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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 1 – Basis of Presentation and Recent Developments</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex Water Company (Middlesex or the Company)
is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI),
Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility
Service Affiliates, Inc. (USA), Utility Service Affiliates  (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc.
(Twin Lakes). 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 (the Company)
are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated notes within the 2018 Annual
Report on Form 10-K (2018 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
present fairly the financial position as of September 30, 2019 and the results of operations and cash flows for the three month
and nine month periods ended September 30, 2019 and 2018. Information included in the Condensed Consolidated Balance Sheet as of
December 31, 2018, has been derived from the Company’s audited financial statements for the year ended December 31, 2018
included in the 2018 Form 10-K.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><i>Recent Developments </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tidewater to Acquire Water Systems</b> -
On October 8, 2019, the Delaware Public Service Commission (DEPSC) approved Tidewater’s request to purchase the water utility
assets of J.H. Wilkerson and Son, Inc. and transfer the Certificate of Public Convenience and Necessity in order for Tidewater
to serve the approximate 1,000 customers currently connected to eight community water systems located mostly in eastern Sussex
County, Delaware. The DEPSC also authorized Tidewater to maintain the existing rates that these customers currently pay. The transaction
is expected to close in the fourth quarter of 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><i>Recently Adopted Accounting Guidance
</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases - </b>On January 1, 2019, the Company
adopted Financial Accounting Standards Board (FASB) issued guidance related to leases which required lessees to recognize a lease
liability and a right-of-use asset. The Company elected the optional transition method of adoption option to apply the requirements
of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition
practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain
leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the
evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications
to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the
definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million
lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For
further discussion, see “<i>Leases</i>” in <i>Note 7 – Commitments and Contingent Liabilities</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no other new adopted or proposed
accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2 </b>– <b>Rate and Regulatory Matters</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Middlesex – </b>In December 2018,
the New Jersey Board of Public Utilities (NJBPU) approved Middlesex’s petition to establish its Purchased Water Adjustment
Clause (PWAC) tariff rate to recover additional annual costs of less than $0.1 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 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
PWAC tariff rate became effective on January 1, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tidewater - </b>Effective July 1, 2019,
Tidewater reset its DEPSC approved Distribution System Improvement Charge rate, which is expected to generate revenues of approximately
$0.5 million annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">In
February 2019, Tidewater received approval from the DEPSC to reduce its rates, effective March 1, 2019, to reflect the lower corporate
income tax rate enacted by the </font>Tax Cuts and Jobs Act of 2017 (Tax Act)<font style="font-family: Times New Roman, Times, Serif">,
resulting in an overall rate decrease of 3.35%, or $1.0 million of revenues, on an annual basis. The DEPSC also approved a one-time
credit of $0.7 million to customers’ accounts related to the lower corporate income tax rate.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Pinelands - </b>On October 25, 2019, Pinelands
Water and Pinelands Wastewater concluded their base rate case matters when the NJBPU approved a $0.5 million increase in annual
base rates, effective November 4, 2019. In March 2019, Pinelands Water and Pinelands Wastewater had filed petitions with the NJBPU
seeking permission to increase base rates by approximately $0.7 million per year. The requests were necessitated by capital infrastructure
investments both companies had made, and increased operations and maintenance costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Twin Lakes - </b>In July 2019, Twin Lakes
filed a petition with the Pennsylvania Public Utilities Commission (PAPUC) seeking permission to increase base rates by approximately
$0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made and increased operations
and maintenance costs. We cannot predict whether the PAPUC will ultimately approve, deny, or reduce the amount of the request.
