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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 16,817 $ 14,925 $ 14,278
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,143 10,803 10,288
Deferred income taxes, net (1,963) (2,813) 899
Stock compensation 178 181 192
AFUDC, equity portion (781) (886) (427)
Changes in assets and liabilities:      
Accounts receivable, net of allowance for doubtful accounts (2,324) (94) (87)
Income tax receivable (610) 753 1,581
Unbilled operating revenues 45 230 (14)
Materials and supplies (271) 195 60
Income tax payable (106) 343 0
Prepaid property taxes 63 (84) (75)
Prepaid expenses and other 42 (126) (82)
Other deferred assets (409) (361) (245)
Regulatory assets 390 388 417
Regulatory liabilities (635) (642) (388)
Accounts payable (1,835) (11) (666)
Accrued expenses 301 (789) 1,014
Accrued interest 100 46 (1,021)
Revenue reserved for refund 0 (3,298) 3,298
Customer deposits and other 213 110 119
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,358 18,870 29,141
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (net of AFUDC, equity portion) (34,277) (40,677) (49,053)
Investment in acquisitions (5,741) 0 0
Proceeds from sale of assets 46 51 49
NET CASH USED IN INVESTING ACTIVITIES (39,972) (40,626) (49,004)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net borrowings (repayments) under lines of credit agreements 19,313 (8,442) 6,332
Increase (decrease) in overdraft payable 90 (102) (187)
Net advances and contributions in aid of construction 9,280 10,507 10,461
Net proceeds from issuance of common stock 1,539 1,033 956
Issuance of long-term debt 0 30,000 12,000
Dividends paid (9,376) (9,122) (8,819)
Debt issuance costs (28) (90) (195)
Principal repayments of long-term debt (1,772) (1,725) (1,344)
NET CASH PROVIDED BY FINANCING ACTIVITIES 19,046 22,059 19,204
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (568) 303 (659)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 596 293 952
CASH AND CASH EQUIVALENTS AT END OF PERIOD 28 596 293
Non-cash Investing and Financing Activity:      
Utility plant received as construction advances and contributions 2,403 3,716 1,153
Contractual amounts of contributions in aid of construction due from developers included in accounts receivable 1,705 710 2,156
Contractual amounts of contributions in aid of construction received from developers previously included in accounts receivable 781 2,050 2,981
Supplemental Disclosures of Cash Flow Information:      
Interest paid 7,519 6,978 7,273
Income taxes paid 8,792 7,332 3,287
Purchase price allocation of investment in acquisitions:      
Utility plant 5,118 0 0
Other deferred assets/goodwill 623 0 0
Total investment in acquisitions $ 5,741 $ 0 $ 0