0001582244-17-000068.txt : 20170814 0001582244-17-000068.hdr.sgml : 20170814 20170814154156 ACCESSION NUMBER: 0001582244-17-000068 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Corning Natural Gas Holding Corp CENTRAL INDEX KEY: 0001582244 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 463235589 STATE OF INCORPORATION: NY FISCAL YEAR END: 0717 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-190348 FILM NUMBER: 171029817 BUSINESS ADDRESS: STREET 1: 330 WEST WILLIAM STREET CITY: CORNING STATE: NY ZIP: 14830 BUSINESS PHONE: (607) 936-3755 MAIL ADDRESS: STREET 1: 330 WEST WILLIAM STREET CITY: CORNING STATE: NY ZIP: 14830 10-Q 1 10Q_Jun_17_Final.htm
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-00643

 

CORNING NATURAL GAS HOLDING CORPORATION

(Exact name of Registrant as specified in its charter)

 

New York 46-3235589
(State of incorporation) (I.R.S. Employer Identification No.)

 

330 West William Street, Corning, New York 14830

(Address of principal executive offices) (Zip Code)

 

(607) 936-3755

(Registrant’s telephone number, including area code)

 

 

 

 

 

 
 

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒No

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer Accelerated Filer Non-accelerated Filer Smaller Reporting Company Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class Shares outstanding as of August 14, 2017
Common Stock, $.01 par value 2,992,533

 

 

 

 

 

 

 

1 
 

 

 

PART I.   FINANCIAL INFORMATION     PAGE  
                     
    Item 1.   Financial Statements     3  
                     
    Item 2.   Management’s Discussion and Analysis of Financial 16  
        Condition and Results of Operations      
                     
    Item 4.   Controls and Procedures     24
                     
                     
PART II.   OTHER INFORMATION            
                     
    Item 1.   Legal Proceedings     24  
                     
    Item 1A.   Risk Factors       24  
                     
    Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 25  
                     
    Item 3.   Defaults Upon Senior Securities     25  
                     
    Item 4.   Mine Safety Disclosures       25  
                     
    Item 5.   Other Information       25  
                     
    Item 6.   Exhibits         25  
                     
EXHIBIT INDEX               26  
                     
SIGNATURES               27  
                     

 

 

 

 

 

 

2 
 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

CORNING NATURAL GAS HOLDING CORPORATION AND SUBSIDIARIES         
Consolidated Balance Sheets          
           
Assets   June 30, 2017    September 30, 2016 
            (Unaudited)      
Plant:          
  Utility property, plant and equipment  $104,501,316   $100,550,221 
  Less: accumulated depreciation   (24,384,188)   (22,718,488)
     Total plant utility and non-utility, net   80,117,128    77,831,733 
           
Investments:          
  Marketable securities available-for-sale at fair value   2,169,199    2,220,098 
  Investment in joint ventures   2,727,432    2,583,581 
    4,896,631    4,803,679 
Current assets:          
  Cash and cash equivalents   117,217    3,808,968 
  Customer accounts receivable, (net of allowance for          
    uncollectible accounts of $40,019 and $30,417, respectively)   3,574,201    2,957,689 
  Acquisition receivable   0    724,554 
  Unbilled revenues   992,173    976,250 
  Related party receivables   0    172,476 
  Gas stored underground, at average cost   878,881    903,007 
  Materials and supplies inventory   1,339,413    1,409,207 
  Prepaid expenses   2,061,445    1,580,598 
     Total current assets   8,963,330    12,532,749 
           
Regulatory and other assets:          
  Regulatory assets:          
     Unrecovered gas costs   601,456    718,705 
     Deferred regulatory costs   3,123,640    3,596,302 
     Deferred pension   6,297,895    6,297,895 
  Other   945,139    811,095 
     Total deferred debits and other assets   10,968,130    11,423,997 
           
     Total assets  $104,945,219   $106,592,158 

 

 See accompanying notes to consolidated financial statements.

 

3 
 

 

CORNING NATURAL GAS HOLDING CORPORATION AND SUBSIDIARIES         
Consolidated Balance Sheets          
           
    June 30, 2017    September 30, 2016 
Liabilities and capitalization:          (Unaudited)      
           
Long-term debt, less current installments  $31,918,051   $31,295,781 
  Less: debt issuance costs   (350,883)   (412,316)
      Total long-term debt   31,567,168    30,883,465 
           
Current liabilities:          
  Current portion of long-term debt   4,232,828    5,558,156 
  Borrowings under lines-of-credit and short term debt   6,388,390    8,181,499 
  Accounts payable   3,088,307    3,321,522 
  Accrued expenses   569,708    651,744 
  Customer deposits and accrued interest   386,103    1,654,684 
  Dividends declared   464,506    434,383 
 Current income taxes   0    10,000 
     Total current liabilities   15,129,842    19,811,988 
           
Deferred credits and other liabilities:          
  Deferred income taxes   6,931,380    5,639,619 
  Deferred compensation   1,339,523    1,453,782 
  Pension costs and post-retirement benefits   8,275,258    8,513,971 
  Redeemable preferred stock - Series A          
  (Authorized 255,500 shares, issued and outstanding 140,000   3,500,000    2,632,575 
    and 105,303 shares at June 30, 2017 and September 30, 2016,    respectively)          
  Other   292,623    946,282 
     Total deferred credits and other liabilities   20,338,784    19,186,229 
           
Commitments and contingencies   0    0 
           
Temporary equity:          
  Redeemable preferred stock - Series B          
  (Authorized 244,500 shares, issued and outstanding          
  244,263 shares at June 30, 2017 and September 30, 2016)   4,932,777    4,920,314 
           
Common stockholders' equity:          
  Common stock (common stock $.01 par          
  value per share.  Authorized 3,500,000 shares;          
  issued and outstanding 2,992,533 shares at          
 June 30, 2017 and 2,974,606 at September 30, 2016)   29,925    29,746 
  Other paid-in capital   26,996,229    26,763,476 
  Retained earnings   5,849,597    4,901,774 
  Accumulated other comprehensive loss   100,897    95,166 
     Total common stockholders' equity   32,976,648    31,790,162 
           
     Total liabilities and capitalization  $104,945,219   $106,592,158 

 

 See accompanying notes to consolidated financial statements.

 

4 
 

 

CORNING NATURAL GAS HOLDING CORPORATION AND SUBSIDIARIES              
Consolidated Statements of Income                    
(Unaudited)       Three Months Ended     Nine Months Ended 
    June 30, 2017    June 30, 2016    June 30, 2017    June 30, 2016 
Utility operating revenues                    
Gas operating revenues  $4,951,183   $3,864,061   $19,071,247   $16,546,048 
Electric operating revenues   1,896,466    0    5,833,023    0 
Total utility operating revenues   6,847,649    3,864,061    24,904,270    16,546,048 
                     
Cost of Sales                    
Gas purchased   1,268,479    583,541    5,162,110    3,622,441 
Electricity purchased   618,212    0    1,957,459    0 
Total cost of sales   1,886,691    583,541    7,119,569    3,622,441 
                     
Gross margin   4,960,958    3,280,520    17,784,701    12,923,607 
                     
Cost and expense                    
Operating and maintenance expense   2,965,040    1,956,394    9,322,489    5,565,018 
Taxes other than income taxes   495,154    496,953    1,531,248    1,503,331 
Depreciation   542,702    436,679    1,601,913    1,283,791 
Other deductions, net   127,645    115,213    392,876    332,641 
Total costs and expenses   4,130,541    3,005,239    12,848,526    8,684,781 
                     
Utility operating income   830,417    275,281    4,936,175    4,238,826 
Other income and (expense)                    
Interest expense   (477,544)   (170,055)   (1,382,965)   (642,450)
Other income and (expense)   (16,324)   (14,464)   27,940    25,048 
Investment income and (expense)   26,451    19,687    95,977    94,678 
Gain from joint ventures   (64,747)   (30,733)   (61,149)   1,120 
Rental income   12,138    12,138    36,414    36,414 
Net income from utility operations, before income taxes   310,391    91,854    3,652,392    3,753,636 
Income taxes                    
Income tax (expense), current   0    0    0    0 
Income tax (expense), deferred   (125,498)   (30,280)   (1,338,322)   (1,258,374)
Total income taxes   (125,498)   (30,280)   (1,338,322)   (1,258,374)
Net income   184,893    61,574    2,314,070    2,495,262 
Less Preferred B Dividends   (60,821)   0    (182,953)   0 
Net income attributable to common shareholders  $124,072   $61,574   $2,131,117   $2,495,262 
Weighted average earnings per share-                    
basic:  $0.04   $0.02   $0.71   $0.84 
diluted:  $0.04   $0.02   $0.70   $0.84 
Average shares outstanding - basic   2,990,073    2,966,896    2,983,937    2,960,929 
Average shares outstanding - diluted   2,990,073    2,966,896    3,277,053    2,960,929 

 

 

 

 

Consolidated Statements of Comprehensive Income                 
For the Three and Nine Months Ended June 30, 2017 and 2016
(Unaudited)
                
    2017    2016    2017    2016 
Net Income  $184,893   $61,574   $2,314,070   $2,495,262 
Other comprehensive income (loss)                    
Net unrealized gain (loss) on securities available for sale                    
net of tax of $(682), $23,216, $2,272 and $33,208, respectively   (1,002)   33,271    5,731    47,590 
Total other comprehensive income   (1,002)   33,271    5,731    47,590 
Total comprehensive income  $183,891   $94,845   $2,319,801   $2,542,852 

 

 

5 
 

 

 

 

CORNING NATURAL GAS HOLDING CORPORATION AND SUBSIDIARIES   
Consolidated Statement of Changes in Common Stockholders' Equity   
(Unaudited)                  
                        Accumulated      
              Additional         Other      
    Number of    Common    Paid In    Retained    Comprehensive      
                  Shares    Stock    Capital    Earnings    Income    Total 
                               
Balances at September 30, 2016   2,974,606   $29,746   $26,763,476   $4,901,774   $95,166   $31,790,162 
                               
Issuance of common stock   17,927    179    232,753    —      —      232,932 
Dividends declared on common   —      —      —      (1,183,294)   —      (1,183,294)
Dividends declared on Preferred B                              
Shares   —      —      —      (182,953)        (182,953)
                               
Comprehensive income:                              
Change in unrealized gain on                              
securities available for sale, net of                              
income taxes   —      —      —      —      5,731    5,731 
Net income   —      —      —      2,314,070    —      2,314,070 
Balances at June 30, 2017   2,992,533   $29,925   $26,996,229   $5,849,597   $100,897   $32,976,648 

 

See accompanying notes to consolidated financial statements

6 
 

CORNING NATURAL GAS CORPORATION AND SUBSIDIARIES          
Consolidated Statements of Cash Flows          
           
    Quarter ended June 30,    Quarter ended June 30, 
    2017    2016 
Cash flows from operating activities:          
Net income   $2,314,068   $2,495,262 
Adjustments to reconcile net income to net cash          
provided by operating activities:          
Depreciation   1,601,914    1,283,791 
Amortization of debt issuance cost   81,921    61,802 
Non-cash pension expenses   653,930    720,121 
Regulatory asset amortizations   715,502    219,731 
Stock issued for services and stock option expense   111,405    95,393 
Loss (Gain) on sale of marketable securities   (68,859)   (64,100)
Deferred income taxes   1,338,322    1,258,374 
Bad debt expense   18,459    53,719 
Undistributed (earnings) loss on joint ventures   61,149    (1,120)
           
Changes in assets and liabilities:          
(Increase) decrease in:          
Accounts receivable   (634,971)   (61,983)
Unbilled revenue   (15,923)   0 
Gas stored underground   24,126    535,686 
Materials and supplies inventories   69,794    14,983 
Prepaid expenses   (480,847)   (299,967)
Unrecovered gas costs   117,249    (223,868)
Deferred regulatory costs   (242,840)   52,830 
Other   (134,044)   (277,607)
Increase (decrease) in:          
Accounts payable   (233,213)   (412,540)
Accrued expenses   (82,036)   30,244 
Customer deposits and accrued interest   (1,268,581)   (141,274)
Deferred compensation   (114,259)   (36,812)
Deferred pension costs & post-retirement benefits   (911,480)   (723,287)
Other liabilities and deferred credits   (723,087)   (983,506)
Net cash provided by operating activities   $2,197,697   $3,595,872 
           
Cash flows from investing activities:          
Purchase of securities available-for-sale   (529,662)   (1,320,557)
Sale of securities available-for-sale   705,624    1,430,175 
Collection of acquisition receivable   724,554    —   
Amount received from (paid to) related parties   172,476    (48,286)
Investment in joint ventures   (205,000)   (200,000)
Capital expenditures   (3,887,308)   (4,911,858)
Net cash (used in) provided by investing activities   (3,019,316)   (5,050,526)
           
Cash flows from financing activities:          
Proceeds under (repayment of) lines-of-credit   (1,793,109)   (4,803,599)
Debt issuance cost expense   (20,488)   (139,179)
Cash received from sale of stock   —      122,662 
Proceed from sale of Preferred A Series A   867,425    2,571,553 
Proceed from sale of Preferred B   —      4,944,564 
Dividends paid   (1,220,901)   (970,220)
Proceeds under long-term debt   4,200,000    2,740,412 
Repayment of long-term debt   (4,903,059)   (758,366)
Net cash (used in) provided by financing activities   (2,870,132)   3,707,827 
Net (decrease) increase in cash   (3,691,751)   2,253,173 
           
Cash and cash equivalents at beginning of period   3,808,968    75,289 
           
Cash and cash equivalents at end of period   117,217    2,328,462 
           
           
Supplemental disclosures of cash flow information:          
Cash paid during the period for:          
Interest  $903,788   $641,025 
Income taxes  $46,500   $149,971 
Non-cash financing activities:          
Dividends paid with shares  $120,136   $111,728 
Number of shares issued for dividends   6,614    7,291 

 

7 
 

 

 

Notes to Consolidated Financial Statements

(Unaudited)

 

Note 1 – Basis of Presentation

 

Corning Natural Gas Holding Corporation (“Holding Company”) was incorporated in New York in July 2013 to serve as a holding company for Corning Natural Gas Corporation (the “Gas Company” or “Corning Gas”) and its dormant subsidiary Corning Natural Gas Appliance Corporation (“Appliance Company”). The Holding Company has 50% ownership interests in our joint ventures Leatherstocking Gas Company, LLC (“Leatherstocking Gas”), its subsidiary, Leatherstocking Gas Development Corporation, and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). On August 31, 2016, the Holding Company completed the acquisition of Pike County Light & Power Company (“Pike”). As used in this document, the term “the Company” refers to the consolidated operations of the Holding Company, Gas Company, Appliance Company, and Pike.

 

The information furnished herewith reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to SEC rules and regulations, although the Holding Company believes the disclosures which are made are adequate to make the information presented not misleading.

 

The consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Holding Company’s latest annual report on Form 10-K for the fiscal year ended September 30, 2016 (“Annual Report”), filed on December 29, 2016. These interim consolidated financial statements are unaudited.

