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<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 (the 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 January 1, 2019,
Tidewater reset its Delaware Public Service Commission (the DEPSC) approved Distribution System Improvement Charge rate, which
is expected to generate revenues of approximately $0.2 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 (the 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>In March 2019, Pinelands
Water and Pinelands Wastewater filed separate petitions with the NJBPU seeking permission to increase base rates by approximately
$0.2 million and $0.5 million per year, respectively. These requests were necessitated by capital infrastructure investments both
companies have made, or have committed to make, and increased operations and maintenance costs. We cannot predict whether the NJBPU
will ultimately approve, deny, or reduce the amount of the requests. A decision by the NJBPU in either matter is not expected before
the fourth quarter of 2019.</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 three months
ended March 31, 2019 and 2018, there were 47,649 common shares ($2.6 million) and 7,665 common shares (approximately $0.3 million),
respectively, issued under the Middlesex Water Company Investment Plan (the 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. The discount offering
will continue until 200,000 shares are purchased at the discounted price or December 30, 2019, whichever event occurs first.  The
discount applies to all common stock purchases made under the Investment Plan, whether by optional cash payment or by dividend
reinvestment.</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 March 2019, Middlesex filed a petition with
the NJBPU seeking approval to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December
31, 2022. The sale of these additional shares of common stock is 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. We believe the
NJBPU will approve the common stock offering request, as filed, during the second quarter of 2019.</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. NJIB generally schedules its long-term debt
financings in May and November.</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 September 2018, the NJIB announced changes
to the SRF program for project funding priority ranking, the proportions of interest free loans and market interest rate loans
and overall loan limits on interest free loan balances to investor-owned water utilities. These changes affect SRF projects for
which the construction loan closes after September 2018. Under the new guidelines, the principal balance having a stated interest
rate of zero percent (0%) is 25% of the loan balance with the remaining portion of 75% having a market based interest rate. This
is limited to the first $10.0 million of the loan. Loan amounts above $10.0 million do not participate in the 0% rate program,
but do participate at the 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; text-align: justify">The only active project affected by the SRF
program changes is the upgrade to the Company’s Carl J. Olsen water treatment plant (CJO Plant). In April 2018, the NJBPU
approved Middlesex’s request to participate in the NJIB loan program and borrow up to $55.0 million for the CJO Plant project.
Although the CJO Plant project has met all the SRF Program requirements, the NJIB has been unable to commit to funding the construction
loan.</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 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 through the NJEDA in one or more transactions through December 31, 2022.</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 $9.5 million
RENEW 2017 interest-free construction loan by issuing to the NJIB first mortgage bonds 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%. Through March 31, 2019, Middlesex has drawn a total of $8.2 million and expects to draw the remaining
proceeds during the second quarter of 2019. 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; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 March 31, 2019, Middlesex has drawn a total of $16.8 million and expects to draw down the remaining
proceeds through the end of 2019.</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 March 2018, the NJBPU approved Middlesex’s
request to borrow up to $14.0 million under the NJIB 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 March 31, 2019, Middlesex has drawn a total of $6.6 million and expects to draw the remaining proceeds
during the remainder of 2019. The NJIB has informed the Company that the RENEW 2018 interest-free construction loan is scheduled
for the May 2019 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 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 subdivision. 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. The closing on the additional $0.8
million is expected to occur in June 2019.</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>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 First Mortgage 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-align: center; 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">March 31, 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: 40%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; 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: 15%; 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: 15%; 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: 15%; 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: 0; padding-left: 0"><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">$100,910</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">$103,247</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"> </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 $67.6 million and $61.5 million at March 31, 2019 and December 31, 2018, respectively. Customer advances for
construction have carrying amounts of $22.6 million at both March 31, 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 $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">2019</td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">   </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,552</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">16,428</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,494</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">16,354</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,516</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,428</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,354</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.27</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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">6,516</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,428</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,354</td><td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,539</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,584</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,481</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,510</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.39</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.27</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </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 March 31, 2019, the Company retains lines
of credit aggregating $100.0 million. At March 31, 2019, the outstanding borrowings under these credit lines were $49.5 million
at a weighted average interest rate of 3.61%.</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 $50.0 million
and $27.9 million at 3.64% and 2.74% for the three months ended March 31, 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">The maturity dates for the $49.5 million outstanding
as of March 31, 2019 are in April 2019 through June 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; 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 do 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 each of the three month periods ended March
31, 2019 and 2018, the Company made Pension Plan cash contributions of $0.5 million. The Company expects to make Pension Plan cash
contributions of approximately $3.1 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 month periods ended March 31, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2
million. The Company expects to make Other Benefits Plan cash contributions of approximately $1.2 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" 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> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">543</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">607</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">210</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">284</td><td style="white-space: nowrap; 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">857</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">765</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">496</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">474</td><td style="white-space: nowrap; 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">(1,173</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,218</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(613</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="white-space: nowrap; 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">404</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">447</td><td style="white-space: nowrap; 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 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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">(402</td><td style="white-space: nowrap; 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">631</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">569</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">423</td><td style="white-space: nowrap; 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">166</td><td style="white-space: nowrap; 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>Note 9 – Revenue Recognition from Contracts with Customers</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 as well as 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; text-align: justify">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" 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> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 78%; text-align: left; padding-left: 9px">Residential</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,980</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,623</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Commercial</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,309</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,109</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px">Industrial</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,198</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Fire Protection</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,013</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,888</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px">Wholesale</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,339</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,212</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</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">2,824</td><td style="white-space: nowrap; 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">3,999</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">30,663</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">31,143</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other Regulated Revenues</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Other Non-Regulated Revenues</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,698</td><td style="white-space: nowrap; 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">31,177</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<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 2016. In 2018, the Company received information from the IRS regarding certain aspects of the its