A decision by the PAPUC is not expected before the first quarter of 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 10 – Income Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its 2014 Federal income tax return,
the Company adopted the final Internal Revenue Service (IRS) tangible property regulations and changed its accounting method for
the tax treatment of expenditures that qualified as deductible repairs. The adoption resulted in a net reduction of $17.6 million
in taxes previously remitted to the IRS, for which the Company has already sought and received the tax refunds. A reserve provision
against refunded taxes of $2.3 million was recorded in 2015 at the time of filing its change in accounting method based on a possible
challenge by the IRS during an audit examination. The Company’s 2014 federal income tax return was subsequently selected
for examination by the IRS. In 2018, the Company increased its income tax reserve provision to $4.1 million. During the first quarter
of 2019, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs
and the IRS concluded its audit of the Company’s 2014 federal income tax return. The modifications also impacted the Company’s
filed 2015, 2016 and 2017 federal income tax returns. In March 2019 and June 2019, the Company paid $0.8 million in income taxes
and $0.1 million in interest, respectively, in connection with the conclusion and closing of the 2014 and 2015 tax return audits.
As of September 30, 2019, the Company has reduced its income tax reserve provision and interest expense liability to $2.4 million
and $0.1 million, respectively. In October 2019, the Company paid $1.9 million in income taxes in connection with the conclusion
and closing of the 2016 and 2017 tax return audits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 – Capitalization</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Common Stock - </b>During the nine months
ended September 30, 2019 and 2018, there were 221,558 common shares ($12.4 million) and 21,001 common shares (approximately $0.9
million), respectively, issued under the Middlesex Water Company Investment Plan (Investment Plan). On January 2, 2019, the Company
began offering shares of its common stock for purchase at a 5% discount to participants in the Investment Plan. In August 2019,
the 200,000 share purchase limit established for the 5% discount program was reached and the program was concluded.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2019, the Company determined it
had inadvertently sold shares of its common stock through the Investment Plan from August 1, 2018 through September 3, 2019 (Eligible
Period) after the registration statement covering sales through the Investment Plan had expired and therefore was no longer effective.
Under applicable federal securities laws, participants in the Investment Plan who purchased shares of common stock have a right
to rescind their Eligible Period purchases and require the Company to repurchase these shares for an amount equal to the price
paid by the participant, less any dividends paid on the purchased shares, plus interest.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2019, the Company’s Board
of Directors approved a plan to voluntarily offer a right of rescission (Rescission Offer) to Investment Plan participants who
purchased shares of the Company’s common stock during the Eligible Period. During the Eligible Period, Investment Plan participants
purchased 232,643 shares at an average price of $55.79 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 11, 2019, the Company filed a supplement
to the Investment Plan prospectus (Prospectus Supplement) with the United States Securities and Exchange Commission registering
the Rescission Offer and notifying eligible Investment Plan participants of the specific details of the Rescission Offer. By filing
the Prospectus Supplement the 232,643 previously unregistered shares are deemed registered. Investment Plan participants have thirty
(30) days from the notification date to decide to accept or reject the Rescission Offer. Based on the current market price of the
Company’s common stock, the Company does not expect that the exercise of any applicable rescission rights under the Rescission
Offer by participants will have a material impact on its results of operations, financial condition or liquidity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended September 30, 2019,
3,000 shares (approximately $0.3 million) of the Company’s no par $8.00 Series Cumulative and Convertible Preferred Stock
were converted into 41,142 shares of common stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2019, Middlesex received approval from
the NJBPU to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December 31, 2022. Sales
of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility
plant infrastructure investment program. As described below in “<i>Long-term Debt”</i>, the NJBPU approved the New
Jersey Economic Development Authority (NJEDA) debt funding component of the financing plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Long-term Debt - </b>Subject to regulatory
approval, the Company periodically issues long-term debt to fund its investments in utility plant and other assets. To the extent
possible, 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 that are typically below rates available in the broader financial
markets. A portion of the borrowings under the New Jersey SRF is interest-free. Under the New Jersey SRF program, borrowers first
enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. The current
interest rate on construction loan borrowings is zero percent (0%). When construction on the qualifying project is substantially
complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized loan with a portion of the
principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance at a market interest
rate at the time of closing using the credit rating of the State of New Jersey. The current term of the long-term loans offered
through the NJIB is up to thirty years. The current portion of the principal balance having a stated interest rate of zero percent
(0%) is 75% with the remaining portion of 25% having a market based interest rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The NJIB generally schedules its long-term debt financings in May
and November. Middlesex currently has two projects that are in the construction loan phase of New Jersey SRF program:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">1)</font></td><td style="text-align: justify">In April 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program
to fund the construction of a large-diameter transmission pipeline from the CJO water treatment plant and interconnect with our
distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018. Through September
30, 2019, Middlesex has drawn a total of $30.2 million and expects to draw down the remaining proceeds through the first quarter
of 2020.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">2)</font></td><td style="text-align: justify">In March 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program
to fund the 2018 RENEW Program, which is an ongoing initiative to eliminate all unlined water distribution mains in the Middlesex
system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018. Through September 30, 2019, Middlesex has
drawn a total of $8.0 million and drew the remaining proceeds in October 2019.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company expects that the large-diameter
transmission pipeline and the 2018 RENEW construction loans will be included in the NJIB May 2020 long-term debt financing program.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2018, Middlesex repaid its RENEW 2017