 

Our significant accounting policies are described in the notes to the Consolidated Financial Statements in the Holding Company’s Annual Report. It is important to understand that the application of GAAP involves certain assumptions, judgments and estimates that affect reported amounts of assets, liabilities, revenues and expenses. Thus, the application of these principles can have varying results from company to company.

 

Because our business is highly seasonal in nature, sales for each quarter of the year vary and are not comparable. Sales vary depending on seasonal variations in temperature, although the Gas Company’s weather normalization and revenue decoupling clauses that remain in effect pursuant to the June 15, 2017 New York Public Service Commission (“NYPSC”) rate order issued in Case 16-G-0369 and serve to stabilize net revenue by insulating the Gas Company, to an extent, from the effects of unusual temperature variations and conservation. Certain larger customer classes are not covered by weather normalization or revenue decoupling and weather will impact revenue from these classes.

 

It is the Holding Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation.

 

New Accounting Pronouncements Not Yet Adopted

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We do not expect this to have a significant impact on our consolidated financial statements.

 

8 
 

 

 

In July 2015, the FASB issued new accounting guidance simplifying inventory measurement by requiring companies to value inventory at the lower of cost or net realizable value. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.

 

In January 2016, the FASB issued new accounting guidance on the recognition and measurement of financial assets and financial liabilities. The new guidance requires equity investments (except those accounted for under the equity method of accounting or those that request in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early application is not permitted. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.

 

In March 2016, the FASB issued new accounting guidance on investments that qualify for use of the equity method of accounting. The new guidance eliminates the need for retroactive adjustments when qualifying for the equity method. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.

 

In March 2016, the FASB issued new guidance regarding share-based payment transactions, including income tax consequence, classification of awards and classification on the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.

 

Adoption of New Accounting Guidance

 

In April 2015, the FASB issued new accounting guidance on the presentation of debt issuance costs. The new guidance requires that debt issuance costs related to a note be presented as a direct deduction from that note. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. We adopted this guidance on October 1, 2016.The debt issuance costs were reclassified to the liabilities on the balance sheet. The amount as of June 30, 2017 and September 30, 2016 was $350,883 and $412,316, respectively.

 

Note 2 - Pension and Other Post-Retirement Benefit Plans

 

Components of Net Periodic Benefit Cost:

 

Pension Benefits         
   Three Months Ended June 30,  Nine Months Ended June 30,
    2017    2016    2017    2016 
Service Cost  $110,025   $89,391   $330,073   $268,174 
Interest Cost   225,193    244,467    675,579    733,401 
Expected return on plan assets   (278,978)   (257,190)   (836,932)   (771,569)
Amortization of prior service cost   655    1,794    1,967    5,381 
Amortization of net (gain) loss   256,754    168,066    770,262    504,199 
Net period benefit cost  $313,649   $246,528   $940,949   $739,586 

 

  

Other Benefits            
   Three Months Ended June 30,  Nine Months Ended June 30,
    2017    2016    2017    2016 
Service Cost  $5,285   $4,831   $15,855   $14,494 
Interest Cost   11,774    12,606    35,324    37,817 
Expected return on plan assets   —      —      —      —   
Amortization of prior service cost   887    887    2,660    2,660 
Amortization of net (gain) loss   3,412    —      10,236    —   
Net period benefit cost  $21,358   $18,324   $64,075   $54,971 

 

 

9 
 

 

 

For ratemaking and financial statement purposes, pension expense represents the amount approved by the NYPSC in the Gas Company’s most recently approved rate case. Pension expense (benefit) for ratemaking and financial statement purposes was approximately $692,543 for the nine months ended June 30, 2017 and 2016. The difference between the pension expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid pension cost noted above.

 

The NYPSC has allowed the Gas Company to recover incremental costs associated with other post-retirement benefits through rates on a current basis. Other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes was approximately $63,947 for nine months ended June 30, 2017 and 2016. The difference between the other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid cost noted above.

 

Contributions

 

The Gas Company expects to contribute approximately $1,183,628 to its Pension Plan and $74,635 to its other Post Retirement Benefit Plan in fiscal year 2017. A total of $911,480 has been paid to the Pension Plan for the first nine months of this fiscal year.

 

Note 3 – Financing Activities

 

On January 27, 2016, the Gas Company entered into an agreement with M&T Bank for a revolving line of credit of $8.0 million at a variable interest rate determined by adding a factor, determined with reference to the Gas Company’s funded debt to EBITDA ratio calculated ninety days after the end of each quarter, to the daily LIBOR rate. This line expires on April 1, 2018. The amount outstanding under this line on June 30, 2017 was approximately $6.4 million with an interest rate of 4.05%. Our lender has a purchase money security interest in all of our natural gas purchases utilizing funds advanced by the bank under the credit agreement, and all proceeds of sale and accounts receivable from the sale of that gas.

 

On August 31, 2016, Pike entered into an agreement with M&T for a $2.0 million revolving line of credit at an interest rate equal to LIBOR plus 2.75% with principal repayable on demand by the lender. As of June 30, 2017, the balance on this loan is $67,577. The agreement contains various affirmative and negative covenants of Pike including, (i) a total funded debt to tangible net worth ratio of not greater than 1.4 to 1.0, (ii) a total funded debt to EBITDA ratio of not greater than 3.75 to 1.0, (iii) a minimum cash flow overage of not less than 1.1 to 1.0, with each of the financial covenants measured quarterly based on Pike’s trailing twelve month operating performance and fiscal quarterly financial statements commencing with the period ended September 30, 2017; compliance, accounting, and financial statement requirements, and prohibitions on changes in management or control restrictions on, any sale of all or substantially all of its assets, acquisitions of substantially all the asset of any other entity, or other material changes to Pike’s business, purposes, structure or operations which could materially adversely affect Pike.

 

In addition, pursuant to the stock purchase agreement with Pike, M&T issued to Orange & Rockland Utilities, Inc. (“O&R”), which sold Pike to the Holding Company, a letter of credit in the amount of $2.125 million as security for the obligations of Pike under the Transition Services Agreement, Electric Supply Agreement and Gas Supply and Gas Transportation Agreement, each, as amended, dated August 31, 2016, to provide for the provision by O&R of certain transition services for 12 months with up to six one-month extensions, and three years of electric and gas supply for the customers of Pike, with up to three one-year extensions.

 

The Gas Company entered into a $4.2 million Multiple Disbursement Term Note with M&T Bank on August 31, 2016, which permitted draws from time to time in accordance with its terms until December 31, 2016, at which time amounts outstanding under the note became payable in 56 monthly installments of principal, based on a 7-year amortization schedule, with all unpaid principal and interest payable in full on August 31, 2021. Interest on the amounts outstanding under the note is based on a spread over LIBOR which varies from 1.9% to 2.8% based on the ratio of the Holding Company’s total funded debt to EBITDA (the “Leverage Ratio”). If the Leverage Ratio is less than or equal to 2.0, the interest rate is LIBOR plus 1.9%; if the Leverage Ratio is greater than 2.0 but less than or equal to 2.5, the interest rate is LIBOR plus 2.2%; if the Leverage Ratio is greater than 2.5 but less than or equal to 3.0, the interest rate is LIBOR plus 2.5%; and if the Leverage Ratio is greater than 3.0, the interest rate is LIBOR plus 2.8%. The obligations of the Holding Company to M&T are secured under an additional general security agreement covering the Holding Company’s tangible and intangible rights in its gas distribution system, personal property and other assets. The Holding Company will owe a pre-payment penalty on payment of unpaid principal made in advance of the maturity date and must give at least a three-day notice prior to the payment. During the nine months ended June 30, 2017, we have drawn the entire $4.2 million available on this note.

 

On July 28, 2017, the Gas Company entered into an agreement with M&T Bank for a Short Term Note of $3.0 million at a variable interest rate determined by floating rate LIBOR + 180 basis points, change daily. This line expires on October 26, 2017.

 

The Gas Company is in compliance with its covenant calculations as of June 30, 2017.

 

 

10 
 

 

 

Note 4 - Fair Value of Financial Instruments

The Holding Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Holding Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Holding Company’s deferred compensation plan, are valued based on Level 1 inputs.

The Holding Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”.

Fair value of assets and liabilities measured on a recurring basis at June 30, 2017 and September 30, 2016 are as follows:

 

Fair Value Measurements at Reporting Date Using:

 

    Fair Value    Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1)    Level 2    Level 3 
June 30, 2017                    
Available-for-sale securities  $2,169,199   $2,169,199    0    0 
September 30, 2016                    
Available-for-sale securities  $2,220,098   $2,220,098    0    0 

 

A summary of the marketable securities at June 30, 2017 and September 30, 2016 is as follows:

 

    Cost Basis    Unrealized Gain    Unrealized Loss    Market Value 
June 30, 2017                    
Cash and equivalents  $109,630    —      —     $109,630 
Metlife stock value   43,164    —      —      43,164 
Government and agency bonds   402,560    —      7,665    394,895 
Corporate bonds   290,566    —      1,607    288,959 
Mutual funds   17,204    1,002    —      18,206 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   938,625    177,845    —      1,116,470 
Total securities  $1,999,624   $178,847   $9,272   $2,169,199 
                     
  September 30, 2016                    
Cash and equivalents  $53,408    —      —     $53,408 
Metlife stock value   51,185    —      —      51,185 
Government and agency bonds   392,969    4,859    —      397,828 
Corporate bonds   283,655    —      2,983    280,672 
Mutual funds   43,624    —      4,206    39,418 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   1,035,809    163,903    —      1,199,712 
Total securities  $2,058,525   $168,762   $7,189   $2,220,098 

 

Realized gains included in earnings for the periods reported in investment income are as follows:

 

Investment Income            
   Three Months Ended June 30,  Nine Months Ended June 30,
    2017    2016    2017    2016 
Total realized gains (losses) included in earnings  $15,312   $11,477   $68,859   $64,100 
                     

 

11 
 

 

Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices as of the close of business on the days noted within active markets.

Note 5 – Shareholders’ Equity

 

For the quarter ended December 31, 2016, there were 5,912 shares of common stock issued for $36,015 of services and $39,969 of dividend reinvestment program (DRIP). There were 3,150 shares issued to directors for services and 2,762 shares issued to various investors under the DRIP. For the quarter ended March 31, 2017, there were 6,203 shares of common stock issued for $36,015 of services and $40,397 under the DRIP. There were 3,150 shares issued to directors, 360 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,693 shares issued to various investors under the DRIP. For the quarter ended June 30, 2017, there were 5,811 shares of common stock issued for $39,375 of services and $39,009 under the DRIP. There were 3,150 shares issued to directors, 180 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,481 shares issued to various investors under the DRIP.

 

Dividends on shares of common stock are accrued when declared by the board of directors. At its regular meeting on January 20, 2015, the board of directors approved an increase in the quarterly dividend to $0.145 a share. For the quarter ended September 30, 2016, dividends were paid on October 15, 2016 to shareholders of record on September 30, 2016 in the amount of $371,608. For the quarter ended December 31, 2016, $397,397 was accrued for dividends paid on January 15, 2017 to shareholders of record on December 31, 2016. For the quarter ended March 31, 2017, $372,947 was accrued for dividends paid on April 15, 2017 to shareholders of record on March 31, 2017. For the quarter ended June 30, 2017, $403,684 was accrued for dividends paid on July 15, 2017 to shareholders of record on June 30, 2017.

 

On April 27, 2017, at its regular meeting, the Company’s Board of Directors declared a 20% common stock dividend payable to holders of record of its Common Stock on May 30, 2017, payable on or about June 15, 2017. The dividend is equivalent to one share of common stock issued for each five shares of common stock outstanding. There were 498,310 shares issued. The relative size of the additional shares issued made the substance of the transaction that of a stock split effected in the form of a dividend. It was the Company’s intent to obtain wider distribution and improved marketability of the shares. In accordance with this transaction there was no adjustment to the stated par value of the common stock and the Company recorded the transaction at par value. In connection with this dividend the conversion price for the preferred shares Series B will change from one share of common stock to 1.2 shares. The Company has retrospectively restated the financial statements, share and per share information included in this quarterly report on a post-split basis.

As of November 12, 2013, the Holding Company registered 129,004 shares of common stock with a par value of $.01 per share for the DRIP. A total of 50,543 shares have been issued since the program started.

 

Basic earnings per share are computed by dividing income available for common stock (net income less dividends declared on Series B Preferred Stock) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

 

For the nine months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were added in the calculation of diluted earnings per share because their inclusion is dilutive. For the three months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were excluded in the calculation of diluted earnings per share because their inclusion was anti-dilutive.

On April 27, 2017, the board voted for the current shares of common stock for issuance under the Company’s Dividend Reinvestment Plan (DRP) will be reduced from 98,639 shares to 50,000 shares, and the reserve of shares of common stock for issuance under the Company’s 2007 Stock Plan, will be reduced from 299,584 shares to 50,000 shares.

Note 6 – Leatherstocking Companies

 

The Holding Company has an interest accounted for by the equity method in Leatherstocking Gas and Leatherstocking Pipeline, each of which is a joint venture with Mirabito Regulated Industries, LLC. Leatherstocking Gas is currently moving forward on expansions to several areas in the United States. On July 25, 2013, Leatherstocking Gas signed a loan agreement with Five Star Bank for $1.5 million to finance construction in Bridgewater, Pennsylvania. This agreement increased to $1.8 million before converting to a long-term note. Construction in the Township of Bridgewater began in July 2013 and Leatherstocking Gas began serving customers in October 2013. Construction of the Borough of Montrose system started in the spring of 2014 and construction started in the Township of Dimock in November 2014.

 

Leatherstocking Gas serves approximately 338 customers in these boroughs and townships as of June 30, 2017. On August 28, 2014, Leatherstocking Gas, as borrower, and Leatherstocking Pipeline as guarantor, entered into a loan agreement with Five Star Bank for up to $4 million over two years to finance the work and services required for the infrastructure costs and ongoing costs of underground piping construction projects in Montrose, Bridgewater and Dimock, Pennsylvania. This agreement required equity investments from the Holding Company and Mirabito Regulated Industries for a total of 66% of all amounts borrowed. During fiscal year 2014, $1,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $500,000. During fiscal year 2015, $2,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $850,000. Leatherstocking Gas had drawn the $4 million available on this loan. Both of these agreements have a loan covenant related to debt service coverage being at least 1.15 to 1 at September 30, 2015. Leatherstocking Gas was in violation of this covenant and received a waiver of compliance with this covenant from Five Star Bank as of September 30, 2016 that extends to September 30, 2017.

 

 

12 
 

 

 

The investment and equity in both Leatherstocking companies (collectively, the “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company’s allocable share of earnings or losses from the Joint Ventures which is recognized through earnings.

 

The following table represents the Holding Company’s investment activity in the Joint Ventures for the nine months ended June 30, 2017 and June 30, 2016:

    2017    2016 
Beginning balance in investment in joint ventures  $2,583,581   $2,293,252 
Investment in joint ventures   205,000    200,000 
Income (loss) in joint ventures   (61,149)   1,120 
   $2,727,432   $2,494,372 

 

As of and for the nine months ended June 30, 2017, the Joint Ventures had combined assets of $13 million, combined liabilities of $7.6 million and combined net loss of approximately $122,298. As of and for the nine months ended June 30, 2016, the Joint Ventures had combined assets of $12.4 million, combined liabilities of $7.4 million and combined net income of approximately $2,000.

