Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
ROU Asset at Lease Inception	$ 7,300	$ 7,300
Accumulated Amortization	(5,200)	(4,700)
ROU Asset	$ 2,117	$ 2,567

Business Segment Data - Narrative (Details)	9 Months Ended
Business Segment Data - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segment	2

Rate and Regulatory Matters (Details) $ in Millions			1 Months Ended						6 Months Ended		9 Months Ended	12 Months Ended
Rate and Regulatory Matters (Details) $ in Millions	Jan. 01, 2026 USD ($)	Jan. 01, 2025 USD ($)	Oct. 31, 2025 USD ($) customer	Jul. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($) entity	Feb. 28, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2025 USD ($) unit	Dec. 31, 2024 USD ($)
Subsequent Event \| Tidewater \| Pinewood Acres Water Utility Assets
Regulatory Asset [Line Items]
Requested purchase of assets			$ 0.2
Number of customers served \| customer			350
DSIC
Regulatory Asset [Line Items]
Approved increase amount in revenues												$ 2.3
DSIC \| Subsequent Event
Regulatory Asset [Line Items]
Requested increase in annual base revenues			$ 0.9
NJBPU
Regulatory Asset [Line Items]
Number of entities seeking permissions for a corporate reorganization \| entity						3
Requested increase in annual base revenues					$ 24.9
Requested increase in annual base revenues percentage					19.30%
NJBPU \| RESIC
Regulatory Asset [Line Items]
Period for requested recovery of costs				3 years
Period for surcharge filings				6 months
Maximum value of costs to be recovered				$ 3.8
Maximum percentage of costs to be recovered				2.50%
NJBPU \| DSIC
Regulatory Asset [Line Items]
Period for requested recovery of costs				3 years
Period for surcharge filings				6 months
Maximum value of costs to be recovered				$ 7.6
Maximum percentage of costs to be recovered				5.00%
Approved increase amount in revenues						$ 1.1
NJBPU \| PWAC
Regulatory Asset [Line Items]
Approved recovery of costs							$ 0.5
NJBPU \| LSLR
Regulatory Asset [Line Items]
Approved recovery of costs										$ 0.3
Recovering costs											$ 0.6
DEPSC \| Tidewater
Regulatory Asset [Line Items]
Approved increase amount in revenues				$ 5.5
Approved recovery of costs								$ 2.1
Authorized return on common equity rate				9.50%
Authorized common equity ratio				53.50%
Amount spent to identify and inventory lead service lines											$ 1.8
DEPSC \| Tidewater \| Forecast
Regulatory Asset [Line Items]
Refund of excess deferred income taxes									$ 1.1
Refund of interest on excess deferred income taxes									$ 0.4
DEPSC \| Southern Shores
Regulatory Asset [Line Items]
Approved increase amount in revenues		$ 0.1
Number of unit condominium community entity provides water service to \| unit											2,200
Approved increase percentage in rates		6.51%										3.00%
DEPSC \| Southern Shores \| Forecast
Regulatory Asset [Line Items]
Approved increase amount in revenues	$ 0.1
Approved increase percentage in rates	4.89%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate percentage	9.30%	10.80%	10.50%	15.30%
Increase (decrease) in income taxes	$ (0.3)		$ (2.4)
Statutory federal tax rate	21.00%	21.00%	21.00%	21.00%
Minimum
Effective Income Tax Rate Reconciliation [Line Items]
State corporate net income tax rates			8.70%
Maximum
Effective Income Tax Rate Reconciliation [Line Items]
State corporate net income tax rates			9.00%

Short-term Borrowings

9 Months Ended

Sep. 30, 2025

Short-Term Debt [Abstract]

Short-term Borrowings

The Company maintains lines of credit aggregating $148.0 million.


	(Millions)
	As of September 30, 2025							Line of Credit
	Outstanding		Available		Maximum		Credit Type	Expiration Date
Bank of America	$	10.0	$	50.0	$	60.0	Uncommitted	July 31, 2026
PNC Bank	28.2		$	39.8	68.0		Committed	January 31, 2027
CoBank, ACB	16.8		3.2		20.0		Committed	May 20, 2028
	$	55.0	$	93.0	$	148.0

In July 2025, Tidewater increased the maximum borrowing amount under its line of credit with CoBank, ACB (CoBank) to $20.0 million and extended the expiration date to May 2028.

In September 2025, the Company amended its line of credit with Bank of America and extended the expiration date to July 2026.

The maturity dates for the Notes Payable as of September 30, 2025 are all three months or less and are extendable at the discretion of the Company.

The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

The weighted average interest rate on the outstanding borrowings at September 30, 2025 under these credit lines is 5.33%.