adopted accounting method used to calculate qualifying tangible property repair cost deductions and increased its 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. The Company paid $0.8 million in income
taxes in connection with the conclusion of the 2014 and 2015 tax years. The IRS is currently examining the 2016 and 2017 tax years
to determine the impact of the modifications on those tax years. The Company reduced its income tax reserve provision to $3.1 million
as of March 31, 2019. Pending completion of the 2016 and 2017 examinations, the final tax liability could be different than the
recorded reserve provision. For the three months ended March 31, 2019, the Company reduced its potential interest expense liability
to $0.3 million as a result of the closing of the 2014 and 2015 tax years and the revised income tax reserve provision.</p>
<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-align: center; 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">March 31, 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: 40%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; 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: 15%; 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: 15%; 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: 15%; 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: 0; padding-left: 0"><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">$100,910</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><font style="font-size: 10pt">$103,247</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">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 $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">2019</td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">   </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,552</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">16,428</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">4,494</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">16,354</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,516</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,428</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,354</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.27</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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">6,516</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,428</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,458</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,354</td><td style="white-space: nowrap; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,539</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,584</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,481</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,510</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.39</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.27</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </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" 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> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="15" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 56%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">543</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">607</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">210</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">284</td><td style="white-space: nowrap; 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">857</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">765</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">496</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">474</td><td style="white-space: nowrap; 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">(1,173</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,218</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(613</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="white-space: nowrap; 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">404</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">447</td><td style="white-space: nowrap; 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 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="white-space: nowrap; 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="white-space: nowrap; 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="white-space: nowrap; 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">(402</td><td style="white-space: nowrap; 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">631</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">569</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">423</td><td style="white-space: nowrap; 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">166</td><td style="white-space: nowrap; 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">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" 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> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 78%; text-align: left; padding-left: 9px">Residential</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,980</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,623</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Commercial</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,309</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,109</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px">Industrial</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,198</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,312</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px">Fire Protection</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,013</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,888</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px">Wholesale</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,339</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,212</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</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">2,824</td><td style="white-space: nowrap; 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">3,999</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">30,663</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">31,143</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Other Regulated Revenues</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">58</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Other Non-Regulated Revenues</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">102</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">101</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,698</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">31,177</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
500000
800000
800000
800000
800000
3100000
4100000
200000
200000
500000
0.0335
1000000
700000
100000
47649
48000
8000
2559000
286000
2559000
286000
14000000
900000
10000000
6600000
16800000
9500000
43500000
140000000
8700000
1700000
800000
55000000
200000
0.0500
1500000
7100000
2400000
67600000
61500000
0.75
0.25
16352000
16403000
16451000
16358000
229000
174000
229000
174000
-2000
3943000
3659000
3943000
3659000
36000
36000
36000
36000
6000
6000
-353000
-7000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to operating lease ROU
assets and lease liabilities is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><b></b></p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">March 31, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 85%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 12%; 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="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">(0.8</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; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.5</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchased water costs are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">770</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">888</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">861</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">930</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,631</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,818</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s future minimum operating
lease commitments as of March 31, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">March 31, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 59%; text-align: right; white-space: nowrap">2019</td><td style="width: 27%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 12%; text-align: right; white-space: nowrap">0.5</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: right; white-space: nowrap">2020</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</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: right; white-space: nowrap">2021</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; white-space: nowrap">2022</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</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: right; white-space: nowrap">2023</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Thereafter</td><td style="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">5.3</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: right; white-space: nowrap">Total Lease Payments</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9.0</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Imputed Interest</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(2.1</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; white-space: nowrap">Present Value of Lease Payments</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6.9</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Less Current Portion*</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(0.6</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Non-Current Lease Liability</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.3</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></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; vertical-align: bottom; white-space: nowrap">*Included in Other Current Liabilities</td>
<td colspan="4" style="white-space: nowrap"> </td></tr></table>