 

Note 7 – Effective Tax Rate

 

Income tax expense for the nine months ended June 30 is as follows:   
    2017    2016 
Current  $—     $—   
Deferred   1,338,322    1,258,374 
Total  $1,338,322   $1,258,374 
           
 Actual income tax expense differs from the expected tax expense (computed by applying the
federal corporate tax rate of 34% before income tax expense) as follows:          
    2017    2016 
Expected federal tax expense  $1,241,813   $1,276,236 
State tax expense (net of federal)   193,273    257,124 
Other, net   (96,764)   (274,986)
Actual tax expense  $1,338,322   $1,258,374 

 

Note 8 – Pike County Light & Power

 

As previously reported, on August 31, 2016 the Holding Company completed its purchase of all of the outstanding capital stock of Pike, a Pennsylvania corporation operating as a regulated electric and gas utility serving approximately 5,800 customers in Pike County, Pennsylvania. The purchase price for the stock of Pike was $13.1 million, with an initial closing date working capital adjustment of $2.5 million which was adjusted to $1.97 million for the final working capital adjustment and assumption of $3.2 million in Pike’s outstanding bonds and closed. The acquisition receivable of $530,000, the result of the working capital true up, was received during the three months ended December 31, 2016. In addition, O&R agreed to provide transition assistance pursuant to a Transition Services Agreement (“TSA”), and to continue to supply electric power and gas to Pike County pursuant to Electric and Gas Supply Agreements (“ESA” and “GSA”). The Gas and Electric Supply Agreements are each for a term of 36 months, with up to three 12-month renewal terms.

 

The acquisition of Pike was financed in part by M&T, including a $12 million term loan, a $2 million line of credit, letters of credit with a limit of up to $2.5 million and an initial amount of $2.1 million, issued to O&R as collateral security for the obligations of Pike under the TSA, the GSA and the ESA. The debt is guaranteed by the Holding Company. There also was $3,616,924 paid in cash. Immediately after the closing, the Holding Company caused Pike to issue a notice of redemption to the holders of its $3.2 million in bonds, to repurchase the bonds at 100.372% of their principal amount effective October 2, 2016.

 

13 
 

 

Pro forma unaudited condensed consolidated financial information for the three and nine months ended June 30, 2016 give effect as if the acquisition occurred on October 1, 2015 of the respective year:

 

      Three Months Ended    Nine Months Ended 
           June 30, 2016           June 30, 2016 
           
Revenue  $5,886,061   $23,415,048 
Net Income  $189,574   $3,210,262 
Per share  $0.06   $1.08 

 

The combined proforma financial information does not reflect the realization of any expected cost savings or other synergies from the acquisition of Pike as a result of restructuring activities, other cost savings initiatives or sales synergies following the completion of the business combination.

 

Note 9 – Preferred Stock

 

The Holding Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to a subscription rights offering to its stockholders to issue up to approximately $11.0 million in preferred stock. The subscription rights were distributed on a one-for-one basis to stockholders of record as of April 14, 2016 and expired on June 20, 2016. The Form S-1 covered 2,469,861 subscription rights for the purchase of up to 140,000 shares of 6% Series A Cumulative Preferred Stock and up to 360,000 shares of 4.8% Series B Convertible Preferred Stock. Each subscription right entitled the holder to purchase either: (i) one-eighth share of the 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 per share, or (ii) one-sixth share of the 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, for $20.75 per share, which is convertible in accordance with its terms into 1.2 (adjusted pursuant to the Stock Dividend in June 2017) share of common stock, subject to adjustment. Of the 140,000 shares of Series A Cumulative Preferred Stock available, 105,303 shares were subscribed and of the 360,000 shares of Series B Convertible Preferred Stock available, 244,263 shares were subscribed. During the nine months ended June 30, 2017, an additional 34,697 shares of Series A Cumulative Preferred Stock were subscribed in a private placement at $25.00 per share for a total of $867,425. The preferred shares were subscribed by certain members of the board of directors of the Company, the independent member of the board of Leatherstocking and an affiliate of a director of the Company.

 

Series A Cumulative Preferred Stock accrues cumulative dividends at a rate of 6.0% of the liquidation preference per share ($25.00) and are expected to be paid on or about the 15th day of April, July, October and January of each year starting October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. On September 30, 2023, outstanding shares of Series A Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available for redemption under New York law. The dividends for the nine months ended June 30, 2017 were $133,212 and these are recorded as interest expense.

 

In accordance with ASC 480, because of the mandatory redemption feature the Series A Preferred Stock is treated as liability. The issuance costs of approximately $61,000 are treated as debt issuance costs and will be amortized over the life of the instrument. The debt issuance costs reduce the carrying value of the liability. The amortization of the Series A debt issuance costs was $8,695 for the nine months ended June 30, 2017.

 

Series B Convertible Preferred Stock accrues cumulative dividends at a rate of 4.8% of the liquidation preference per share ($20.75) and are expected to be paid on or about the 14th day of April, July, October and January of each year commencing October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. Our president, Michael German, owns 57,936 of these shares.

 

In accordance with ASC 480, Series B Cumulative Preferred Stock is not considered mandatorily redeemable as a result of the conversion feature presenting a contingency related to the redemption dates. Accordingly, this is not considered a liability. However, as a result of the decision related to conversion and not reaching redemption resting with the holder, this instrument has been classified as temporary equity in accordance with ASC 480. Upon conversion, the instrument would be reclassified as permanent equity. The issuance costs of approximately $120,000 reduce the initial proceeds and will be accreted until redemption or conversion. During the nine months ended June 30, 2017 there was accretion of $12,463.

 

 

 

14 
 

 

Note 10 – Rate Case

 

On June 17, 2016, the Gas Company filed with the NYPSC a three-year plan to implement a levelized increase in revenues from gas delivery service of $3,463,287 in each year over the period June 1, 2017 through May 31, 2020, resulting in total bill impacts on customers in each year of 10.4%.

The NYPSC commenced a proceeding, designated Case 16-G-0369, to consider the Gas Company’s rate filing. The parties to the case entered into settlement negotiations and, on March 7, 2017, a Joint Proposal (the “2017 Joint Proposal”) was filed to resolve all issues in the rate case. The signatory parties to the 2017 Joint Proposal were the Staff of the Department of Public Service, Multiple Intervenors (which represent large industrial customers) and the Gas Company. The Utility Intervention Unit of the Division of Consumer Protection of the New York Department of State, participated in the proceeding and indicated that, although it did not sign the 2017 Joint Proposal, it did not oppose it.

On June 15, 2017, the NYPSC issued an Order Adopting Terms of Joint Proposal and Establishing Gas Rate Plan (the “June 2017 Order”) adopting the 2017 Joint Proposal without substantive modification. As adopted by the June 2017 Order, the 2017 Joint Proposal is a comprehensive settlement extending for three consecutive Rate Years (the twelve months ending May 31, 2018, 2019 and 2020) and permits Corning Gas to increase its base rates for gas delivery service. The new base rates under the June 2017 Order, when offset by the elimination of existing surcharges at the beginning of Rate Year 1and levelized over the three Rate Years, result in the following incremental revenue increases over the prior Rate Year: Rate Year 1 - $1,558,553, Rate Year 2 - $1,573,706, and Rate Year 3 - $1,566,594, equating to increases of approximately 6.2%, 5.9% and 5.5%, respectively, as a percentage of total delivery revenues including gas costs. The 2017 Joint Proposal, as adopted, permits a rate of return on common equity of 9.0%, and an “Earnings Sharing Mechanism” that provides for Corning Gas to retain all earnings above 9.00% up to and including 9.50%, and for customers to retain 50% of the earnings above 9.50% up to and including 10.00%, 75% of earnings above 10.00% up to and including 10.50%, and 90% of earnings above 10.50%. 

The 2017 Joint Proposal, as adopted, provides true-ups for property taxes, pension costs, and plant additions and continues performance metrics for safety and customer satisfaction from the prior rate case. Although the stringency of certain performance measures and the amount of certain negative revenue adjustments for failure to meet specific standards are increased, the 2017 Joint Proposal, as approved by the June 2017 Order, also provides opportunities for positive revenue adjustments for exceeding applicable standards with regard to certain measures. Because the June 2017 Order approving the 2017 Joint Proposal was issued after the June 1, 2017 commencement of Rate Year 1 of the three-year rate plan and new rates did not go into effect until July 1, 2017, the 2017 Order provided for each of the Gas Company and its customers to be placed in the same position in which they would have been if the new rates had gone into effect as of June 1, 2017. Any resulting revenue adjustments in favor of the Gas Company are deferred for future recovery, with interest.

Note 11 – Segment Reporting

 

The Company’s reportable segments have been determined based upon the nature of the products and services offered, customer base, availability of discrete internal financial information, homogeneity of products, delivery channel and other factors. The Company recognized these segments based on the acquisition of Pike during August 2016. Prior to the acquisition, the Company was reported as one segment which is why this disclosure is not comparative for the three and nine months ended June 30, 2017.

The Gas Company is a gas distribution company providing gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. Pike provides electricity and natural gas to Pike County, Pennsylvania. The Holding Company is the parent company of all subsidiaries and has a 50% ownership in the Leatherstocking joint ventures. Corning Natural Gas Appliance Company information is presented with the Holding Company as it has little activity.

The following table reflects the results of the segments consistent with the Holding Company’s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments for the three months and nine months ended June 30, 2017.

 

   Three months ended June 30, 2017
    Gas Company    Pike    Holding Company    Total Consolidated 
Total electric utility revenue  $0   $1,896,466   $0   $1,896,466 
Total gas utility revenue  $4,768,313   $182,870   $0   $4,951,183 
Investment income  $26,451   $0   $0   $26,451 
Equity investment loss  $0   $0   $(64,747)  $(64,747)
Net income (loss)  $78,930   $185,838   $(76,875)  $184,893 
Income tax expense (benefit)  $48,125   $124,950   $(47,577)  $125,498 
Interest expense  $307,856   $121,643   $48,045   $477,544 
Depreciation expense  $429,821   $112,881   $0   $542,702 
Amortization expense  $384,141   $139,251   $0   $523,392 
Total assets  $78,623,339   $23,189,852   $3,132,028   $104,945,219 
Capital expenditures  $1,167,790   $280,273   $0   $1,448,063 
                     

 

 

 

    Nine months ended June 30, 2017
    Gas Company    Pike    Holding Company      Total Consolidated 
Total electric utility revenue  $0   $5,833,023    $0   $5,833,023 
Total gas utility revenue  $17,950,594   $1,120,653   $0   $19,071,247 
Investment income  $95,977   $0   $0   $95,977 
Equity investment loss  $0   $0   $(61,149)  $(61,149)
Net income (loss)  $1,753,441   $720,520   $(159,891)  $2,314,070 
Income tax expense (benefit)  $1,021,943   $415,221   ($98,842)  $1,338,322 
Interest expense  $869,814   $371,139   $142,012   $1,382,965 
Depreciation expense  $1,280,453   $321,460   $0   $1,601,913 
Amortization expense  $787,225   $189,332   $0   $976,557 
Total assets  $78,623,339   $23,189,852   $3,132,028   $104,945,219 
Capital expenditures  $3,553,948   $315,635   $17,725   $3,887,308 

 

 

15 
 

 

 

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Overview

 

The Holding Company was incorporated in New York in July 2013 to serve as a holding company for the Gas Company and its dormant subsidiary Corning Natural Gas Appliance Corporation (“Appliance Company”). The Holding Company has 50% ownership interests in our joint ventures Leatherstocking Gas Company, LLC (“Leatherstocking Gas”) its subsidiary, Leatherstocking Gas Development Corporation and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). On August 31, 2016, the Holding Company completed the acquisition of Pike County Light & Power Company (“Pike”). As used in this document, the term “the Company” refers to the consolidated operations of the Holding Company, Gas Company, Pike and Appliance Company.

 

The Holding Company’s primary business, through its subsidiary Corning Gas, is natural gas distribution. Corning Gas serves approximately 15,000 residential, commercial, industrial and municipal customers in the Corning, Hammondsport and Virgil, New York, areas and two other gas utilities which serve the Elmira and Bath, New York, areas. It is franchised to supply gas service in all of the political subdivisions in which it operates. It also transports and compresses gas for a gas producer from the producer’s gathering network into an interstate pipeline. It is under the jurisdiction of the New York Public Service Commission (“NYPSC”) which oversees and sets rates for New York gas distribution companies. In addition, the Gas Company has contracts with Corning Incorporated and Woodhull Municipal Gas Company, a small local utility, to provide maintenance service on their gas lines. Additionally, Leatherstocking Gas distributes gas in Susquehanna and Bradford Counties, Pennsylvania, and has an application pending before the NYPSC for authority to provide gas distribution services in Broome County, New York. Leatherstocking Pipeline, an unregulated company, serves one customer in Lawton, Pennsylvania. Pike is a Pennsylvania corporation operating as a regulated electric and gas utility serving approximately 5,800 customers in Pike County, Pennsylvania. Pike is franchised to supply gas service in all of the political subdivisions in which it operates and is regulated by the PAPUC.

 

The market for natural gas in our traditional service territory is relatively saturated with limited growth potential. However, growth opportunities do exist in extending our mains to areas adjacent or reasonably close to areas we currently serve. In addition, the Holding Company continues to see expansion opportunities in the commercial and industrial markets. Some of our largest customers added additional facilities in our service area that are increasing our revenue and margins. We believe that one of our most promising growth opportunities for both revenues and margins is increasing connection with local gas production sources. We completed a new pipeline to Marcellus Shale gas in Pennsylvania in 2009 and that pipeline is significantly increasing throughput and margins on our system. In 2010, weupgraded portions of Line 4 which runs from Caton to the Bradley Station in Elmira and New York State Electric & Gas Corp (“NYSEG”), Line 7 which runs from Caton to the Compressor Station and Line 13, which runs from Stateline Station at the New York/Pennsylvania border to Line 4, to increase our capacity to transport local production gas. We have completed a compressor station that is working in conjunction with our pipeline upgrades to transport gas on our system and into the interstate pipeline system. In addition, the Holding Company has interests in two joint ventures, Leatherstocking Gas and Leatherstocking Pipeline (the “Joint Ventures”), to transport and provide gas to areas of the northeast currently without gas service. Through Leatherstocking Gas, we are continuing to pursue opportunities to provide natural gas to unserved areas of New York and Pennsylvania.

We continue to focus on improving the efficiency of our operations and making capital investments to improve our infrastructure. Our infrastructure improvement program has concentrated on the replacement of older distribution mains and customer service lines. In fiscal year 2016 we replaced 14.6 miles of pipe and 774 services. For the first nine months of fiscal year 2017 we repaired 193 leaks, replaced 202 bare steel services and replaced 31,865 feet of bare steel main.