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows:


	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Average Daily Amounts Outstanding	$	61,664		$	23,476		$	46,205		$	44,620
Weighted Average Interest Rates	5.46		%	6.41		%	5.44		%	6.42		%

Basis of Presentation and Recent Developments

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2024 Annual Report on Form 10-K (the 2024 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to fairly state the Company’s financial position as of September 30, 2025, the results of operations for the three and nine month periods ended September 30, 2025 and 2024 and cash flows for the nine month periods ended September 30, 2025 and 2024. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from the Company’s December 31, 2024 audited financial statements included in the 2024 Form 10-K.

Recent Developments

Perfluoroalkyl Substances (PFAS) Multi-District Litigation Settlement - Several of the Company’s utility subsidiaries are parties to a multi-district litigation (MDL) lawsuit against manufacturers of certain PFAS for damages, contribution and reimbursement of costs incurred and continuing to be incurred to address the presence of such PFAS in public water supply systems owned and operated by these utility subsidiaries and throughout their service areas. Settlements with several defendants in the MDL have received final approval by the MDL court. The Company timely submitted to the MDL court its Phase One claim forms under settlement agreements with defendants 3M Company, DuPont de Nemours, Inc., Tyco Fire Products LP and BASF Corporation.

In the third quarter of 2025, the Company received an initial settlement payment from defendant 3M Company of $0.4 million, net of legal fees and administrative costs. This was recorded as a regulatory liability as the Company intends to seek regulatory approval from its respective public utility commissions to apply the net proceeds for the benefit of customers. In October 2025, the Company received $0.7 million in additional settlement payments. The Company anticipates receiving additional settlement payments during the remainder of 2025 from the defendants named above.

Tidewater Acquisition of the Water Utility Assets of the Town of Ocean View, Delaware - In April 2025, Tidewater completed the acquisition of the water utility assets of the Town of Ocean View, Delaware (Ocean View) for approximately $4.6 million. Ocean View serves approximately 900 customers in Sussex County, Delaware, who have been receiving water supply from Tidewater since the system was constructed in 2008. The pro forma effect of this acquisition is not material to the Company’s consolidated results of operations.

United States Environmental Protection Agency (USEPA) Issues Final PFAS Regulations - In April 2024, the USEPA finalized drinking water regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking water levels exceed these MCLs. The USEPA has announced its plans to issue a proposed rule in Fall 2025 extending the compliance date to 2031.

Beginning in April 2029 and absent an extension by the USEPA, water systems that have Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking water and must provide notification to the public of the violation.

In anticipation of these new USEPA standards, in 2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is finalizing preliminary engineering studies and has began preliminary design of for PFAS treatment at the Company's largest water treatment facility in New Jersey to ensure that effective PFAS treatment approaches are implemented.

Recent Accounting Guidance

The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2025 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”

The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2024-03.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09, but does not expect adoption of this ASU to have a material impact on its financial statements.

ASU 2025-06 "Internal-Use Software"

This ASU removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software.

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements and the timing of adoption.

Short-term Borrowings - Schedule of Lines of Credit (Details) - Line of Credit	Sep. 30, 2025 USD ($)
Line of Credit Facility [Line Items]
Outstanding	$ 55,000,000.0
Available	93,000,000.0
Maximum	148,000,000.0
Bank of America
Line of Credit Facility [Line Items]
Outstanding	10,000,000.0
Available	50,000,000.0
Maximum	60,000,000.0
PNC Bank
Line of Credit Facility [Line Items]
Outstanding	28,200,000
Available	39,800,000
Maximum	68,000,000.0
CoBank, ACB
Line of Credit Facility [Line Items]
Outstanding	16,800,000
Available	3,200,000
Maximum	$ 20,000,000.0