interest-free construction loan by issuing to the NJIB first mortgage bonds in the amount of $9.5 million designated as Series
2018A ($7.1 million) and Series 2018B ($2.4 million). The interest rate on the Series 2018A bond is zero and the interest rate
on the Series 2018B bond ranges between 3.0% and 5.0%. The final maturity date for both bonds is August 1, 2047, with scheduled
debt service payments over the life of the loans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2019, the NJIB de-obligated principal payments
of $0.1 million on Series NN of the Company’s First Mortgage Bonds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to help ensure adherence to its comprehensive
financing plan, Middlesex received approval from the NJBPU in February 2019 to issue and sell up to $140 million of First Mortgage
Bonds (FMB) through the NJEDA in one or more transactions through December 31, 2022. Because the interest paid to the bondholders
is exempt from federal and New Jersey income taxes, the interest rate on debt issued through the NJEDA is generally lower than
otherwise achievable in the traditional taxable corporate bond market. However, the interest received by the bondholder is subject
to the Alternative Minimum Tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2019, Middlesex priced and closed
on a NJEDA debt financing transaction of $53.7 million by issuing FMBs designated as Series 2019A ($32.5 million at coupon interest
rate of 4.0%) and Series 2019B ($21.2 million at coupon interest rate of 5.0%). The proceeds, including an issuance premium of
$7.1 million, are being used to finance several projects under the Water For Tomorrow capital program initiated by the Company
to upgrade and replace aging water utility infrastructure. The total proceeds of $60.8 million, initially recorded as Restricted
Cash on the balance sheet, is held in escrow by a bond trustee and are drawn down by requisition for the qualifying projects. Through
September 30, 2019, Middlesex has drawn a total of $7.6 million and currently expects to draw the remaining $53.2 million of proceeds,
currently included in Restricted Cash, through the third quarter of 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2018, the DEPSC approved Tidewater’s
request to borrow up to $0.9 million under the Delaware SRF program to fund the replacement of an entire water distribution system
of a small Delaware community. Tidewater closed on the SRF loan in May 2018. In April 2019, Tidewater received approval from the
DEPSC to increase the borrowing to $1.7 million based on revised project cost estimates. Tidewater closed on the additional SRF
loan in October 2019 and immediately began drawing on the combined loan amount with expected draws continuing through the first
quarter of 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value of Financial Instruments -</b>
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, trade receivables, accounts payable and notes payable approximate their respective fair values due
to the short-term maturities of these instruments. The fair value of FMB and State Revolving Fund 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 Bonds in the table below
are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">September 30, 2019</font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">December 31, 2018</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Fair</font></td>
<td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Fair </font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Value</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Value</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Bonds</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $151,361</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $154,355</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $101,411</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $102,789</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For other long-term debt for which there was
no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details,
including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing
Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated
Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $80.5 million and $61.5 million at
September 30, 2019 and December 31, 2018, respectively. Customer advances for construction have carrying amounts of $22.7 million
and $22.6 million at September 30, 2019 and December 31, 2018, 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 4 – Earnings Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 both the Convertible
Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2019</td><td> </td>
<td colspan="7" style="text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 400 10pt Times New Roman, Times, Serif">  </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,119</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,290</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,394</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,106</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,277</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,550</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.66</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: Red"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2019</td><td> </td>
<td colspan="7" style="text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 400 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,520</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,379</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.56</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,778</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,673</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,535</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.54</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5 – Business Segment Data</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, Delaware and Pennsylvania. This segment also includes regulated
wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters
by New Jersey, Delaware and Pennsylvania with respect to utility services 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. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance
charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party
lender.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">35,000</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,628</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,342</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,002</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,020</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,304</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,032</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">12,286</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,214</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">24,937</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">27,827</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">982</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">704</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,025</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,162</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,918</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">27,962</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">29,989</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">10,409</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,770</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,700</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,904</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">710</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">520</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,118</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,555</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,119</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,290</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,818</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,459</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">25,437</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,141</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">60,998</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">49,469</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">85</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">222</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,522</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,141</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">61,220</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49,518</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">As