 

 

16 
 

 

 

We believe our key performance indicators are net income, shareholders’ equity and the safety of our system. Net income increased by $123,319 for the three months and decreased $181,192 for the nine months ended June 30, 2017 compared to the same periods in fiscal 2016. Because the Holding Company’s principal operations are conducted through Corning Gas and Pike, both regulated utility companies, stockholders’ equity is an important performance indicator. The NYPSC and PUC allow Corning Gas to earn a just and reasonable return on stockholders’ equity as determined under applicable regulations. Stockholders’ equity is, therefore, a precursor of future earnings potential. For the nine months ended June 30, 2017 compared to June 30, 2016, stockholders’ equity increased from $31,503,190 to $32,976,648. We plan to continue our focus on building stockholders’ equity. Safety and efficiency indicators include leak repair, main and service replacements and customer service metrics. Key performance indicators:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2017   2016   2017   2016 
Net income  $184,893   $61,574   $2,314,070   $2,495,262 
Shareholders' equity  $32,976,648   $31,503,190   $32,976,648   $31,503,190 
Shareholders' equity per weighted average share  $11.03   $10.62   $11.05   $10.64 

 

 

Revenue and Margin

 

The demand for natural gas and electricity is directly affected by weather conditions. Significantly warmer than normal weather conditions in our service areas could reduce our earnings and cash flows as a result of lower gas and electric sales. We partially mitigate the risk of warmer winter weather at Corning Gas through the weather normalization and revenue decoupling mechanism (“RDM”) clauses in our NYPSC rate tariffs. These clauses allow us to surcharge customers for under recovery of revenue. Neither of these regulatory mechanisms is applicable to larger customers or in Pennsylvania.

 

Utility operating revenues increased $2,983,588 during the three months, and $8,358,222 during the nine months, ended June 30, 2017 compared to the same periods last year mainly due to Pike electric and gas operations, higher gas prices, and more seasonable temperatures compared to the prior year. For the nine months ended June 30, 2017, $5,808,785 of the increase was the result of Pike operations with the remaining increase of approximately $2,549,437 primarily due to higher fuel recoveries of $1,539,669, the impact of additional revenues of $228,108 (see details in other utility revenues below) permitted under NYPSC rate orders, and higher retail and wholesale volumes at the Gas Company.

 

The Gas Company’s rate orders have performance metrics. If specific metrics are not met, regulatory deficiencies are due to customers. The Gas Company incurred deficiencies of $98,522 for the years 2015 and 2016. In addition, the June 15, 2017 rate order approving the 2017 Joint Proposal was issued after the June 1, 2017 commencement of Rate Year 1 of the three-year rate plan and new rates did not go into effect until July 1, 2017. The 2017 order provided that the Gas Company and its customers would be placed in the same position in which they would have been if the new rates had gone into effect as of June 1, 2017. Any resulting revenue adjustments in favor of the Gas Company are deferred for future recovery, with interest.  The amount of that shortfall was $326,630.

 

   Three months ended June 30,  Nine months ended June 30,
   2017   2016   2017   2016 
Retail electric revenue:                    
Residential  $876,396   $0   $2,776,612   $0 
Commercial   991,995    0    2,971,037    0 
Street lights   19,741    0    61,136    0 
Total retail electric revenue  $1,888,132   $0   $5,808,785   $0 
                     
 Retail gas revenue:                    
Residential  $2,975,587   $2,027,238   $11,463,676   $9,417,718 
Commercial   445,760    282,482    1,861,569    1,436,448 
Transportation   844,034    826,194    3,252,634    3,303,236 
Total retail gas revenue  $4,085,381   $3,135,914   $16,577,879   $14,157,402 
                     
 Total retail revenue  $5,973,513   $3,135,914   $22,386,664   $14,157,402 
                     
Wholesale   330,267    307,477    1,551,230    1,421,535 
Local production   87,434    121,720    299,070    394,121 
Other utility revenues   456,435    298,950    667,306    572,990 
Total revenue  $6,847,649   $3,864,061   $24,904,270   $16,546,048 

 

 

The following tables further summarize other utility revenues on the operating revenue table:

 

 

   Three months ended June 30,  Nine months ended June 30,
   2017   2016   2017   2016 
Other utility revenues:                    
Customer discounts forfeited  $35,435   $22,100   $86,613   $59,371 
Reconnect fees   1,071    888    5,702    2,620 
Other gas revenues (see below)   418,781    274,576    571,390    506,658 
Surcharges   1,148    1,386    3,601    4,341 
Total other utility revenues  $456,435   $298,950   $667,306   $572,990 
                     
                                Three months ended June 30,                          Nine months ended June 30, 
    2017    2016    2017    2016 
Other gas revenues:                    
DRA carrying costs  $965   $881   $2,951   $2993 
Contract customer reconciliation   57,182    96,304    289,237    319,344 
Monthly RDM amortizations   81,182    163,134    (80,567)   (11,891)
Local production revenues   51,344    36,895    131,661    103,516 
Annual DRA reconciliation   0    (22,638)   0    92,696 
Rate Case Make Whole Adjustments   326,630    0    326,630    0 
Regulatory Deficiencies   (98,522)   0    (98,522)   0 
Total other gas revenues  $418,781   $274,576   $571,390   $506,658 

 

17 
 

 

 

Gas and electric purchases are our largest expense. Purchased gas expense increased approximately $684,938 for the three months and $1,539,669 for the nine months ended June 30, 2017, compared to the same periods last year due primarily to higher gas expense at the Gas Company for the period and gas costs at Pike.

 

Gas Margin (the excess of utility gas revenues over the cost of natural gas purchased) percentage decreased 10.52% for the three months and 5.17% for the nine months ended June 30, 2017, compared to the same periods last year primarily because of higher gas prices for the period.

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2017   2016   2017   2016 
Utility Electric Revenues  $1,896,466   $0   $5,833,023   $0 
Electricity Purchased   618,212    0    1,957,459    0 
Margin  $1,278,254   $0   $3,875,564   $0 
Margin %   67.40%        66.44%     
                     
Utility Gas Revenues  $4,951,183   $3,861,061   $19,071,247   $16,546,048 
Natural Gas Purchased   1,268,479    583,541    5,162,110    3,622,441 
Margin  $3,682,704   $3,280,520   $13,909,137   $12,923,607 
Margin %   74.38%   84.90%   72.93%   78.11%

 

Operating and Interest Expenses

 

Operating and maintenance expense for the three and nine months ended June 30, 2017, increased by $1,008,646 and $3,757,471, respectively, compared to the three months and nine months ended June 30, 2016 principally due to Pike’s operations, increased regulatory amortization of $532,224 related to prior rate case costs, rate case expenses of $255,000 and Pike’s storm costs of $201,000. Depreciation expense for the three and nine months ended June 30, 2017 increased by $106,023 and $318,122 due to additional depreciation related to Pike’s operations. Interest expenses for the three and nine months ended June 30, 2017, increased by $307,489 and $740,515, respectively compared to the same periods last year due to higher levels of borrowings resulting from Pike’s acquisition and payments made to holders of Preferred Series A dividends.

 

Net Income

 

As a result of the foregoing, net income increased by $123,320 for the three months and decreased $181,194 for the nine months ended June 30, 2017 compared to the same periods in fiscal year 2016. This is due to increased regulatory amortization of $532,224, rate case expenses of $255,000 and Pike’s storm costs of $201,000, which are not expected to be recurring expenses, partially offset by increased margin from the acquisition of Pike which is expected to be recurring.

 

Liquidity and Capital Resources

 

The Holding Company does not have any borrowings (except Preferred A Series stock) at the corporate level and has no access to liquidity except through dividends and distributions from its subsidiaries as well as equity issuances. Its principal liquidity requirements are for dividends on its capital stock, and investments in the Leatherstocking Joint Ventures to permit those companies to make the capital expenditures required to provide services to their customers.

 

On April 27, 2017, Corning Natural Gas Holding Corporation (the “Company”) announced that, in accordance with the terms of the Company’s Certificate of Incorporation, as amended, with respect to its Series B Convertible Preferred Stock (the “Series B Preferred Stock”), the conversion rate of the Series B Preferred Stock will adjust from one share of the Company’s common stock for each share of Series B Preferred Stock converted, to 1.2 shares of its common stock for each share of Series B Preferred Stock converted, effective as of May 31, 2017, the record date for a 20% common stock dividend on the Company’s outstanding shares of common stock.

 

On April 27, 2017, at its regular meeting, the Company’s Board of Directors declared a 20% common stock dividend payable to holders of record of its Common Stock on May 30, 2017, payable on or about June 15, 2017. The dividend is equivalent to one share of common stock issued for each five shares of common stock outstanding. The common stock dividend triggered an adjustment in the conversion rate of the Company’s Series B Preferred Stock, as described above.

 

As of June 30, 2017, the Holding Company had 2,992,533 shares of common stock outstanding. Its board of directors declared a dividend of $0.135 per share payable to shareholders of record on June 30, 2017, for which $403,684 was accrued on June 30, 2017, for dividends paid on July 15, 2017. To provide additional liquidity required for the purchase of Pike and other liquidity requirements, on December 16, 2015, the Board of Directors of the Holding Company declared a dividend of one subscription right for each share of common stock outstanding as of the record date of April 14, 2016, which was distributed to shareholders on or about April 28, 2016. Each non-transferable subscription right entitled the holder to purchase either: (i) one-eighth share of our 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 per share or (ii) one-sixth share of our 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, for $20.75 per share, each of which is convertible in accordance with its terms into 1.2 shares of common stock, subject to adjustment. The Holding Company completed the rights offering on June 23, 2016. No fractional shares of preferred stock were issued. Of the 140,000 shares of Series A Cumulative Preferred Stock available, 105,303 shares were subscribed and of the 360,000 shares of Series B Convertible Preferred Stock available, 244,263 shares were subscribed. The total cash received, less issuance costs was approximately $7.5 million. Each shareholder exercising over-subscription rights was able to purchase all of the additional shares of preferred stock for which the shareholder subscribed. The issuance of preferred shares will also result in additional cash requirements for dividend payments. During the nine months ended June 30, 2017, an additional 34,697 shares of Series A Preferred Stock were subscribed in a private placement at $25.00 per share for a total of $867,425.

 

 

18 
 

 

 

In addition, under the orders of the NYPSC, including the Order Adopting Terms of Joint Proposal and Establishing Gas Rate Plan issued June 15, 2017 in Case 16-G-0369, the Gas Company’s cost of capital is based on an equity-to-debt ratio of 48%/52%. If additional equity (beyond internally generated cash) is required for the Gas Company to maintain that ratio when issuing new debt, the Holding Company, as the sole shareholder of the Gas Company, is the only source of such equity. Prior to the formation of the Holding Company in 2013, the Gas Company had financed its own operating, capital and other liquidity requirements through a combination of internally generated cash, short- and long-term debt and equity from sales of its securities. Since then, the Gas Company has relied on internally generated cash and short- and long-term debt.

 

The Holding Company’s internally generated cash from operating activities consists of net income, adjusted for non-cash expenses, and changes in operating assets and liabilities. Non-cash items include depreciation and amortization; gain on investment and deferred income taxes. Over or under-recovered gas costs significantly impact cash flow. In addition, there are significant year-to-year changes in regulatory assets that impact cash flow. The Holding Company’s cash flow is seasonal. Cash expenditures are the highest in the summer and fall months when Corning refills gas storage and conducts its construction programs. Pike cash flow is less seasonal than Corning. Our cash receipts are highest during the heating season.

 

During the quarter ending June 30, 2017, the Gas Company’s rates were governed by two sets of NYPSC rate orders. For the first two months of the quarter (April and May 2017), the Extension Joint Proposal, approved on October 19, 2015, controlled. The Extension Joint Proposal extended for two years, with certain modifications, the Joint Proposal for a three-year rate plan in Case 11-G-0280, approved by the NYPSC on April 20, 2012 (the “2012 Joint Proposal”). Except as modified by the Extension Joint Proposal, the terms of the 2012 Joint Proposal were to continue in effect and the delivery rates established by the 2012 Joint Proposal were to continue in effect through April 30, 2017. The Extension Joint Proposal provided for the Gas Company to establish a “Safety and Reliability” customer surcharge on its customers to recover certain carrying costs on approved infrastructure improvements for the period of the extension. The Extension Joint Proposal also resolved a property tax issue and requires the Gas Company to return to customers a “Gas System Benefit Charge” over-collection (a regulatory liability of the Gas Company) over a three year period. In addition, the Extension Joint Proposal reduced the 2012 Joint Proposal’s Return on Equity (“ROE”) threshold for the commencement of sharing by customers of excess earnings, from 9.5% to 9.0%, thereby increasing the opportunity for customer sharing at various ROE levels above that threshold. The Safety and Reliability Charge permitted the Gas Company to collect approximately $466,000 in the first twelve months (May 1, 2015 through April 30, 2016), and approximately $575,000 in the second twelve months (May 1, 2016 through April 30, 2017), of the extended Gas Rate Plan, for a total of approximately $1,041,000. Due to the timing of the NYPSC order adopting the Extension Joint Proposal, the collection period was condensed and started November 1, 2015. The return of the Gas System Benefit Charge over-collection and elimination of its prospective collection (a regulatory liability) partially offset the collections on the Safety and Reliability Charge, resulting in a total cash flow increase of approximately $426,000.

 

Rates for the third month of the quarter (June 2017) are governed by the 2017 Joint Proposal approved by the NYPSC on June 15, 2017, described above in Note 10 – Rate Case. Although the NYPSC decision was not issued until after the June 1, 2017 commencement of the first Rate Year of the rate plan, the 2017 Joint Proposal provided that each of the Gas Company and its customers would be placed in the same position in which they would have been if the new rates had gone into effect as of June 1, 2017. Any resulting revenue adjustments in favor of the Gas Company are deferred for future recovery, with interest.

 

On April 13, 2016, the Gas Company filed a petition in Case 16-G-0204 with the NYPSC, to defer leak repair and survey costs over and above the amounts permitted to be recovered in rates for 2015. See Note 10 – Rate Cases for additional information.

 

Capital expenditures are the principal use of internally generated cash flow. The 2012, 2015 and 2017 rate orders by the NYPSC are premised on estimated capital expenditures to upgrade our distribution system of approximately $5.0-6.0 million in 2016 and 2017.  To fund capital expenditures, the Gas Company needs to draw on both operating cash and new debt and/or equity. In fiscal year 2017 to date, the Gas Company has spent approximately $1.5 million on projects and safety-related infrastructure improvements. This, in conjunction with our growth projects, creates liquidity pressure on the Gas Company. We anticipate that our aggressive capital construction program will continue to require the Gas Company to raise new debt and/or the Holding Company to raise equity.

 

Cash flows from financing activities of the Holding Company and its subsidiaries consist of repayment of long-term debt, new long-term borrowing, borrowings and repayments under our lines-of-credit, quarterly dividends paid and equity issuances. For the Gas Company’s operations, it has an $8.0 million revolving line of credit with M&T Bank. Interest is a variable rate determined by the Gas Company’s funded debt to EBITDA ratio calculated ninety days after the end of each quarter added to the daily LIBOR rate with no additional collateral or covenants beyond those included in the M&T Bank term notes. See Note 3 - Financing Activities of the notes to the consolidated financial statements above for further information. The amount outstanding under this line on June 30, 2017 was approximately $3.9 million with an interest rate of 3.6%. The Gas Company was in compliance with all of its loan covenants as of June 30, 2017.