Capitalization - Narrative (Details) $ / shares in Units, gal in Millions		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	May 12, 2025 USD ($)	Sep. 30, 2025 USD ($) shares	May 31, 2024 USD ($) loan	Sep. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) shares	Sep. 30, 2025 USD ($) project $ / shares shares gal	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($)	Oct. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 30, 2023 shares
Class of Stock [Line Items]
Value of common shares issued				$ 16,992,000	$ 3,604,000
Number of shares approved to issue and sell (in shares) \| shares											1,000,000.0
Total net proceeds from shares issued and sold under agreement						$ 21,281,000	$ 740,000
Debt drawn down						3,603,000	592,000
Loans Payable \| New Jersey SRF
Class of Stock [Line Items]
Borrowing amount		$ 300,000,000.0		300,000,000.0		300,000,000.0		$ 300,000,000.0
Maximum petitioned borrowing amount approved		260,000,000.0		260,000,000.0		260,000,000.0		260,000,000.0
Loans Payable \| September 2024 Delaware SRF \| Tidewater
Class of Stock [Line Items]
Borrowing amount							$ 2,200,000
Interest rate							0.00%
Debt drawn down								1,700,000
Loans Payable \| May 2024 Delaware SRF \| Tidewater
Class of Stock [Line Items]
Borrowing amount			$ 5,600,000
Interest rate			2.00%
Debt drawn down						900,000
Number of debt instruments \| loan			4
Loans Payable \| 2023 Delaware SRF \| Tidewater
Class of Stock [Line Items]
Debt drawn down						$ 7,200,000
Number of active construction projects funded by debt instruments \| project						2
Carrying amount of debt		8,300,000		8,300,000		$ 8,300,000		8,300,000
Size of elevated storage tank (in gallons) \| gal						1
Loans Payable \| Amortizing Secured Notes And State Revolving Trust Notes
Class of Stock [Line Items]
Carrying amount of debt		230,500,000		230,500,000		$ 230,500,000		230,500,000		$ 229,800,000
Loans Payable \| Construction Advances
Class of Stock [Line Items]
Carrying amount of debt		$ 24,100,000		$ 24,100,000		$ 24,100,000		24,100,000		$ 22,600,000
Secured Debt \| 5.99% FMBs due 2055 \| Subsequent Event
Class of Stock [Line Items]
Borrowing amount									$ 30,000,000
Interest rate									5.99%
Underwritten Public Offering and/or ATM Offering
Class of Stock [Line Items]
Maximum number of shares petitioned to issue and sell during offering (in shares) \| shares		2,500,000
ATM Equity Sales Agreement
Class of Stock [Line Items]
Aggregate gross sales price	$ 110,000,000.0
Number of shares issued and sold under agreement (in shares) \| shares				316,786		380,741
Weighted average price per share of shares issued and sold under agreement (in dollars per share) \| $ / shares				$ 53.47		$ 54.10
Total net proceeds from shares issued and sold under agreement				$ 16,700,000		$ 20,300,000
Aggregate gross sales price of shares remaining to be issued under agreement		$ 89,400,000		$ 89,400,000		$ 89,400,000		$ 89,400,000
Common Stock
Class of Stock [Line Items]
Number of common shares issued (in shares) \| shares				317,000	64,000	12,522	13,498
Value of common shares issued				$ 16,992,000	$ 3,604,000	$ 700,000	$ 700,000

Basis of Presentation and Recent Developments (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Recent Accounting Guidance

The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2025 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2024-03.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09, but does not expect adoption of this ASU to have a material impact on its financial statements.

ASU 2025-06 "Internal-Use Software"

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements and the timing of adoption.

Revenue Recognition from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Operating Revenues

The Company’s operating revenues are comprised of the following:


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Regulated Tariff Sales
Residential	$	29,149	$	28,889	$	78,511	$	73,955
Commercial	9,120		9,693		23,169		24,252
Industrial	3,454		3,799		9,856		10,573
Fire Protection	3,729		3,641		11,449		10,589
Wholesale	5,423		5,839		15,484		15,720
Non-Regulated Contract Operations	3,184		3,208		9,148		9,588
Total Revenue from Contracts with Customers	$	54,059	$	55,069	$	147,617	$	144,677
Other Regulated Revenues	334		391		504		595
Other Non-Regulated Revenues	121		117		361		350
Inter-segment Elimination	(423)		(477)		(767)		(852)
Total Revenue	$	54,091	$	55,100	$	147,715	$	144,770

Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total Revenue	$ 54,091	$ 55,100	$ 147,715	$ 144,770
Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	54,059	55,069	147,617	144,677
Other Regulated Revenues	334	391	504	595
Other Non-Regulated Revenues	121	117	361	350
Operating Segments \| Regulated Tariff Sales \| Residential
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	29,149	28,889	78,511	73,955
Operating Segments \| Regulated Tariff Sales \| Commercial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	9,120	9,693	23,169	24,252
Operating Segments \| Regulated Tariff Sales \| Industrial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	3,454	3,799	9,856	10,573
Operating Segments \| Regulated Tariff Sales \| Fire Protection
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	3,729	3,641	11,449	10,589
Operating Segments \| Regulated Tariff Sales \| Wholesale
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	5,423	5,839	15,484	15,720
Operating Segments \| Non-Regulated Contract Operations
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	3,184	3,208	9,148	9,588
Inter-segment Elimination
Disaggregation of Revenue [Line Items]
Total Revenue	$ (423)	$ (477)	$ (767)	$ (852)