<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"> </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: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">770</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">888</td><td style="white-space: nowrap; 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">861</td><td style="white-space: nowrap; 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">930</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,631</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,818</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"></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>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 requested 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 both March 31, 2019 and December 31, 2018, the liability recognized in Other
Non-Current Liabilities on the balance sheet for the guaranty is approximately $1.5 million.</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"></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> <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 were $0.1 million and less than $0.1 million for the three months ended March 31, 2019 and
2018, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to operating lease ROU
assets and lease liabilities is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><b></b></p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">March 31, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 85%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 12%; 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="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">(0.8</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; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.5</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><b></b></p>
<p style="margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s future minimum operating
lease commitments as of March 31, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Millions)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: bottom">March 31, 2019</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 59%; text-align: right; white-space: nowrap">2019</td><td style="width: 27%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 12%; text-align: right; white-space: nowrap">0.5</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: right; white-space: nowrap">2020</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</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: right; white-space: nowrap">2021</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; white-space: nowrap">2022</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</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: right; white-space: nowrap">2023</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">0.8</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Thereafter</td><td style="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">5.3</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: right; white-space: nowrap">Total Lease Payments</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9.0</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Imputed Interest</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(2.1</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; white-space: nowrap">Present Value of Lease Payments</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6.9</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Less Current Portion*</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(0.6</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; padding-bottom: 1pt; white-space: nowrap">Non-Current Lease Liability</td><td style="white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.3</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></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: right; vertical-align: bottom; white-space: nowrap">*Included in Other Current Liabilities</td>
<td colspan="4" style="white-space: nowrap"> </td></tr>
</table>
<p style="margin: 0"> </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 $112 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 $17 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: 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 (the 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 March 31, 2019 and the results of operations and cash flows for the three month periods
ended March 31, 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>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 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 0 0 1.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 78%">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">27,898</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">27,206</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,925</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,698</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">31,177</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating Income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>   Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,034</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,625</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">994</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">725</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">7,028</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,350</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net Income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>   Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,868</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3,983</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">684</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">511</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,552</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,494</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Capital Expenditures:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>  Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,293</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,978</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">31</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">12,324</td><td style="white-space: nowrap; 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">10,011</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </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="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">As of</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">As of</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">March 31,</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 78%">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">780,317</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">764,749</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,087</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,431</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">782,973</td><td style="white-space: nowrap; 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="white-space: nowrap; 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">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 0 0 1.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="7" style="white-space: nowrap; text-align: center">Three Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: right"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 78%">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">27,898</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">27,206</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,925</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(125</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(129</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">30,698</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">31,177</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating Income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>   Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,034</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,625</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">994</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">725</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">7,028</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,350</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net Income:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>   Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,868</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3,983</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">684</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">511</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,552</td><td style="white-space: nowrap; 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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,494</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Capital Expenditures:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>  Regulated</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,293</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,978</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">   Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">31</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">12,324</td><td style="white-space: nowrap; 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">10,011</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; 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="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </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="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">As of</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">As of</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">March 31,</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">December 31,</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 78%">   Regulated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">780,317</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">764,749</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">   Non – Regulated</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,087</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,431</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">782,973</td><td style="white-space: nowrap; 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="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr></table>
124717000
118528000
2010000
2093000
10203000
9989000
1802000
1956000
98826000
99236000
5359000
5254000
6517000
29650000
30815000
2263000
2644000
5479000
5411000
6940000
7293000
9982000
11762000
628606000
618487000
160777000
157387000
789383000
775874000
40346000
32878000
77304000
74371000
515017000
512202000
156716000
156423000
160142000
157354000
94000000
91433000
158422000
152851000
414997000
404071000
7336000
7343000
49500000
48500000
13976000
19325000
17466000
14230000
587000
1289000
1025000
1036000
3356000
2640000
93246000
94363000
22616000
22572000
6260000
47869000
47270000
29976000
30661000
76217000
79112000
2530000
2730000
185468000
182345000
89262000
87051000
782973000
767830000
6700000
7100000
400000
0.0403
5300000
9000000
-2100000
6900000
6500000
7300000
800000
6788000
6397000
5661000
2772000
2030
Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.
Included in Other Current Liabilities