 

 

19 
 

 

 

The Gas Company and Pike had approximately $31.9 million in long term debt outstanding including current year installments as of June 30, 2017. The Gas Company and Pike repaid $9.2 million in the first nine months of fiscal 2017, which includes repayment of $3.2 million of Pike long term debt, and $6.6 million repayment is consistent with the requirements of our debt instruments.

 

During this quarter, we mainly injected gas into storage and as of June 30, 2017, had a balance of $878,881 worth of gas in storage. During the next quarter, the Gas Company will also be injecting gas into storage to have sufficient gas to supply customers for the winter season.

 

The Gas Company’s ability to incur long-term debt (i.e., debt with a term longer than 12 months) is subject to regulation by the NYPSC. Under a Financing Order (described in more detail below under “Regulatory Matters”), the Gas Company was authorized to issue a total of $28.4 million of long-term debt by December 31, 2017, consisting of $15.3 million of refinanced existing long-term debt and $13.1 million of existing short-term and new long-term debt. On January 27, 2016, the Gas Company entered into two long-term notes with M&T Bank to refinance existing long- and short-term debt. The first, a $17.4 million six-year note, refinances $15.3 million and $2.1 million in long- and short-term debt, respectively. The second, a $4.2 million five-year note, refinances short-term debt in that amount. Each of these long-term notes requires payment of interest only during the first 12 months. The Gas Company entered into an agreement for an additional $4.2 million note in August 2016. See Note 3 – Financing Activities to the consolidated financial statements for further information.

 

The Gas Company may incur short-term debt without separate NYPSC approval, so long as such debt is consistent with its overall financing plan. On January 27, 2016, the Gas Company also entered into an agreement with M&T Bank for a revolving line of credit of $8.0 million. The Gas Company drew substantially all of the line of credit on January 27, 2016 to repay the previous line of credit with Community Bank. The amount outstanding under this line at June 30, 2017 was $3.9 million with an interest rate of 3.6%.

 

Each of the M&T Bank loans bears interest at a variable rate determined by the Gas Company’s funded debt to EBITDA (earnings before interest, income taxes, depreciation and amortization) ratio calculated ninety days after the end of each quarter added to the daily LIBOR rate. On June 30, 2017, the interest rate was 3.6%. The Gas Company relies heavily on its line of credit to finance the purchase of gas that is placed in storage.

 

As of June 30, 2017, we believe that cash flow from operating activities and borrowings under our lines of credit will not be sufficient to satisfy our working capital and debt service requirements over the next twelve months. We believe new debt and proceeds from equity will be required to satisfy our capital expenditures to finance our internal growth needs for the next twelve months.

 

Off Balance Sheet Arrangements

 

We have no off balance sheet arrangements.

Regulatory Matters

 

Holding Company

 

On April 11, 2016, the Gas Company filed a petition in Case 16-G-0200 with the NYPSC, seeking a declaratory ruling that Public Service Law Section 70(4), which pertains to the acquisition of more than 10% of the voting capital stock of a gas corporation, does not apply to the exercise of rights to convert the 4.8% Series B Convertible Preferred Stock (see Note 9 – Preferred Stock for additional information) to common stock of the Holding Company, or that, if that section is applicable at all to the Holding Company, there is no need for NYPSC approval under the statute because the relevant subscription rights are to be issued pro-rata to existing shareholders, thereby limiting the potential changes in relative ownership concentration that are the focus of Section 70(4). In the alternative, if the NYPSC determines that the statute applies to the conversion of preferred shares to common shares in the Holding Company, the Holding Company requested that the NYPSC approve such acquisition of common shares by shareholders of the Holding Company whose ownership interests exceed 10 % of the Holding Company’s stock. On August 1, 2016, the NYPSC issued an order in Case 16-G-0200. Although the NYPSC declined to issue the requested declaratory ruling that Public Service Law 70(4) is inapplicable, the NYPSC approved the exercise of conversion rights on the Series B Convertible Preferred Stock by our three holders of 10% or more of our common stock. The three holders, our President Michael German, funds controlled or with investments managed by Mario Gabelli, and the Article 6 Marital Trust under the First Amended and Restated Jerry Zucker Revocable Trust, reported on filings with the U.S. Securities and Exchange Commission that they acquired 57,936, 73,398 and 0 shares of our Series B Convertible Preferred Stock, respectively. There can be no assurance that any of such shares will actually be converted into our common stock.

 

The Holding Company’s primary business, through its subsidiaries Corning Gas and Pike, are regulated by the NYPSC and the Pennsylvania Public Utility Commission (“PAPUC”), among other agencies.

 

 

 

20 
 

 

 

Gas Company

 

As described above under Note 10 – Rate Case and under “Liquidity and Capital Resources,” the Gas Company’s rates during the quarter were governed through May 31, 2017 by the 2012 Joint Proposal, as extended in 2015 by the Extension Joint Proposal, and by the 2017 Joint Proposal for the period commencing June 1, 2017.

 

The Gas Company, on August 6, 2015, filed a petition in Case 15-G-0460 seeking authority to issue $34,768,837 in long term debt to fund its capital expenditures for the period 2015-2021. The amount requested in the petition reflected the deduction of $1,440,223, the amount by which previous issuances had exceeded the authorized amount. In an order issued on January 21, 2016, in Case 15-G-0460 (the “Financing Order”), the NYPSC authorized the Gas Company to issue by December 31, 2017, a total of $28.4 million of long-term debt to cover refinancing of existing long- and short-term debt and issuance of new long-term debt. That authorization included refinancing of $15.3 million of existing long-term debt and $13.1 million in new long-term debt. The latter amount includes refinancing of existing short-term debt and financing of new capital expenditures and sinking fund payments. The $17.4 million consolidated loan and separate $4.2 million loan with M&T Bank, as described in “Liquidity and Capital Resources,” were entered into on January 27, 2016 pursuant to the NYPSC Financing Order. In the Financing Order, the NYPSC limited the authorization of new long-term debt to the amount required to address financing needs through 2017 and required the Gas Company to consult with the NYPSC, before filing a financing petition to address needs beyond 2017. For the refinancing of existing debt, the NYPSC’s authorization was granted on the condition that the Gas Company demonstrate savings on a net present value basis or provides proof of other benefits prior to each financing.

 

On April 13, 2016, the Gas Company filed a petition in Case 16-G-0204 with the NYPSC, to defer leak repair and survey costs over and above the amounts permitted to be recovered in rates for 2015. In this petition, we requested that the incremental cost of $349,547 together with the associated income tax effect, be deferred and recovered in a manner to be established in future rate proceedings. The Gas Company has recognized this deferral in the quarter ended March 31, 2016. The Gas Company cannot forecast when the NYSPSC will act on this petition.

 

On June 13, 2017, the Gas Company filed a petition with the NYPSC for authority under Section 69 of the Public Service Law to issue long-term indebtedness in the aggregate amount of $44,064,353. The proceeds of this transaction are to be used principally (a) to refund short-term indebtedness and refinance 75% of variable cost debt to fixed rate debt per the 2017 Joint Proposal in Case 16-G-0369 (b) to fund NYPSC-mandated system safety and reliability measures, including replacement of older pipe and regulator stations; and (c) to fund expansion of gas service within the Gas Company's service area where residents currently use other fuels. The Company expects NYPSC approval no later than the fourth quarter of 2017.

 

Pike

 

The acquisition of Pike was subject to the approval of the PAPUC. At its public meeting held on August 11, 2016, the PAPUC approved the Recommended Decision of the Administrative Law Judge, dated June 30, 2016, which approved the Joint Petition for Full Settlement of the Joint Application of Pike, O&R and the Holding Company, and the Pennsylvania Office of Consumer Advocate and the Pennsylvania Office of Small Business Advocate (the “Settlement”). The Settlement required Pike and the Holding Company to take a variety of actions including, among a series of other matters, hiring a general manager and other staffing of Pike, which had no employees when owned by O&R, and not filing for a rate increase prior to March 1, 2018.

 

Leatherstocking Gas

 

On February 20, 2015, Leatherstocking Gas, pursuant to Section 68 of the Public Service Law, filed with the NYPSC for a Certificate of Public Convenience and Necessity and for approval of, and permission to exercise, franchises previously granted in the Town of Windsor (Case 15-G-0098) and Village of Windsor (Case 15-G-0099). The Commission review of the applications is pending.

 

On February 27, 2015, Leatherstocking Gas, pursuant to Public Service Law Section 69, filed with the NYPSC for authority to issue long term indebtedness in the principal amount of $2,750,000 for the purpose of financing new construction in the Town and Village of Windsor. The Commission review of the application in Case 15-G-0128 is pending.

 

On June 3, 2015, Leatherstocking Gas filed a petition with the PAPUC requesting authorization to issue a commercial promissory note in the amount of $5,668,963. On July 8, 2015, the PAPUC issued an order in Docket No. S-2015-2486104 approving the petition.

 

Critical Accounting Policies

 

Our significant accounting policies are described in the notes to the Consolidated Financial Statements in the Holding Company’s Form 10-K for the year ended September 30, 2016, filed on December 29, 2016. It is important to understand that the application of generally accepted accounting principles involves certain assumptions, judgments and estimates that affect reported amounts of assets, liabilities, revenues and expenses. Thus, the application of these principles can produce varying results from company to company. The most significant principles that impact us are discussed below.

 

 

21 
 

 

 

Accounting for Business Combinations

 

The Company applies the acquisition method of accounting for business acquisitions in accordance with ASC Topic 805, Business Combinations. As an acquirer for accounting purposes, the Company has estimated the fair value of Pike’s assets and liabilities assumed and ensured that the accounting policies of Pike were consistent with that of the Company. ASC requires that when fair value of the net assets acquired exceeds the purchase price, resulting in a bargain purchase of assets, the acquirer must reassess the reasonableness of the values assigned to all of the net assets acquired, liabilities assumed and consideration transferred. We recognize bargain purchases net of deferred tax. The Company performed such assessment and concluded that the values assigned for the acquisition were reasonable. Purchase price allocations are subject to revision within the measurement period, not to exceed one year from the date of acquisition. Administration costs to acquire a business may include, but are not limited to, fees for accounting, legal and valuation services and are expensed as incurred in the Consolidated Statements of Comprehensive Income.

 

Accounting for Utility Revenue and Cost of Gas Recognition

 

Corning Gas records revenues from residential and commercial customers based on meters read on a cycle basis throughout each month, while certain large industrial and utility customers’ meters are read at the end of each month. Corning Gas does not accrue revenue for gas delivered but not yet billed, as the NYPSC requires that such accounting be adopted during a rate proceeding, which we have not done. Currently Corning Gas does not anticipate adopting unbilled revenue recognition nor does it believe it would have a material impact on financial results. Our tariffs contain mechanisms that provide for the recovery of the cost of gas applicable to firm customers, which includes estimates. Under these mechanisms, we periodically adjust rates to reflect increases and decreases in the cost of gas and electricity. Annually, we reconcile the difference between the total gas costs collected from customers and the cost of gas. We defer any excess or deficiency and subsequently either recover it from, or refund it to, customers over the following twelve-month period for gas. Quarterly, we reconcile the difference between electric costs collected from customers and the cost of electricity. The Default Service Charges for electricity are adjusted every quarter. To the extent estimates are inaccurate; a regulatory asset on the balance sheet is increased or decreased. Leatherstocking Gas reads all meters at the end of the month and therefore has no unbilled. Pike accrues for unbilled revenue monthly for customer meters read in current month and not billed until the next month. Those revenues are provided monthly by O&R as part of the TSA and are recognized as an unbilled revenue asset, separate from customer accounts receivable.

 

Accounting for Regulated Operations - Regulatory Assets and Liabilities

 

Corning Gas is subject to regulation by NYPSC and Pike is subject to regulation by the PAPUC. We record the results of our regulated activities in accordance with Financial Accounting Standards Board (FASB) ASC 980 (prior authoritative literature: Statement of Financial Accounting Standards (SFAS) No. 71, “Accounting for the Effects of Certain Types of Regulation”), which results in differences in the application of generally, accepted accounting principles between regulated and non-regulated businesses. FASB ASC 980 requires the recording of regulatory assets and liabilities for certain transactions that would have been treated as revenue and expense in non-regulated businesses. In certain circumstances, FASB ASC 980 allows entities whose rates are determined by third-party regulators to defer costs as "regulatory" assets in the balance sheet to the extent that the entity expects to recover these costs in future rates. Management believes that currently available facts support the continued application of FASB ASC 980 and that all regulatory assets and liabilities are recoverable or refundable through the regulatory environment.

 

In fiscal year 2015, the Gas Company determined that it met the criteria to record the minimum pension liability as a regulatory asset in accordance with ASC 980-715-25-5. Adjustments to OCI and regulatory assets were recorded in the current year in accordance with ASC 980-715-25-8, because the criteria established was determined to be met in the current period. The amount of the regulatory asset was $3,665,926. The increase to OCI was $2,748,238. Factors considered include consistent recovery of the pension costs on an accrual basis historically and in the current rate case, no indication of expected changes to recovery, and the existence of a reconciliation process to track the recovery of these costs. For these reasons management determined the Gas Company meets the criteria as set forth in ASC 980-725-25-5.

 

Accounting for Income Taxes

 

The Holding Company uses the asset and liability method to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Holding Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. In addition, such deferred tax assets and liabilities will be adjusted for the effects of enacted changes in tax laws and rates. Additionally, we early adopted accounting guidance related to recording deferred tax assets and liabilities as long-term as of December 31, 2016, hence the retrospective adjustments were already made at September 30, 2016.

 

 

22 
 

 

 

Accounting for the Compressor Station

 

The Gas Company bought an $11 million compressor station and $2.1 million pipeline from a local producer for two dollars in fiscal year 2011. Although the Gas Company has effectively new plant with an original cost of $13.1 million, only two dollars was recognized on the Balance Sheet in accordance with the Uniform System of Accounts (313.2) which states that in the case of gas plant contributed to the utility, gas plant accounts shall be charged only with such expenses, if any, incurred by the utility.

 

Accounting for the Joint Ventures

 

The investment and equity in Leatherstocking Gas and Leatherstocking Pipeline (collectively, “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company’s allocable share of earnings or losses from the Joint Ventures which is recognized through earnings.