Rate and Regulatory Matters	9 Months Ended
Rate and Regulatory Matters	Sep. 30, 2025
Regulated Operations [Abstract]
Rate and Regulatory Matters	Rate and Regulatory Matters Middlesex – In May 2025, Middlesex and its Pinelands wholly owned subsidiaries filed a joint petition with the New Jersey Board of Public Utilities (NJBPU) seeking permission for consolidation between the three entities by a corporate reorganization intended to combine the joint petitioning entities into Middlesex. The combination is expected to provide efficiency and benefits to our customers in various areas. In June 2025, Middlesex and Pinelands filed a joint petition with the NJBPU to request an increase in annual base revenues by approximately $24.9 million or 19.3%. The request will allow Middlesex and Pinelands recovery of prudently-incurred investments made to meet water and wastewater quality and environmental regulations and to continue to provide safe and reliable water and wastewater service to its customers. Under New Jersey statute, the NJPBU must render a decision within nine months of filing a base rate change petition. If a decision is not rendered within nine months, Middlesex can implement interim rates up to the full amount of the requested increase. In July 2025, Middlesex and Pinelands submitted a joint petition with the NJBPU seeking approval of a Resiliency and Environmental System Improvement Charge (RESIC) Foundational Filing for the recovery of certain costs of investments for the three-year period ending October 2028 related to compliance with requirements to address existing and emerging chemical elements or compound, installation of new plant or equipment or replacement of existing plant or equipment to further maintain, enhance, or improve resiliency, health, safety or environmental protection for Middlesex and Pinelands’ customers, employees or the public and addressing treatment media and related equipment for both existing and emerging chemical elements and compounds. Under the RESIC program, Middlesex and Pinelands submit semi-annual surcharge filings to the NJBPU for qualifying capital investments completed every six-months to be recovered up to $3.8 million or 2.5% of total annual revenues included in their June 2025 base rate increase request. In July 2025, Middlesex and Pinelands Water filed a joint petition with the NJBPU seeking approval of a Distribution System Improvement Charge (DSIC) Foundational Filing to recover investments in qualifying capital improvements to their water distribution system for the three-year period ending October 2028. Under the DSIC program, Middlesex and Pinelands Water submit semi-annual surcharge filings to the NJBPU for qualifying capital investments completed every six-months to be recovered up to $7.6 million or 5% of total annual revenues included in their June 2025 base rate increase request. In May 2025, the NJBPU approved a Middlesex DSIC rate, effective June 1, 2025, that is expected to result in $1.1 million of annual revenues starting June 2025. In October 2025, Middlesex filed a fourth DSIC rate application that is expected to result in $0.9 million of annual revenues, which is in addition to the existing $2.3 million of annual revenues from previous DSIC filings. In February 2025, the NJBPU approved Middlesex’s petition to reset its Purchased Water Adjustment Clause (PWAC) tariff rate to recover additional annual costs of $0.5 million, primarily for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. A PWAC is a rate mechanism that allows for the recovery of increased purchased water costs between base rate case filings. The PWAC is reset to zero once those increased costs are included in base rates. The new PWAC rate became effective March 1, 2025. The NJBPU-approved Middlesex Lead Service Line Replacement (LSLR) Plan continues and costs of $0.6 million for replacing customer-owned lead service lines, which were incurred between July 2024 through December 2024, were recovered through August 2025. Costs of $0.3 million incurred between January 2025 through June 2025 are expected to be recovered between September 2025 and February 2026. The LSLR surcharge is required to be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable through traditional rate making in connection with general rate case filings. Tidewater – In October 2025, Tidewater filed an application with the Delaware Public Service Commission (DEPSC) for approval of the purchase of Pinewood Acres' water utility assets for $0.2 million. Pinewood Acres serves approximately 350 customers in Kent County, Delaware. In July 2025, the DEPSC approved the settlement agreement in our general base rate application between Tidewater, DEPSC Staff and the Delaware Division of the Public Advocate, with new rates effective July 3, 2025. The DEPSC order approved an increase in our annual operating revenues by $5.5 million based on an authorized return on common equity of 9.5% and a common equity ratio of 53.50%. In addition, Tidewater will refund approximately $1.1 million of excess deferred income taxes associated with the Tax Cuts and Jobs Act of 2017 between July 2025 and December 2025, including $0.4 million of interest. In September 2024, the DEPSC approved Tidewater’s petition to recover up to $2.1 million of costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Recovery of these costs began February 1, 2025 and is expected to continue through January 2028. Through September 30, 2025, Tidewater has spent $1.8 million to identify and inventory lead service lines. Southern Shores – Southern Shores provides water service to a 2,200 unit condominium community in Sussex County, Delaware under a DEPSC-approved agreement expiring December 31, 2029. Under the agreement, rates are increased annually by the lesser of the regional Consumer Price Index or 3%. Additionally, when there are unanticipated capital expenditures or regulatory related changes in operating expenses exceed certain annual thresholds, rates are increased. In 2024, capital expenditures did exceed the established threshold. Effective January 1, 2025, Southern Shores rates were increased $0.1 million or 6.51%. In 2025, Southern Shores capital expenditures exceeded the established threshold. Effective January 1, 2026, Southern Shores rates will be increased $0.1 million or 4.89%.

