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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 16,827 $ 16,817 $ 14,925
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,885 11,143 10,803
Deferred income taxes, net 2,803 (1,963) (2,813)
Stock compensation 193 178 181
AFUDC, equity portion (556) (781) (886)
Changes in assets and liabilities:      
Accounts receivable, net of allowance for doubtful accounts 94 (2,324) (94)
Income tax receivable (1,605) (610) 753
Unbilled operating revenues 86 45 230
Materials and supplies (398) (271) 195
Income tax payable (28) (106) 343
Prepaid property taxes (415) 63 (84)
Prepaid expenses and other (444) 42 (126)
Other deferred assets (445) (409) (361)
Regulatory assets 115 390 388
Regulatory liabilities (535) (635) (642)
Accounts payable 3,547 (1,835) (11)
Accrued expenses (71) 301 (789)
Accrued interest (13) 100 46
Revenue reserved for refund 0 0 (3,298)
Customer deposits and other 270 213 110
NET CASH PROVIDED BY OPERATING ACTIVITIES 31,310 20,358 18,870
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (net of AFUDC, equity portion) (40,814) (34,277) (40,677)
Investment in acquisitions 0 (5,741) 0
Proceeds from sale of assets 90 46 51
NET CASH USED IN INVESTING ACTIVITIES (40,724) (39,972) (40,626)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net (repayments) borrowings under lines of credit agreements (110) 19,313 (8,442)
(Decrease) increase in overdraft payable (75) 90 (102)
Net advances and contributions in aid of construction 15,817 9,280 10,507
Net proceeds from issuance of common stock 1,390 1,539 1,033
Issuance of long-term debt 4,126 0 30,000
Dividends paid (9,826) (9,376) (9,122)
Debt issuance costs (19) (28) (90)
Principal repayments of long-term debt (1,825) (1,772) (1,725)
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,478 19,046 22,059
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 64 (568) 303
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 28 596 293
CASH AND CASH EQUIVALENTS AT END OF PERIOD 92 28 596
Non-cash Investing and Financing Activity:      
Utility plant received as construction advances and contributions 3,538 2,403 3,716
Contractual amounts of contributions in aid of construction due from developers included in accounts receivable 545 1,705 710
Contractual amounts of contributions in aid of construction received from developers previously included in accounts receivable 1,749 781 2,050
Amounts included in accounts payable and accrued payables related to capital expenditures 3,763 3,122 7,332
Supplemental Cash Flow Information:      
Interest paid 7,605 7,519 6,978
Income taxes paid 5,181 8,792 7,332
Purchase price allocation of investment in acquisitions:      
Utility plant 0 5,118 0
Other deferred assets/goodwill 0 623 0
Total investment in acquisitions $ 0 $ 5,741 $ 0