 

Pension and Post-Retirement Benefits

 

The amounts reported in our financial statements related to pension and other post-retirement benefits are determined on an actuarial basis, which requires the use of many assumptions in the calculation of such amounts. These assumptions include the discount rate, the expected return on plan assets, the rate of compensation increase and, for other post-retirement benefits, the expected annual rate of increase in per capita cost of covered medical and prescription benefits. Changes in actuarial assumptions and actuarial experience could have a material impact on the amount of our pension and post-retirement benefit costs and funding requirements. For the period ended September 30, 2015, the discount rate was prepared by utilizing an analysis of the plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The discount rate used is an estimate of the rate at which a defined benefit pension plan could settle its obligations. Rather than using a rate and curve developed using a bond portfolio, this method selects individual bonds to match to the expected cash flows of the Plan. Management feels this provides a more accurate depiction of the true cost to the plan to settle the obligations as the Plan could theoretically go into the marketplace and purchase the specific bonds used in the analysis in order to settle the obligations of the Plan. In 2015, the mortality assumption used was the RP-200 annuitant/non-annuitant Mortality Table for Males and Females with generational improvements projected using scale BB. The change in discount rate from 5.07% to 5.22% did not have a significant effect on the benefit obligation in 2015. In 2016, the mortality assumption was changed to the sex-distinct RP-2014 Mortality Tables with improvements projected using Scale MP-2016 on a fully generational basis. This change reduced the benefit obligation. The change in discount rate from 5.22% to 4.20% increased the benefit obligation. The net effect of changes to the assumptions and discount rate is an increase of approximately $1.6 million to the pension benefit obligation. However, we expect to recover substantially all our net periodic pension and other post-retirement benefit costs attributed to employees in accordance with NYPSC authorization. For financial reporting purposes, the difference between the amounts of such costs as determined under applicable accounting principles is recorded as either a regulatory asset or liability.

 

Preferred Stock and Temporary Equity

 

The Holding Company classifies its Series B conditionally redeemable convertible preferred shares, which includes preferred shares subject to redemption upon the occurrence of uncertain events not solely within control of the Holding Company, as temporary equity in the mezzanine section of the balance sheet, in accordance with the guidance enumerated in FASB ASC No. 480-10 "Distinguishing Liabilities from Equity". The Company also analyzes the embedded conversion feature for bifurcation, based on whether the host instrument has more equity-like or debt-like characteristics. Dividends are recorded as a reduction to retained earnings and issuance costs reduce the initial proceeds and are then accreted over the life of the instrument to the redemption amount.

 

The Holding Company records its Series A mandatorily redeemable stock as a liability in accordance with ASC 480. Dividends are recorded as interest expense and issuance costs are treated the same way as debt issuance costs.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This report contains statements which, to the extent they are not recitations of historical facts, constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 (Reform Act). The words "estimate", "project", "anticipate", "expect", "intend", "believe", "could" and similar expressions are intended to identify forward-looking statements. All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. As forward looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. Accordingly, actual results may differ materially from those expressed in any forward looking statements. Factors that could cause results to differ materially from our management's expectations include, but are not limited to, those listed under Item 1A - "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended September 30, 2016, in addition to:

 

 

23 
 

 

 

* our ability to successfully raise cash for operations by issuing debt and equity
* our ability to successfully negotiate new supply agreements for natural gas and electric as they expire, on terms favorable to us, or at all,
* the effect on our operations of any action by the NYPSC, with respect to Corning Gas or PAPUC, with respect to our joint venture interest in Leatherstocking Gas and Pike,
* the effect of any litigation,
* the effect on our operations of unexpected changes in any other applicable legal or regulatory requirements,
* the amount of natural gas produced and directed through our pipeline by producers,
* our ability to obtain additional equity or debt financing to fund our capital expenditure plans and for general corporate purposes,
* our successful completion of various capital projects and the use of pipelines, compressor stations and storage by customers and counterparties at levels consistent with our expectations,
* our successful integration of Pike County Light & Power into our current operations,
* our ability to retain the services of our senior executives and other key employees,
* our vulnerability to adverse economic and industry conditions generally and particularly the effect of those conditions on our major customers,
* the effect of any leaks in our transportation and delivery pipelines, and
* competition to our gas transportation business from other pipelines.

 

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events.

 

Item 4 - Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

As of June 30, 2017, the Company’s management, with the participation of the Company’s chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended. Based upon the Company’s evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures are effective as of June 30, 2017.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that was conducted during the last fiscal quarter for the Holding Company, the Gas Company, Pike, and the Appliance Company and the Joint Ventures, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We are in the process of putting together additional controls for Pike.

 

PART II.

 

OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Gas Company has lawsuits pending of the type incurred in the normal course of business. The Holding Company, the Gas Company and Pike expect that any potential losses will be covered by insurance, subject to deductibles, and will not have a material adverse impact on the Holding Company, the Gas Company or their operations or financial condition.

 

Item 1A. Risk Factors.

 

Please refer to risk factors listed under Item 1A – “Risk Factors” of the Holding Company’s Form 10-K for the fiscal year ended September 30, 2016.

 

 

24 
 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

On March 20th, 2017, the Holding Company completed a private placement of 34,697 shares of its 6% Series A Cumulative Preferred Stock (“Series A Preferred Stock”) at $25.00 per share and raised aggregate gross cash proceeds of $867,425. The private placement was previously disclosed on the Company’s Current Report in Form 8-K, filed with the Securities and Exchange Commission on March 20, 2017 and amended by Forms 8-K/A, filed with the Securities and Exchange Commission on March 21, 2017 and April 26, 2017.

The shares of preferred stock issued in the above transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were issued and sold in reliance upon the exemption from registration contained in Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

 

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

 

Not applicable

 

Item 5. Other Information.

 

None

 

Item 6. Exhibits.

 

Exhibit No.   Description
31.1*   Certification of the Chief Executive Officer and President pursuant to 17 CFR Section 240.13a-14
31.2*   Certification of the Chief Financial Officer and Treasurer pursuant to 17 CFR Section 240.13a-14
32.1**   Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101   The following materials from the Corning Natural Gas Holding Corporation Quarterly Report on Form 10Q for the period ended June 30, 2017, formatted in XBRL (eXtensible Business Reporting Language):
 
    (i)     the Consolidated Balance Sheets at June 30, 2017 and September 30, 2016,
    (ii)    the Consolidated Statements of Income and Comprehensive Income for the three months and nine months ended June 30, 2017 and June 30, 2016.
   
    (iii)  the Consolidated Statements of Cash Flows for the six months June 30, 2017 and June 30, 2016, and
   
    (iv)   related notes to the Condensed Consolidated Financial Statements.

 

* Filed herewith

** Furnished herewith

ª Management compensatory agreement

 

 

 

 

25 
 

 

EXHIBIT INDEX

Exhibit No.   Description Location
31.1   Certification of the Chief Executive Officer and President pursuant to 17 CFR Section 240.13a-14 Filed herewith
31.2   Certification of the Chief Financial Officer and Treasurer pursuant to 17 CFR Section 240.13a-14 Filed herewith
32.1   Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Furnished herewith
101   The following materials from the Corning Natural Gas Holding Corporation Quarterly Report on Form 10Q for the period ended June 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): Furnished herewith
    (i)     the Consolidated Balance Sheets at June 30, 2017 and September 30, 2016,  
    (ii)    the Consolidated Statements of Income and Comprehensive Income for the three months and nine months ended June 30, 2017 and June 30, 2016.  
    (iii)  the Consolidated Statements of Cash Flows for the nine months June 30, 2017 and June 30, 2016, and  
    (iv)   related notes to the Condensed Consolidated Financial Statements.  

 

 

26 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CORNING NATURAL GAS HOLDING CORPORATION

Date: August 14, 2017 By: /s/ Michael I. German

Michael I. German, Chief Executive Officer and President

(Principal Executive Officer)

Date: August 14, 2017 By: /s/ Firouzeh Sarhangi

Firouzeh Sarhangi, Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

 