Capitalization - Schedule of Carrying Amount and Fair Value of First Mortgage Bonds (FMBs) (Details) - Loans Payable - FMBs - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 126,172	$ 129,602
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FMBs	$ 125,545	$ 125,067

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	0-422
Registrant Name	MIDDLESEX WATER COMPANY
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1114430
Entity Address, Address Line One	485C Route One South
Entity Address, City or Town	Iselin
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08830
City Area Code	(732)
Local Phone Number	634-1500
Title of 12(b) Security	Common Stock
Trading Symbol	MSEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,337,819
Central Index Key	0000066004
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31

Capitalization (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Carrying Amount and Fair Value of First Mortgage Bonds (FMBs)

The carrying amount and fair value of the FMBs were as follows:


	(Thousands of Dollars)
	September 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FMBs	$	126,172	$	125,545	$	129,602	$	125,067

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Employee Retirement Benefit Plans

The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans:


	(In Thousands)
	Pension Benefits				Other Benefits

	Three Months Ended September 30,
	2025		2024		2025		2024
Service Cost	$	242	$	318	$	85	$	80
Interest Cost	1,159		1,070		430		328
Expected Return on Assets	(1,687)		(1,580)		(928)		(846)
Amortization of Unrecognized Losses (Gains)	12		38		(153)		(275)
Net Periodic Benefit*	$	(274)	$	(154)	$	(566)	$	(713)


	(In Thousands)
	Pension Benefits				Other Benefits

	Nine Months Ended September 30,
	2025		2024		2025		2024
Service Cost	$	725	$	953	$	255	$	240
Interest Cost	3,476		3,210		1,289		985
Expected Return on Assets	(5,061)		(4,741)		(2,784)		(2,538)
Amortization of Unrecognized Losses (Gains)	37		114		(460)		(824)
Net Periodic Benefit*	$	(823)	$	(464)	$	(1,700)	$	(2,137)

*Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,055	$ 2,326
Common stock, authorized (in shares)	40,000	40,000
Common stock, issued (in shares)	18,337	17,887
Preferred stock, authorized (in shares)	120	120
Preferred stock, issued (in shares)	13	13

Business Segment Data

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Business Segment Data

The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.

Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year to-date basis and makes interim decisions to reallocate resources among segments as needed, ensuring a

timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return.

The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2024 Form 10-K. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial statements.

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware and includes Middlesex, Tidewater, Pinelands Water and Southern Shores. This segment also includes a regulated wastewater system in New Jersey, Pinelands Wastewater. The Company is subject to regulations as to its rates, services and other matters by the states of New Jersey and Delaware with respect to utility service within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware and includes USA, USA-PA, and White Marsh.


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operation by Segments
Revenues:
Regulated	$	51,209	$	52,252	$	138,973	$	135,682
Non – Regulated	3,305		3,325		9,509		9,940
Inter-segment Elimination	(423)		(477)		(767)		(852)
Consolidated Revenues	$	54,091	$	55,100	$	147,715	$	144,770

Operating Expenses
Purchased Water:
Regulated	$	2,353	$	1,767	$	6,339	$	5,521
Non – Regulated	—		—		—		—
Inter-segment Elimination	(303)		(360)		(406)		(502)
Consolidated Purchased Water	$	2,050	$	1,407	$	5,933	$	5,019

Other Operations and Maintenance Expenses:
Regulated	$	19,624	$	21,802	$	56,269	$	56,446
Non – Regulated	2,184		2,267		6,072		6,534
Inter-segment Elimination	(120)		(117)		(361)		(350)
Consolidated Other Operations and Maintenance Expenses	$	21,688	$	23,952	$	61,980	$	62,630

Other Taxes:
Regulated	$	5,656	$	5,881	$	16,283	$	16,264
Non – Regulated	53		50		177		166
Consolidated Other Taxes	$	5,709	$	5,931	$	16,460	$	16,430

Depreciation:
Regulated	$	6,871	$	6,245	$	19,973	$	17,812
Non – Regulated	70		64		198		198
Consolidated Depreciation	$	6,941	$	6,309	$	20,171	$	18,010

Operating Income:
Regulated	$	16,826	$	16,673	$	40,470	$	39,989
Non – Regulated	877		828		2,701		2,692
Consolidated Operating Income	$	17,703	$	17,501	$	43,171	$	42,681

Other Income:
Regulated	$	2,002	$	2,038	$	5,924	$	10,048
Non – Regulated	61		76		154		183
Inter-segment Elimination	(177)		(146)		(496)		(242)
Consolidated Other Income, Net	$	1,886	$	1,968	$	5,582	$	9,989


