Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 58

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 Income Taxes$1,431 $1,739 $4,001 $6,402 Net Income:Regulated$13,335 $13,697 $32,289 $33,576 Non – Regulated$623 622 $1,928 1,971 Consolidated Net Income$13,958 $14,319 $34,217 $35,547 Capital Expenditures:Regulated$20,785 $20,743 $71,334 $49,444 Non – Regulated222 — $308 36 Total Capital Expenditures$21,007 $20,743 $71,642 $49,480 (Thousands of Dollars)As ofSeptember 30,2025As ofDecember 31,2024Assets:Regulated1,351,268 $1,264,472 Non – Regulated7,679 7,671 Inter-segment Elimination(16,988)(16,969)Consolidated Assets$1,341,959 $1,255,174 

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $148.0 million.(Millions)As of September 30, 2025Line of CreditOutstandingAvailableMaximumCredit TypeExpiration DateBank of America$10.0 $50.0 $60.0 UncommittedJuly 31, 2026PNC Bank28.2 $39.8 68.0 CommittedJanuary 31, 2027CoBank, ACB16.8 3.2 20.0 CommittedMay 20, 2028$55.0 $93.0 $148.0 

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Table of Contents

In July 2025, Tidewater increased the maximum borrowing amount under its line of credit with CoBank, ACB (CoBank) to $20.0 million and extended the expiration date to May 2028.In September 2025, the Company amended its line of credit with Bank of America and extended the expiration date to July 2026.The maturity dates for the Notes Payable as of September 30, 2025 are all three months or less and are extendable at the discretion of the Company.The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Sec