27 
 

EX-101.INS 2 cnig-20170630.xml 0001582244 2016-09-30 0001582244 2017-06-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-06-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2017-06-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2017-06-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2017-06-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-09-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2016-09-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2016-09-30 0001582244 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2016-09-30 0001582244 us-gaap:CashAndCashEquivalentsMember 2017-06-30 0001582244 cnig:CommonStockInvestmentMember 2017-06-30 0001582244 us-gaap:USTreasuryAndGovernmentMember 2017-06-30 0001582244 us-gaap:CorporateDebtSecuritiesMember 2017-06-30 0001582244 us-gaap:EquitySecuritiesMember 2017-06-30 0001582244 us-gaap:CashAndCashEquivalentsMember 2016-09-30 0001582244 cnig:CommonStockInvestmentMember 2016-09-30 0001582244 us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0001582244 us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0001582244 cnig:MutualFundsMember 2016-09-30 0001582244 us-gaap:EquitySecuritiesMember 2016-09-30 0001582244 cnig:MutualFundsMember 2017-06-30 0001582244 us-gaap:PreferredStockMember 2017-06-30 0001582244 us-gaap:PreferredStockMember 2016-09-30 0001582244 cnig:MultipleDisbursementNoteMember cnig:ManufacturersAndTradersTrustCompanyMember 2017-06-30 0001582244 2013-11-12 0001582244 cnig:GasCompanyMember 2016-10-01 2017-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2014-10-01 2015-09-30 0001582244 cnig:PikeMember 2016-10-01 2017-06-30 0001582244 us-gaap:ParentCompanyMember 2016-10-01 2017-06-30 0001582244 2017-04-01 2017-06-30 0001582244 2016-10-01 2017-06-30 0001582244 2015-10-01 2016-06-30 0001582244 us-gaap:CommonStockMember 2016-10-01 2017-06-30 0001582244 us-gaap:AdditionalPaidInCapitalMember 2016-10-01 2017-06-30 0001582244 us-gaap:RetainedEarningsMember 2016-10-01 2017-06-30 0001582244 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-10-01 2017-06-30 0001582244 cnig:GasCompanyMember 2017-04-01 2017-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2016-10-01 2017-06-30 0001582244 cnig:PikeMember 2017-04-01 2017-06-30 0001582244 us-gaap:ParentCompanyMember 2017-04-01 2017-06-30 0001582244 2015-09-30 0001582244 cnig:SeriesBConvertiblePreferredStockMember 2016-10-01 2017-06-30 0001582244 us-gaap:OtherPensionPlansDefinedBenefitMember 2017-04-01 2017-06-30 0001582244 us-gaap:PensionPlansDefinedBenefitMember 2017-04-01 2017-06-30 0001582244 us-gaap:PensionPlansDefinedBenefitMember 2015-10-01 2016-06-30 0001582244 us-gaap:PensionPlansDefinedBenefitMember 2016-10-01 2017-06-30 0001582244 us-gaap:OtherPensionPlansDefinedBenefitMember 2016-10-01 2017-06-30 0001582244 us-gaap:OtherPensionPlansDefinedBenefitMember 2015-10-01 2016-06-30 0001582244 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2016-10-01 2017-06-30 0001582244 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2015-10-01 2016-06-30 0001582244 cnig:CommunityBankNAMember us-gaap:LineOfCreditMember 2016-01-27 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember 2016-08-31 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember cnig:OrangeAndRocklandUtilitiesIncMember 2017-06-30 0001582244 cnig:MultipleDisbursementNoteMember cnig:ManufacturersAndTradersTrustCompanyMember 2016-08-31 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:LondonInterbankOfferedRateLIBORMember 2016-10-01 2017-06-30 0001582244 cnig:MultipleDisbursementNoteMember cnig:ManufacturersAndTradersTrustCompanyMember 2016-10-01 2017-06-30 0001582244 cnig:MultipleDisbursementNoteMember cnig:ManufacturersAndTradersTrustCompanyMember cnig:NinetyDaysLondonInterbankOfferedRateLIBORMember 2016-10-01 2017-06-30 0001582244 cnig:CommunityBankNAMember us-gaap:LineOfCreditMember 2016-01-26 2016-01-27 0001582244 cnig:MultipleDisbursementNoteMember cnig:ManufacturersAndTradersTrustCompanyMember 2016-08-30 2016-08-31 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:MaximumMember 2016-10-01 2017-06-30 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:MinimumMember 2016-10-01 2017-06-30 0001582244 cnig:CommunityBankNAMember us-gaap:LineOfCreditMember 2017-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2015-09-30 0001582244 cnig:PikeCountyLightAndPowerCompanyMember cnig:ManufacturersAndTradersTrustCompanyMember 2017-06-30 0001582244 cnig:GasCompanyMember 2015-10-01 2016-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2014-08-28 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2013-07-30 0001582244 cnig:LettersOfCreditLimitMember 2017-06-30 0001582244 cnig:PikeAgreementWithMandTMember 2017-06-30 0001582244 cnig:CollateralSecurityObligationsMember 2017-06-30 0001582244 cnig:MAndTLineOfCreditMember 2017-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2017-06-30 0001582244 cnig:GasCompanyMember 2017-06-30 0001582244 cnig:PikeMember 2017-06-30 0001582244 us-gaap:ParentCompanyMember 2017-06-30 0001582244 cnig:PikeCountyLightAndPowerCompanyMember 2017-06-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2013-10-01 2014-09-30 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2015-10-01 2016-06-30 0001582244 cnig:SeriesACumulativePreferredStockMember 2016-10-01 2017-06-30 0001582244 2016-12-31 0001582244 2016-06-01 2016-06-17 0001582244 cnig:PikeCountyLightAndPowerCompanyMember 2016-08-31 0001582244 cnig:GasCompanyMember 2016-10-01 2016-12-31 0001582244 us-gaap:DirectorMember cnig:GasCompanyMember 2017-04-01 2017-06-30 0001582244 2015-01-20 0001582244 cnig:PikeCountyLightAndPowerCompanyMember 2016-10-01 2017-06-30 0001582244 cnig:CreditAgreementWithMAndTBankMember 2017-06-30 0001582244 cnig:PikeCountyLightAndPowerCompanyMember 2015-10-01 2016-06-30 0001582244 cnig:SeriesBCumulativePreferredStockMember 2016-10-01 2017-06-30 0001582244 us-gaap:CommonStockMember 2016-09-30 0001582244 us-gaap:AdditionalPaidInCapitalMember 2016-09-30 0001582244 us-gaap:RetainedEarningsMember 2016-09-30 0001582244 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-09-30 0001582244 us-gaap:CommonStockMember 2017-06-30 0001582244 us-gaap:AdditionalPaidInCapitalMember 2017-06-30 0001582244 us-gaap:RetainedEarningsMember 2017-06-30 0001582244 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-06-30 0001582244 cnig:SeriesACumulativePreferredStockMember 2017-06-30 0001582244 cnig:SeriesBCumulativePreferredStockMember us-gaap:PresidentMember 2016-10-14 0001582244 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2017-06-30 0001582244 us-gaap:PensionPlansDefinedBenefitMember 2017-06-30 0001582244 2016-04-01 2016-06-30 0001582244 2016-06-30 0001582244 us-gaap:PensionPlansDefinedBenefitMember 2016-04-01 2016-06-30 0001582244 us-gaap:OtherPensionPlansDefinedBenefitMember 2016-04-01 2016-06-30 0001582244 cnig:GasCompanyMember 2016-04-01 2016-06-30 0001582244 cnig:PikeCountyLightAndPowerCompanyMember 2016-04-01 2016-06-30 0001582244 2017-08-14 0001582244 cnig:TermNoteAndAgreementMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:SubsequentEventMember 2017-07-28 0001582244 cnig:TermNoteAndAgreementMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:SubsequentEventMember 2017-07-21 2017-07-28 0001582244 2017-04-01 2017-04-27 0001582244 2017-04-27 0001582244 cnig:GasCompanyMember 2017-01-01 2017-03-31 0001582244 us-gaap:DirectorMember cnig:GasCompanyMember 2017-01-01 2017-03-31 0001582244 2017-03-31 0001582244 cnig:SeriesBConvertiblePreferredStockMember 2017-04-01 2017-06-30 0001582244 2016-10-01 2016-10-15 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2013-07-25 0001582244 cnig:LeatherstockingGasCompanyLlcAndLeatherstockingPipelineCompanyLlcMember 2016-06-30 0001582244 cnig:SeriesBConvertiblePreferredStockMember 2017-06-30 0001582244 cnig:YearMayThirtyOneTwoThousandNighteenMember 2017-06-10 2017-06-15 0001582244 cnig:YearMayThirtyOneTwoThousandTwentyMember 2017-06-10 2017-06-15 0001582244 cnig:YearMayThirtyOneTwoThousandEighteenMember 2017-06-10 2017-06-15 0001582244 cnig:TermNoteAndAgreementMember cnig:ManufacturersAndTradersTrustCompanyMember us-gaap:SubsequentEventMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-07-21 2017-07-28 0001582244 cnig:TwoThousandsSevenMember 2017-06-30 0001582244 cnig:SeriesACumulativePreferredStockMember us-gaap:MaximumMember 2017-06-20 0001582244 cnig:SeriesBConvertiblePreferredStockMember us-gaap:MaximumMember 2017-06-20 0001582244 us-gaap:PreferredStockMember us-gaap:MaximumMember 2017-06-20 0001582244 cnig:DividendReinvestmentPlanMember 2017-06-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure cnig:item cnig:Customer 100550221 104501316 2220098 2169199 2169199 2169199 0 0 2220098 2220098 0 0 109630 43164 394895 288959 18206 53408 51185 397828 280672 39418 1199712 197875 1116470 197875 8181499 6388390 4200000 3000000 30417 40019 0.01 0.01 0.01 3500000 3500000 2974606 2992533 1753441 720520 -159891 184893 2314070 2495262 2314070 78930 122298 185838 -76875 2000 61574 3553948 315635 17725 1448063 3887308 4911858 1167790 280273 0 3808968 117217 75289 2328462 50543 17927 5285 110025 268174 330073 15855 14494 89391 4831 11774 225193 733401 675579 35324 37817 244467 12606 278978 771569 836932 257190 887 655 5381 1967 2660 2660 1794 887 -3412 -256754 -504199 -770262 -10236 -168066 21358 313649 739586 940949 64075 54971 246528 18324 63947 63947 6400000 4000000 67577 2058525 1999624 109630 43164 402560 290566 17204 53408 51185 392969 283655 43624 1035809 197875 938625 197875 168762 178847 1002 4859 163903 177845 7189 9272 7665 1607 2983 4206 68859 15312 64100 11477 0.34 0.34 2583581 2727432 2293252 2494372 4000000 1800000 2500000 2000000 2100000 2000000 1500000 106592158 104945219 13000000 78623339 23189852 3132028 12400000 19186229 20338784 7600000 7400000 338 5800 850000 205000 200000 500000 0.048 0.06 77831733 80117128 4803679 4896631 12532749 8963330 1580598 2061445 1409207 1339413 903007 878881 172476 0 2957689 3574201 6297895 6297895 3596302 3123640 718705 601456 11423997 10968130 811095 945139 31295781 31918051 651744 569708 3321522 3088307 5558156 4232828 19811988 15129842 434383 464506 397397 372947 1654684 386103 29746 29925 95166 100897 4901774 5849597 26763476 26996229 106592158 104945219 17950594 1120653 0 4951183 19071247 16546048 4768313 182870 0 3864061 1280453 321460 0 542702 1601913 1283791 429821 112881 0 436679 0 0 -61149 -64747 -61149 1120 0 0 -64747 -30733 95977 0 0 26451 95977 94678 26451 0 0 19687 869814 371139 142012 477544 1382965 642450 307856 121643 48045 170055 1021943 415221 -98842 125498 1338322 1258374 48125 124950 -47577 30280 4920314 4932777 911480 23415048 5886061 3210262 189574 1.08 0.06 0 5833023 0 1896466 5833023 0 0 1896466 0 0 787225 189332 0 523392 976557 384141 139251 0 724554 0 10000 0 976250 992173 -1002 5731 47590 5731 33271 5639619 6931380 1453782 1339523 8513971 8275258 2632575 3500000 946282 292623 30883465 31567168 255500 255500 105303 140000 105303 140000 244500 244500 244263 244263 244263 244263 22718488 24384188 Corning Natural Gas Holding Corp 0001582244 10-Q 2017-06-30 false --09-30 Smaller Reporting Company Q3 2017 -682 2272 33208 23216 31790162 32976648 29746 26763476 4901774 95166 29925 26996229 5849597 100897 2974606 2992533 2974606 2992533 232932 179 232753 1183294 1183294 182953 182953 0.50 692543 692543 25.00 20.75 105303 57936 244263 74635 1183628 0 0 18459 53719 1338322 1258374 68859 64100 111405 95393 715502 219731 653930 720121 81921 61802 634971 61983 -233213 -412540 -82036 30244 -1268581 -141274 -114259 -36812 -911480 -723287 -723090 -983506 2197697 3595872 529662 1320557 705624 1430175 -1793109 -4803599 20488 139179 122662 903788 641025 46500 149971 120136 111728 6614 7291 -24126 -535686 -69794 -14983 480847 299967 -117249 223868 242840 -52830 134044 277607 172476 -48286 -3019316 -5050526 867425 2571553 4944564 1220901 970220 4200000 2740412 4903059 758366 -2870132 3707827 -3691751 2253173 2992533 6847649 24904270 16546048 3864061 4960958 17784701 12923607 3280520 1886691 7119569 3622441 583541 618212 1957459 0 0 1268479 5162110 3622441 583541 830417 4936175 4238826 275281 4130541 12848526 8684781 3005239 127645 392876 332641 115213 495154 1531248 1503331 496953 2965040 9322489 5565018 1956394 310391 3652392 3753636 91854 12138 36414 36414 12138 124072 2131117 2495262 61574 60821 182953 0 0 125498 1338322 1258374 30280 0 0 0 0 2990073 3277053 2960929 2966896 2990073 2983937 2960929 2966896 0.04 0.70 0.84 0.02 0.04 0.71 0.84 0.02 183891 2319801 2542852 94845 -1002 5731 47590 33271 -15923 724554 8000000 2000000 2125000 4200000 <div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">LIBOR</div> <div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">LIBOR</div> &#194;&#160;LIBOR which varies from 1.9% to 2.8% based on the ratio of the Holding Company&#8217;s total funded debt to EBITDA (the &#8220;Leverage Ratio&#8221;). If the Leverage Ratio is less than or equal to 2.0, the interest rate is LIBOR plus 1.9%; if the Leverage Ratio is greater than 2.0 but less than or equal to 2.5, the interest rate is LIBOR plus 2.2%; if the Leverage Ratio is greater than 2.5 but less than or equal to 3.0, the interest rate is LIBOR plus 2.5%; and if the Leverage Ratio is greater than 3.0, the interest rate is LIBOR plus 2.8%. 2018-04-01 2021-08-31 2017-10-26 1.4 1.0 3.75 1.1 56 P7Y 0.0275 0.0405 5811 5912 6203 39375 36015 36015 39009 39969 40397 3150 3150 180 3150 360 2481 2762 2693 0.145 129004 371608 0.20 498310 One share of common stock to 1.2 shares. 0.0115 0.66 2500000 1500000 140000 360000 11000000 2016-06-20 2016-06-20 133212 8695 0.01 0.01 61000 120000 2016-10-14 2016-10-14 One for one 12463 34697 25.00 867425 3463287 0.104 0.059 0.055 0.062 1573706 1566594 1558553 13100000 2500000 1970000 530000 3200000 P36M P12M 12000000 3616924 3200000 1.00372 412316 350883 1241813 1276236 193273 257124 -96764 -274986 -16324 27940 25048 -14464 412316 350883 0.0180 50000 50000 2469861 25 20.75 <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 1 &#8211; Basis of Presentation</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Corning Natural Gas Holding Corporation (&#8220;Holding Company&#8221;) was incorporated in New York in July 2013 to serve as a holding company for Corning Natural Gas Corporation (the &#8220;Gas Company&#8221; or &#8220;Corning Gas&#8221;) and its dormant subsidiary Corning Natural Gas Appliance Corporation (&#8220;Appliance Company&#8221;). The Holding Company has 50% ownership interests in our joint ventures Leatherstocking Gas Company, LLC (&#8220;Leatherstocking Gas&#8221;), its subsidiary, Leatherstocking Gas Development Corporation, and Leatherstocking Pipeline Company, LLC (&#8220;Leatherstocking Pipeline&#8221;). On August 31, 2016, the Holding Company completed the acquisition of Pike County Light &#38; Power Company (&#8220;Pike&#8221;). As used in this document, the term &#8220;the Company&#8221; refers to the consolidated operations of the Holding Company, Gas Company, Appliance Company, and Pike.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The information furnished herewith reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to SEC rules and regulations, although the Holding Company believes the disclosures which are made are adequate to make the information presented not misleading.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Holding Company&#8217;s latest annual report on Form 10-K for the fiscal year ended September 30, 2016 (&#8220;Annual Report&#8221;), filed on December 29, 2016. These interim consolidated financial statements are unaudited.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Our significant accounting policies are described in the notes to the Consolidated Financial Statements in the Holding Company&#8217;s Annual Report. It is important to understand that the application of GAAP involves certain assumptions, judgments and estimates that affect reported amounts of assets, liabilities, revenues and expenses. Thus, the application of these principles can have varying results from company to company.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Because our business is highly seasonal in nature, sales for each quarter of the year vary and are not comparable. Sales vary depending on seasonal variations in temperature, although the Gas Company&#8217;s weather normalization and revenue decoupling clauses that remain in effect pursuant to the June 15, 2017 New York Public Service Commission (&#8220;NYPSC&#8221;) rate order issued in Case 16-G-0369 and serve to stabilize net revenue by insulating the Gas Company, to an extent, from the effects of unusual temperature variations and conservation. Certain larger customer classes are not covered by weather normalization or revenue decoupling and weather will impact revenue from these classes.</font></p> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">It is the Holding Company&#8217;s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>New Accounting Pronouncements Not Yet Adopted</u></b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We do not expect this to have a significant impact on our consolidated financial statements.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In July 2015, the FASB issued new accounting guidance simplifying inventory measurement by requiring companies to value inventory at the lower of cost or net realizable value. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In January 2016, the FASB issued new accounting guidance on the recognition and measurement of financial assets and financial liabilities. The new guidance requires equity investments (except those accounted for under the equity method of accounting or those that request in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early application is not permitted. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued new accounting guidance on investments that qualify for use of the equity method of accounting. The new guidance eliminates the need for retroactive adjustments when qualifying for the equity method. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In March 2016, the FASB issued new guidance regarding share-based payment transactions, including income tax consequence, classification of awards and classification on the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Adoption of New Accounting Guidance</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the FASB issued new accounting guidance on the presentation of debt issuance costs. The new guidance requires that debt issuance costs related to a note be presented as a direct deduction from that note. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. We adopted this guidance on October 1, 2016.The debt issuance costs were reclassified to the liabilities on the balance sheet. The amount as of June 30, 2017 and September 30, 2016 was $350,883 and $412,316, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 2 - Pension and Other Post-Retirement Benefit Plans</b></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Components of Net Periodic Benefit Cost:</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Pension Benefits</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Service Cost</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110,025</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">89,391</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">330,073</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268,174</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest Cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">225,193</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">244,467</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">675,579</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">733,401</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected return on plan assets</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(278,978</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(257,190</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(836,932</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(771,569</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of prior service cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">655</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,794</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,967</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,381</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of net (gain) loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">256,754</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">168,066</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,262</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">504,199</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net period benefit cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">313,649</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246,528</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">940,949</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">739,586</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Other Benefits</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center">Nine <font style="font: 10pt Times New Roman, Times, Serif"> Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Service Cost</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,285</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,831</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,855</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,494</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest Cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,774</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,606</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,324</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">37,817</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected return on plan assets</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of prior service cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">887</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">887</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,660</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,660</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of net (gain) loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,412</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,236</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net period benefit cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,358</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,324</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64,075</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54,971</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">For ratemaking and financial statement purposes, pension expense represents the amount approved by the NYPSC in the Gas Company&#8217;s most recently approved rate case. Pension expense (benefit) for ratemaking and financial statement purposes was approximately $692,543 for the nine months ended June 30, 2017 and 2016. The difference between the pension expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid pension cost noted above.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The NYPSC has allowed the Gas Company to recover incremental costs associated with other post-retirement benefits through rates on a current basis. Other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes was approximately $63,947 for nine months ended June 30, 2017 and 2016. The difference between the other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid cost noted above.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Contributions</u></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Gas Company expects to contribute approximately $1,183,628 to its Pension Plan and $74,635 to its other Post Retirement Benefit Plan in fiscal year 2017. A total of $911,480 has been paid to the Pension Plan for the first nine months of this fiscal year.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 3 &#8211; Financing Activities</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On January 27, 2016, the Gas Company entered into an agreement with M&#38;T Bank for a revolving line of credit of $8.0 million at a variable interest rate determined by adding a factor, determined with reference to the Gas Company&#8217;s funded debt to EBITDA ratio calculated ninety days after the end of each quarter, to the daily LIBOR rate. This line expires on April 1, 2018. The amount outstanding under this line on June 30, 2017 was approximately $6.4 million with an interest rate of 4.05%. Our lender has a purchase money security interest in all of our natural gas purchases utilizing funds advanced by the bank under the credit agreement, and all proceeds of sale and accounts receivable from the sale of that gas.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On August 31, 2016, Pike entered into an agreement with M&#38;T for a $2.0 million revolving line of credit at an interest rate equal to LIBOR plus 2.75% with principal repayable on demand by the lender. As of June 30, 2017, the balance on this loan is $67,577. The agreement contains various affirmative and negative covenants of Pike including, (i) a total funded debt to tangible net worth ratio of not greater than 1.4 to 1.0, (ii) a total funded debt to EBITDA ratio of not greater than 3.75 to 1.0, (iii) a minimum cash flow overage of not less than 1.1 to 1.0, with each of the financial covenants measured quarterly based on Pike&#8217;s trailing twelve month operating performance and fiscal quarterly financial statements commencing with the period ended September 30, 2017; compliance, accounting, and financial statement requirements, and prohibitions on changes in management or control restrictions on, any sale of all or substantially all of its assets, acquisitions of substantially all the asset of any other entity, or other material changes to Pike&#8217;s business, purposes, structure or operations which could materially adversely affect Pike.