	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operation by Segments (continued)
Interest Charges:
Regulated	$	4,377	$	3,557	$	11,031	$	10,963
Non – Regulated	—		—		—		—
Inter-segment Elimination	(177)		(146)		(496)		(242)
Consolidated Interest Charges	$	4,200	$	3,411	$	10,535	$	10,721

Income Taxes:
Regulated	$	1,116	$	1,457	$	3,074	$	5,497
Non – Regulated	$	315	282		$	927	905
Consolidated Income Taxes	$	1,431	$	1,739	$	4,001	$	6,402

Net Income:
Regulated	$	13,335	$	13,697	$	32,289	$	33,576
Non – Regulated	$	623	622		$	1,928	1,971
Consolidated Net Income	$	13,958	$	14,319	$	34,217	$	35,547

Capital Expenditures:
Regulated	$	20,785	$	20,743	$	71,334	$	49,444
Non – Regulated	222		—		$	308	36
Total Capital Expenditures	$	21,007	$	20,743	$	71,642	$	49,480


	(Thousands of Dollars)
	As of September 30, 2025		As of December 31, 2024
Assets:
Regulated	1,351,268		$	1,264,472
Non – Regulated	7,679		7,671
Inter-segment Elimination	(16,988)		(16,969)
Consolidated Assets	$	1,341,959	$	1,255,174

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Commitments and Contingent Liabilities - Schedule of Purchased Water Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Treated	$ 1,143	$ 796	$ 3,242	$ 2,697
Untreated	907	611	2,691	2,322
Total Costs	$ 2,050	$ 1,407	$ 5,933	$ 5,019

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchased Water Costs

Purchased water costs are shown below:


	(In Thousands)
	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Treated		$	1,143	$	796	$	3,242	$	2,697
Untreated		907		611		2,691		2,322
Total Costs		$	2,050	$	1,407	$	5,933	$	5,019

Schedule of Operating Lease ROU Assets and Lease Liabilities

Information related to operating lease ROU assets and lease liabilities is as follows:


	(In Millions)
	As of
	September 30, 2025		December 31, 2024
ROU Asset at Lease Inception	$	7.3	$	7.3
Accumulated Amortization	(5.2)		(4.7)
ROU Asset	$	2.1	$	2.6

Schedule of Future Minimum Operating Lease Commitments

The Company’s future minimum operating lease commitments as of September 30, 2025 are as follows:


	(In Millions)
2025	$	0.2
2026	0.8
2027	0.9
2028	0.9
2029	0.9
Total Lease Payments	$	3.7
Imputed Interest	1.1
Present Value of Lease Payments	2.6
Less Current Portion*	(0.6)
Non-Current Lease Liability	$	2.0

*Included in Other Current Liabilities

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00	$ 7	$ 7	$ 7.00			$ 7.00	$ 7.00
Basic:
Net Income	$ 13,958	$ 10,778	$ 9,479	$ 14,319	$ 10,546	$ 10,682	$ 34,217	$ 35,547
Earnings Applicable to Common Stock, Basic (in shares)	18,123			17,838			17,992	17,828
Preferred Dividend	$ (18)			$ (29)			$ (59)	$ (89)
Earnings Applicable to Common Stock, Basic	$ 13,940			$ 14,290			$ 34,158	$ 35,458
Basic EPS (in dollars per share)	$ 0.77			$ 0.80			$ 1.90	$ 1.99
Diluted:
Earnings Applicable to Common Stock	$ 13,940			$ 14,290			$ 34,158	$ 35,458
Earnings Applicable to Common Stock, Basic (in shares)	18,123			17,838			17,992	17,828
$7.00 Series Preferred Dividend	$ 5			$ 17			$ 19	$ 50
$7.00 Series Preferred Dividend (in shares)	31			114			31	115
Adjusted Earnings Applicable to Common Stock, Diluted	$ 13,945			$ 14,307			$ 34,177	$ 35,508
Adjusted Earnings Applicable to Common Stock, Diluted (in shares)	18,154			17,952			18,023	17,943
Diluted EPS (in dollars per share)	$ 0.77			$ 0.80			$ 1.90	$ 1.98

Basis of Presentation and Recent Developments (Details) $ in Millions	1 Months Ended		3 Months Ended
	Oct. 31, 2025 USD ($)	Apr. 30, 2025 USD ($) customer	Sep. 30, 2025 USD ($)
Tidewater \| Ocean View
Basis of Presentation and Recent Developments - Schedule of Recently Issued Accounting Standards (Details) [Line Items]
Acquisition of assets		$ 4.6
Number of customers served \| customer		900
PFAS Damages MDL Lawsuit
Basis of Presentation and Recent Developments - Schedule of Recently Issued Accounting Standards (Details) [Line Items]
Initial settlement payment from defendant			$ 0.4
PFAS Damages MDL Lawsuit \| Subsequent Event
Basis of Presentation and Recent Developments - Schedule of Recently Issued Accounting Standards (Details) [Line Items]
Initial settlement payment from defendant	$ 0.7