of</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">As of</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">December 31,</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0">Assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; padding-left: 0">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">886,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,749</td><td style="width: 1%; text-align: left"> </td>
<td style="width: 24%; background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,593</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="text-align: left"> </td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,520</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">887,353</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">767,830</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td>
<td style="background-color: White"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 6 – Short-term Borrowings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2019, the Company retained
lines of credit aggregating $120.0 million, an increase of $20.0 million from June 30, 2019. In October 2019, the Company increased
its lines of credit to $140.0 million. At September 30, 2019, the outstanding borrowings under these credit lines were $58.5 million
at a weighted average interest rate of 3.06%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average daily amounts of borrowings
outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; white-space: nowrap">Average Daily Amounts Outstanding</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,259</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">43,402</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">56,881</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,332</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.26%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.24%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.45%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.09%</td><td style="text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maturity dates for the $58.5 million outstanding
as of September 30, 2019 are in October 2019 through December 2019 and are extendable at the discretion of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest rates for short-term borrowings under
the lines of credit are below the prime rate with no requirement for compensating balances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7 – Commitments and Contingent Liabilities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Water Supply </b>- Middlesex has an agreement
with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides
for an average purchase of 27.0 million gallons a day (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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex also has an agreement with a non-affiliated
regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum
purchase of 3.0 mgd of treated water with provisions for additional purchases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tidewater contracts with the City of Dover,
Delaware to purchase 15.0 million gallons of treated water annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchased water costs are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months Ended</td><td> </td>
<td colspan="7" style="text-align: center">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="7" style="text-align: center">September 30,</td><td> </td>
<td colspan="7" style="text-align: center">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,427</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">948</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,521</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,728</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,696</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,784</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,936</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,155</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Guarantees</b> <i>- </i>As part of an agreement
with the County of Monmouth, New Jersey (County), Middlesex serves as guarantor of the performance of Applied Water Management,
Inc. (AWM), an unaffiliated wastewater contractor, to operate a County-owned leachate pretreatment facility at the Monmouth County
Reclamation Center in Tinton Falls, New Jersey. The performance guaranty is effective through 2028 unless another guarantor, acceptable
to the County, replaces Middlesex before such date. Under agreements with AWM and Natural Systems Utilities, LLC (NSU), the parent
company of AWM, Middlesex earns a fee for providing the performance guaranty. In addition, Middlesex may provide operational support
to the facility, as needed, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, have indemnified
Middlesex against any claims that may arise under the Middlesex guaranty to the County.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">If required to perform
under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify
Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill
the remaining operational commitment of AWM. As of September 30, 2019 and December 31, 2018, the liability recognized in Other
Non-Current Liabilities on the balance sheet for the guaranty is approximately $1.4 million and $1.5 million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases</b> <i>- </i>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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into an operating lease
of office space for administrative purposes, expiring in 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 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 commencement
date in determining the present value of lease payments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 was $0.2 million for each of the three months ended September 30, 2019 and 2018, respectively,
and $0.5 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to operating lease ROU
assets and lease liabilities is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: middle">September 30, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">7.3</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Accumulated Amortization</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(1.2</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.1</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s future minimum operating