Commitments and Contingent Liabilities - Narrative (Details) gal in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) gal	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
Estimated incremental borrowing rate	4.03%		4.03%
Expenditures for operating leases \| $	$ 0.2	$ 0.2	$ 0.6	$ 0.6
NJWSA Untreated Water Agreement
Other Commitments [Line Items]
Average purchase of gallons a day under agreement (in mgd)			27.0
NJWSA Untreated Water Agreement \| Maximum
Other Commitments [Line Items]
Average purchase of gallons a day under agreement (in mgd)			47.0
NJBPU Treated Water Agreement \| Minimum
Other Commitments [Line Items]
Average purchase of gallons a day under agreement (in mgd)			3.0
City Of Dover Treated Water Contract \| Maximum \| Tidewater
Other Commitments [Line Items]
Average purchase of gallons annually under agreement (in gallons)			75.0
Construction Agreement
Other Commitments [Line Items]
Estimated future expenditure obligation \| $	$ 18.9		$ 18.9

Basis of Presentation and Recent Developments (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Recently Issued Accounting Standards

The recently issued accounting standards that have not yet been adopted by the Company as of September 30, 2025 are as follows:

Standard

Description

Date of Adoption

Application

Effect on the
Condensed
Consolidated
Financial Statements

Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2027. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2024-03.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09, but does not expect adoption of this ASU to have a material impact on its financial statements.

ASU 2025-06 "Internal-Use Software"

The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with a modified transition or retrospective application also permitted.

The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements and the timing of adoption.