lease commitments as of September 30, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: right">September 30, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 77%; text-align: right">2019</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">0.2</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right">2022</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">2023</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5.2</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">Total Lease Payments</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.6</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">Present Value of Lease Payments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.6</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.7</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5.9</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; vertical-align: bottom">*Included in Other Current Liabilities</td>
<td colspan="4"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Construction</b> - The Company has forecasted
to spend approximately $105 million for its construction program in 2019. The Company has entered into several contractual construction
agreements that, in the aggregate, obligate it to expend an estimated $68 million in the future. The timing and amount of capital
expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Litigation</b> - The Company is a defendant
in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a
material adverse effect on the Company’s consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Change in Control Agreements</b> - The Company
has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination
of employment in connection with a change in control of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 – Employee Benefit Plans</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Pension Benefits</b> - 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 participate in a defined contribution plan that provides for a potential annual contribution in an
amount that is at the discretion of the Company. In order to be eligible for a contribution, the participant must be employed by
the Company on December 31st of the year to which the contribution relates. For the three months ended September 30, 2019 and 2018,
the Company made Pension Plan cash contributions of $1.3 million and $1.1 million, respectively. For each of the nine months ended
September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $2.3 million, respectively. The Company expects
to make Pension Plan cash contributions of approximately $1.3 million over the remainder of the current year. The Company also
maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4
million in annual benefits to the retired participants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Postretirement Benefits</b> <i>- </i>The
Company’s retirement plan other than pensions (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 months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2
million, respectively. For the nine months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions
of $0.6 million and $0.5 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately
$0.8 million over the remainder of the current year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following tables set forth information relating to the Company’s
periodic costs for its employee retirement benefit plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Pension Benefits</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; white-space: nowrap">Service Cost</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">543</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">607</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">210</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">284</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Interest Cost</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">857</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">765</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">496</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">474</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Expected Return on Assets</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,173</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,218</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(613</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(637</td><td style="text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Amortization of Unrecognized Losses</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">404</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">415</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">330</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">447</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(402</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">631</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">569</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">423</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">166</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,628</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,820</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">630</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">851</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,570</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,296</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,488</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,423</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,520</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,653</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,838</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,912</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,213</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,340</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,205</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,891</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,707</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,269</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">497</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">*Service cost is included
in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense,
net.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><font style="font-size: 10pt">Note 9 – Revenue Recognition from Contracts with Customers</font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s revenues are primarily
generated from regulated tariff-based sales of water and wastewater 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 entity expects
to be entitled in exchange for those goods and services.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s regulated revenue from
contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services
to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are
billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly.
Payments by customers are due between 15 and 30 days after the invoice date. The Company recognizes revenue as the water and wastewater
services are delivered to customers and records unbilled revenues estimated from the last meter reading date to the end of the
accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions
in its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance of service
provided to Tidewater customers and are recognized as service is provided.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 146.25pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-regulated service contract revenues consist
of base service fees, as well as fees for additional billable services provided to customers, 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.