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2023		17,821,000
Balance at beginning of period at Dec. 31, 2023	$ 422,991	$ 246,764	$ 176,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,682		10,682
Middlesex Water Company Investment Plan (in shares)		5,000
Middlesex Water Company Investment Plan	252	$ 252
Restricted Stock Award - Net - Employees (in shares)		(12,000)
Restricted Stock Award - Net - Employees	(465)	$ (465)
Cash Dividends on Common Stock ($0.3250 per share)	(5,738)		(5,738)
Cash Dividends on Preferred Stock	(30)		(30)
Balance at end of period (in shares) at Mar. 31, 2024		17,814,000
Balance at end of period at Mar. 31, 2024	$ 427,692	$ 246,551	181,141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3250
Balance at beginning of period (in shares) at Dec. 31, 2023		17,821,000
Balance at beginning of period at Dec. 31, 2023	$ 422,991	$ 246,764	176,227
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	35,547
At-The-Market Program Common Stock Issuance (in shares)		13,498
At-The-Market Program Common Stock Issuance		$ 700
Balance at end of period (in shares) at Sep. 30, 2024		17,855,000
Balance at end of period at Sep. 30, 2024	441,935	$ 247,576	194,359
Balance at beginning of period (in shares) at Mar. 31, 2024		17,814,000
Balance at beginning of period at Mar. 31, 2024	427,692	$ 246,551	181,141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,546		10,546
Middlesex Water Company Investment Plan (in shares)		5,000
Middlesex Water Company Investment Plan	253	$ 253
Restricted Stock Award - Net - Employees (in shares)		3,000
Restricted Stock Award - Net - Employees	(187)	$ (187)
Restricted Stock Award - Board of Directors (in shares)		7,000
Restricted Stock Award - Board of Directors	397	$ 397
Cash Dividends on Common Stock ($0.3250 per share)	(5,793)		(5,793)
Cash Dividends on Preferred Stock	(30)		(30)
Balance at end of period (in shares) at Jun. 30, 2024		17,829,000
Balance at end of period at Jun. 30, 2024	$ 432,878	$ 247,014	185,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3250
Net Income	$ 14,319		14,319
Middlesex Water Company Investment Plan (in shares)		4,000
Middlesex Water Company Investment Plan	235	$ 235
Restricted Stock Award - Net - Employees	133	$ 133
Conversion of $7 Preferred Stock to Common Stock (in shares)		22,000
Conversion of $7 Preferred Stock to Common Stock	194	$ 194
Cash Dividends on Common Stock ($0.3250 per share)	(5,795)		(5,795)
Cash Dividends on Preferred Stock	(29)		(29)
Balance at end of period (in shares) at Sep. 30, 2024		17,855,000
Balance at end of period at Sep. 30, 2024	$ 441,935	$ 247,576	194,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3250
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00
Balance at beginning of period (in shares) at Dec. 31, 2024		17,887,000
Balance at beginning of period at Dec. 31, 2024	$ 445,263	$ 248,202	197,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	9,479		9,479
Middlesex Water Company Investment Plan (in shares)		4,000
Middlesex Water Company Investment Plan	221	$ 221
Restricted Stock Award - Net - Employees (in shares)		1,000
Restricted Stock Award - Net - Employees	167	$ 167
Conversion of $7 Preferred Stock to Common Stock (in shares)		2,000
Conversion of $7 Preferred Stock to Common Stock	21	$ 21
Cash Dividends on Common Stock ($0.3250 per share)	(6,081)		(6,081)
Cash Dividends on Preferred Stock	(22)		(22)
Balance at end of period (in shares) at Mar. 31, 2025		17,894,000
Balance at end of period at Mar. 31, 2025	$ 449,048	$ 248,611	200,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3400
Balance at beginning of period (in shares) at Dec. 31, 2024		17,887,000
Balance at beginning of period at Dec. 31, 2024	$ 445,263	$ 248,202	197,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	34,217
At-The-Market Program Common Stock Issuance (in shares)		12,522
At-The-Market Program Common Stock Issuance		$ 700
Balance at end of period (in shares) at Sep. 30, 2025		18,337,000
Balance at end of period at Sep. 30, 2025	$ 482,546	$ 269,636	212,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Convertible preferred stock, conversion price (in dollars per share)	$ 7
Balance at beginning of period (in shares) at Mar. 31, 2025		17,894,000
Balance at beginning of period at Mar. 31, 2025	$ 449,048	$ 248,611	200,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,778		10,778
Middlesex Water Company Investment Plan (in shares)		4,000
Middlesex Water Company Investment Plan	229	$ 229
Restricted Stock Award - Net - Employees (in shares)		18,000
Restricted Stock Award - Net - Employees	47	$ 47
Restricted Stock Award - Board of Directors (in shares)		6,000
Restricted Stock Award - Board of Directors	366	$ 366
Conversion of $7 Preferred Stock to Common Stock (in shares)		30,000
Conversion of $7 Preferred Stock to Common Stock	262	$ 262
At-The-Market Program Common Stock Issuance (in shares)		64,000
At-The-Market Program Common Stock Issuance	3,604	$ 3,604
Common Stock Issuance Expense	(431)	$ (431)
Cash Dividends on Common Stock ($0.3250 per share)	(6,101)		(6,101)
Cash Dividends on Preferred Stock	(19)		(19)
Balance at end of period (in shares) at Jun. 30, 2025		18,016,000
Balance at end of period at Jun. 30, 2025	$ 457,783	$ 252,688	205,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3400
Convertible preferred stock, conversion price (in dollars per share)	$ 7
Net Income	$ 13,958		13,958
Middlesex Water Company Investment Plan (in shares)		4,000
Middlesex Water Company Investment Plan	235	$ 235
Restricted Stock Award - Net - Employees	161	$ 161
At-The-Market Program Common Stock Issuance (in shares)		317,000
At-The-Market Program Common Stock Issuance	16,992	$ 16,992
Common Stock Issuance Expense	(440)	$ (440)
Cash Dividends on Common Stock ($0.3250 per share)	(6,125)		(6,125)
Cash Dividends on Preferred Stock	(18)		(18)
Balance at end of period (in shares) at Sep. 30, 2025		18,337,000
Balance at end of period at Sep. 30, 2025	$ 482,546	$ 269,636	$ 212,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends on Common Stock (in dollars per share)	$ 0.3400
Convertible preferred stock, conversion price (in dollars per share)	$ 7.00

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2025				2024
Basic:		Income		Shares	Income		Shares
Net Income		$	13,958	18,123	$	14,319	17,838
Preferred Dividend		(18)			(29)
Earnings Applicable to Common Stock		$	13,940	18,123	$	14,290	17,838

Basic EPS		$	0.77		$	0.80

Diluted:
Earnings Applicable to Common Stock		$	13,940	18,123	$	14,290	17,838
$7.00 Series Preferred Dividend		5		31	17		114
Adjusted Earnings Applicable to Common Stock		$	13,945	18,154	$	14,307	17,952

Diluted EPS		$	0.77		$	0.80


	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2025				2024
Basic:		Income		Shares	Income		Shares
Net Income		$	34,217	17,992	$	35,547	17,828
Preferred Dividend		(59)			(89)
Earnings Applicable to Common Stock		$	34,158	17,992	$	35,458	17,828

Basic EPS		$	1.90		$	1.99

Diluted:
Earnings Applicable to Common Stock		$	34,158	17,992	$	35,458	17,828
$7.00 Series Preferred Dividend		19		31	50		115
Adjusted Earnings Applicable to Common Stock		$	34,177	18,023	$	35,508	17,943

Diluted EPS		$	1.90		$	1.98