Certain of these contracts continue through 2022 and thus contain remaining performance obligations for which the Company expects
to recognize revenue in the future. These contracts also contain termination provisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all operating revenues and accounts
receivable are from contracts with customers. The Company records an allowance for doubtful accounts based on historical write-offs
combined with an evaluation of current economic conditions within its service territories.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s contracts do not contain
any significant financing components.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company’s operating revenues are comprised of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">20,693</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">19,788</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">54,453</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">53,303</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,487</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,418</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,539</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,298</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,723</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,868</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,242</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,869</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,100</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,084</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,211</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,045</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,813</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,319</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">10,582</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,211</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">4,203</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,729</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">37,735</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">38,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">101,756</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">104,709</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">184</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">315</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">276</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company’s operating revenues are comprised of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">20,693</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">19,788</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">54,453</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">53,303</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,487</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,418</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,539</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,298</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,723</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,868</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,242</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,869</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,100</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,084</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,211</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,045</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,813</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,319</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">10,582</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,211</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">4,203</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,729</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">37,735</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">38,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">101,756</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">104,709</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">184</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">315</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">276</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following tables set forth information relating to the Company’s
periodic costs for its employee retirement benefit plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Pension Benefits</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; white-space: nowrap">Service Cost</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">543</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">607</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">210</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">284</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Interest Cost</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">857</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">765</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">496</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">474</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Expected Return on Assets</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,173</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,218</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(613</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(637</td><td style="text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Amortization of Unrecognized Losses</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">404</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">415</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">330</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">447</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(402</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">631</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">569</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">423</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">166</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,628</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,820</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">630</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">851</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,570</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,296</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,488</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,423</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,520</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,653</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,838</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,912</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,213</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,340</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,205</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,891</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,707</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,269</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">497</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="margin: 0"> </p>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">*Service cost is included
in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense,
net.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchased water costs are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months Ended</td><td> </td>
<td colspan="7" style="text-align: center">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="7" style="text-align: center">September 30,</td><td> </td>
<td colspan="7" style="text-align: center">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,427</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">948</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,521</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,728</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,696</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,784</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,936</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,155</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to operating lease ROU
assets and lease liabilities is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: middle">September 30, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">7.3</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Accumulated Amortization</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(1.2</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.1</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s future minimum operating
lease commitments as of September 30, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: center">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3" style="text-align: right">September 30, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 77%; text-align: right">2019</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">0.2</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right">2022</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">2023</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5.2</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">Total Lease Payments</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8.6</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right">Present Value of Lease Payments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.6</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.7</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5.9</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; vertical-align: bottom">*Included in Other Current Liabilities</td>
<td colspan="4"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average daily amounts of borrowings
outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; white-space: nowrap">Average Daily Amounts Outstanding</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,259</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">43,402</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">56,881</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,332</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.26%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.24%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.45%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.09%</td><td style="text-align: left; white-space: nowrap"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">35,000</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,628</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,342</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,002</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,020</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,304</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,032</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">12,286</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,214</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">24,937</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">27,827</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">982</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">704</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,025</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,162</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,918</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">27,962</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">29,989</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">10,409</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,770</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,700</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,904</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">710</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">520</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,118</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,555</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,119</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,290</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,818</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,459</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">25,437</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,141</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">60,998</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">49,469</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">85</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">222</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,522</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,141</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">61,220</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49,518</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">As of</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">As of</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap">December 31,</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 0; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td>
<td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 0">Assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; padding-left: 0">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">886,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,749</td><td style="width: 1%; text-align: left"> </td>
<td style="width: 24%; background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,593</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="text-align: left"> </td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,520</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td>
<td style="background-color: White"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 0">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">887,353</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">767,830</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td>
<td style="background-color: White"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 both the Convertible
Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2019</td><td> </td>
<td colspan="7" style="text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 400 10pt Times New Roman, Times, Serif">  </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,119</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,290</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,394</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,106</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,277</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,550</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.66</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: Red"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2019</td><td> </td>
<td colspan="7" style="text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 400 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,520</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,379</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.56</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,778</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,673</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">25,419</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,535</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.54</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount and fair value of the Bonds were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">September 30, 2019</font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">December 31, 2018</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Fair</font></td>
<td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Fair </font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Value</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">Value</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Bonds</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $151,361</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $154,355</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $101,411</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt"> $102,789</font></td></tr></table>
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Included in Other Current Liabilities
Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.