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In addition, pursuant to the stock purchase agreement with Pike, M&#38;T issued to Orange &#38; Rockland Utilities, Inc. (&#8220;O&#38;R&#8221;), which sold Pike to the Holding Company, a letter of credit in the amount of $2.125 million as security for the obligations of Pike under the Transition Services Agreement, Electric Supply Agreement and Gas Supply and Gas Transportation Agreement, each, as amended, dated August 31, 2016, to provide for the provision by O&#38;R of certain transition services for 12 months with up to six one-month extensions, and three years of electric and gas supply for the customers of Pike, with up to three one-year extensions.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Gas Company entered into a $4.2 million Multiple Disbursement Term Note with M&#38;T Bank on August 31, 2016, which permitted draws from time to time in accordance with its terms until December 31, 2016, at which time amounts outstanding under the note became payable in 56 monthly installments of principal, based on a 7-year amortization schedule, with all unpaid principal and interest payable in full on August 31, 2021. Interest on the amounts outstanding under the note is based on a spread over LIBOR which varies from 1.9% to 2.8% based on the ratio of the Holding Company&#8217;s total funded debt to EBITDA (the &#8220;Leverage Ratio&#8221;). If the Leverage Ratio is less than or equal to 2.0, the interest rate is LIBOR plus 1.9%; if the Leverage Ratio is greater than 2.0 but less than or equal to 2.5, the interest rate is LIBOR plus 2.2%; if the Leverage Ratio is greater than 2.5 but less than or equal to 3.0, the interest rate is LIBOR plus 2.5%; and if the Leverage Ratio is greater than 3.0, the interest rate is LIBOR plus 2.8%. The obligations of the Holding Company to M&#38;T are secured under an additional general security agreement covering the Holding Company&#8217;s tangible and intangible rights in its gas distribution system, personal property and other assets. The Holding Company will owe a pre-payment penalty on payment of unpaid principal made in advance of the maturity date and must give at least a three-day notice prior to the payment. During the nine months ended June 30, 2017, we have drawn the entire $4.2 million available on this note.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On July 28, 2017, the Gas Company entered into an agreement with M&#38;T Bank for a Short Term Note of $3.0 million at a variable interest rate determined by floating rate LIBOR + 180 basis points, change daily. This line expires on October 26, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Gas Company is in compliance with its covenant calculations as of June 30, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 4 - Fair Value of Financial Instruments</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif">The Holding Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Holding Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Holding Company&#8217;s deferred compensation plan, are valued based on Level 1 inputs.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif">The Holding Company has determined the fair value of certain assets through application of FASB ASC 820 &#8220;Fair Value Measurements and Disclosures&#8221;.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of assets and liabilities measured on a recurring basis at June 30, 2017 and September 30, 2016 are as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair Value Measurements at Reporting Date Using:</u></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Level 2</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Level 3</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Available-for-sale securities</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-decoration: underline; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2016</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Available-for-sale securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">A summary of the marketable securities at June 30, 2017 and September 30, 2016 is as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Cost Basis</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Unrealized Gain</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Unrealized Loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Market Value</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash and equivalents</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">109,630</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">109,630</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Metlife stock value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,164</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,164</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Government and agency bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">402,560</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,665</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394,895</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Corporate bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290,566</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,607</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">289,959</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Mutual funds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,204</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,002</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,206</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Holding Company Preferred A Stock</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">938,625</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">177,845</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,116,470</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Total securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,999,624</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">178,847</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,272</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;September 30, 2016</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash and equivalents</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,408</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,408</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Metlife stock value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,185</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,185</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Government and agency bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">392,969</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,859</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">397,828</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Corporate bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,655</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,983</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">280,672</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Mutual funds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,624</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,206</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39,418</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Holding Company Preferred A Stock</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,035,809</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">163,903</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,199,712</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Total securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,058,525</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">168,762</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,189</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Realized gains included in earnings for the periods reported in investment income are as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Investment Income</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total realized gains (losses) included in earnings</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,312</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,477</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,859</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64,100</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices as of the close of business on the days noted within active markets.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 5 &#8211; Shareholders&#8217; Equity</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">For the quarter ended December 31, 2016, there were 5,912 shares of common stock issued for $36,015 of services and $39,969 of dividend reinvestment program (DRIP). There were 3,150 shares issued to directors for services and 2,762 shares issued to various investors under the DRIP. For the quarter ended March 31, 2017, there were 6,203 shares of common stock issued for $36,015 of services and $40,397 under the DRIP. There were 3,150 shares issued to directors, 360 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,693 shares issued to various investors under the DRIP. For the quarter ended June 30, 2017, there were 5,811 shares of common stock issued for $39,375 of services and $39,009 under the DRIP. There were 3,150 shares issued to directors, 180 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,481 shares issued to various investors under the DRIP.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Dividends on shares of common stock are accrued when declared by the board of directors. At its regular meeting on January 20, 2015, the board of directors approved an increase in the quarterly dividend to $0.145 a share. For the quarter ended September 30, 2016, dividends were paid on October 15, 2016 to shareholders of record on September 30, 2016 in the amount of $371,608. For the quarter ended December 31, 2016, $397,397 was accrued for dividends paid on January 15, 2017 to shareholders of record on December 31, 2016. For the quarter ended March 31, 2017, $372,947 was accrued for dividends paid on April 15, 2017 to shareholders of record on March 31, 2017. For the quarter ended June 30, 2017, $403,684 was accrued for dividends paid on July 15, 2017 to shareholders of record on June 30, 2017.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On April 27, 2017, at its regular meeting, the Company's Board of Directors declared a 20% common stock dividend payable to holders of record of its Common Stock on May 30, 2017, payable on or about June 15, 2017. The dividend is equivalent to one share of common stock issued for each five shares of common stock outstanding. There were 498,310 shares issued. The relative size of the additional shares issued made the substance of the transaction that of a stock split effected in the form of a dividend. It was the Company's intent to obtain wider distribution and improved marketability of the shares. In accordance with this transaction there was no adjustment to the stated par value of the common stock and the Company recorded the transaction at par value. In connection with this dividend the conversion price for the preferred shares Series B will change from one share of common stock to 1.2 shares. The Company has retrospectively restated the financial statements, share and per share information included in this quarterly report on a post-split basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">As of November 12, 2013, the Holding Company registered 129,004 shares of common stock with a par value of $.01 per share for the DRIP. A total of 50,543 shares have been issued since the program started.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Basic earnings per share are computed by dividing income available for common stock (net income less dividends declared on Series B Preferred Stock) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were added in the calculation of diluted earnings per share because their inclusion is dilutive. For the three months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were excluded in the calculation of diluted earnings per share because their inclusion was anti-dilutive.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On April 27, 2017, the board voted for the current shares of common stock for issuance under the Company's Dividend Reinvestment Plan (DRP) will be reduced from 98,639 shares to 50,000 shares, and the reserve of shares of common stock for issuance under the Company's 2007 Stock Plan, will be reduced from 299,584 shares to 50,000 shares.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 6 &#8211; Leatherstocking Companies</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Holding Company has an interest accounted for by the equity method in Leatherstocking Gas and Leatherstocking Pipeline, each of which is a joint venture with Mirabito Regulated Industries, LLC. Leatherstocking Gas is currently moving forward on expansions to several areas in the United States. On July 25, 2013, Leatherstocking Gas signed a loan agreement with Five Star Bank for $1.5 million to finance construction in Bridgewater, Pennsylvania. This agreement increased to $1.8 million before converting to a long-term note. Construction in the Township of Bridgewater began in July 2013 and Leatherstocking Gas began serving customers in October 2013. Construction of the Borough of Montrose system started in the spring of 2014 and construction started in the Township of Dimock in November 2014.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Leatherstocking Gas serves approximately 338 customers in these boroughs and townships as of June 30, 2017. On August 28, 2014, Leatherstocking Gas, as borrower, and Leatherstocking Pipeline as guarantor, entered into a loan agreement with Five Star Bank for up to $4 million over two years to finance the work and services required for the infrastructure costs and ongoing costs of underground piping construction projects in Montrose, Bridgewater and Dimock, Pennsylvania. This agreement required equity investments from the Holding Company and Mirabito Regulated Industries for a total of 66% of all amounts borrowed. During fiscal year 2014, $1,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $500,000. During fiscal year 2015, $2,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $850,000. Leatherstocking Gas had drawn the $4 million available on this loan. Both of these agreements have a loan covenant related to debt service coverage being at least 1.15 to 1 at September 30, 2015. Leatherstocking Gas was in violation of this covenant and received a waiver of compliance with this covenant from Five Star Bank as of September 30, 2016 that extends to September 30, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The investment and equity in both Leatherstocking companies (collectively, the &#8220;Joint Ventures&#8221;) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company&#8217;s allocable share of earnings or losses from the Joint Ventures which is recognized through earnings.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table represents the Holding Company&#8217;s investment activity in the Joint Ventures for the nine months ended June 30, 2017 and June 30, 2016:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Beginning balance in investment in joint ventures</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,583,581</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,293,252</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment in joint ventures</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">205,000</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">150,000</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Income (loss) in joint ventures</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(61,149)</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,120</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,727,432</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,494,372</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">As of and for the nine months ended June 30, 2017, the Joint Ventures had combined assets of $13 million, combined liabilities of $7.6 million and combined net loss of approximately $122,298. As of and for the nine months ended June 30, 2016, the Joint Ventures had combined assets of $12.4 million, combined liabilities of $7.4 million and combined net income of approximately $2,000.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 7 &#8211; Effective Tax Rate </b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="5" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense for the nine months ended June 30 is as follows:</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">$-</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">$-</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="9" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Actual income tax expense differs from the expected tax expense (computed by applying the</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">federal corporate tax rate of 34% before income tax expense) as follows:</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected federal tax expense</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,241,813</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,276,236</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">State tax expense (net of federal)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">193,273</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">257,124</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other, net</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(96,764</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(274,986</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Actual tax expense</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 8 &#8211; Pike County Light &#38; Power</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">As previously reported, on August 31, 2016 the Holding Company completed its purchase of all of the outstanding capital stock of Pike, a Pennsylvania corporation operating as a regulated electric and gas utility serving approximately 5,800 customers in Pike County, Pennsylvania. The purchase price for the stock of Pike was $13.1 million, with an initial closing date working capital adjustment of $2.5 million which was adjusted to $1.97 million for the final working capital adjustment and assumption of $3.2 million in Pike&#8217;s outstanding bonds and closed. The acquisition receivable of $530,000, the result of the working capital true up, was received during the three months ended December 31, 2016. In addition, O&#38;R agreed to provide transition assistance pursuant to a Transition Services Agreement (&#8220;TSA&#8221;), and to continue to supply electric power and gas to Pike County pursuant to Electric and Gas Supply Agreements (&#8220;ESA&#8221; and &#8220;GSA&#8221;). The Gas and Electric Supply Agreements are each for a term of 36 months, with up to three 12-month renewal terms.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The acquisition of Pike was financed in part by M&#38;T, including a $12 million term loan, a $2 million line of credit, letters of credit with a limit of up to $2.5 million and an initial amount of $2.1 million, issued to O&#38;R as collateral security for the obligations of Pike under the TSA, the GSA and the ESA. The debt is guaranteed by the Holding Company. There also was $3,616,924 paid in cash. Immediately after the closing, the Holding Company caused Pike to issue a notice of redemption to the holders of its $3.2 million in bonds, to repurchase the bonds at 100.372% of their principal amount effective October 2, 2016.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pro forma unaudited condensed consolidated financial information for the three and nine months ended June 30, 2016 give effect as if the acquisition occurred on October 1, 2015 of the respective year:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three months Ended</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,886,061</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,415,048</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net Income</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">189,574</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,210,262</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Per share</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.06</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.08</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The combined proforma financial information does not reflect the realization of any expected cost savings or other synergies from the acquisition of Pike as a result of restructuring activities, other cost savings initiatives or sales synergies following the completion of the business combination.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 9 &#8211; Preferred Stock</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Holding Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to a subscription rights offering to its stockholders to issue up to approximately $11.0 million in preferred stock. The subscription rights were distributed on a one-for-one basis to stockholders of record as of April 14, 2016 and expired on June 20, 2016. The Form S-1 covered 2,469,861 subscription rights for the purchase of up to 140,000 shares of 6% Series A Cumulative Preferred Stock and up to 360,000 shares of 4.8% Series B Convertible Preferred Stock. Each subscription right entitled the holder to purchase either: (i) one-eighth share of the 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 per share, or (ii) one-sixth share of the 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, for $20.75 per share, which is convertible in accordance with its terms into 1.2 (adjusted pursuant to the Stock Dividend in June 2017) share of common stock, subject to adjustment. Of the 140,000 shares of Series A Cumulative Preferred Stock available, 105,303 shares were subscribed and of the 360,000 shares of Series B Convertible Preferred Stock available, 244,263 shares were subscribed. During the nine months ended June 30, 2017, an additional 34,697 shares of Series A Cumulative Preferred Stock were subscribed in a private placement at $25.00 per share for a total of $867,425. The preferred shares were subscribed by certain members of the board of directors of the Company, the independent member of the board of Leatherstocking and an affiliate of a director of the Company.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Series A Cumulative Preferred Stock accrues cumulative dividends at a rate of 6.0% of the liquidation preference per share ($25.00) and are expected to be paid on or about the 15<sup>th</sup> day of April, July, October and January of each year starting October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. On September 30, 2023, outstanding shares of Series A Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available for redemption under New York law. The dividends for the nine months ended June 30, 2017 were $133,212 and these are recorded as interest expense.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with ASC 480, because of the mandatory redemption feature the Series A Preferred Stock is treated as liability. The issuance costs of approximately $61,000 are treated as debt issuance costs and will be amortized over the life of the instrument. The debt issuance costs reduce the carrying value of the liability. The amortization of the Series A debt issuance costs was $8,695 for the nine months ended June 30, 2017.</font></p> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Series B Convertible Preferred Stock accrues cumulative dividends at a rate of 4.8% of the liquidation preference per share ($20.75) and are expected to be paid on or about the 14th day of April, July, October and January of each year commencing October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. Our president, Michael German, owns 57,936 of these shares.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with ASC 480, Series B Cumulative Preferred Stock is not considered mandatorily redeemable as a result of the conversion feature presenting a contingency related to the redemption dates. Accordingly, this is not considered a liability. However, as a result of the decision related to conversion and not reaching redemption resting with the holder, this instrument has been classified as temporary equity in accordance with ASC 480. Upon conversion, the instrument would be reclassified as permanent equity. The issuance costs of approximately $120,000 reduce the initial proceeds and will be accreted until redemption or conversion. During the nine months ended June 30, 2017 there was accretion of $12,463.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 10 &#8211; Rate Case</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On June 17, 2016, the Gas Company filed with the NYPSC a three-year plan to implement a levelized increase in revenues from gas delivery service of $3,463,287 in each year over the period June 1, 2017 through May 31, 2020, resulting in total bill impacts on customers in each year of 10.4%.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The NYPSC commenced a proceeding, designated Case 16-G-0369, to consider the Gas Company's rate filing. The parties to the case entered into settlement negotiations and, on March 7, 2017, a Joint Proposal (the &#34;2017 Joint Proposal&#34;) was filed to resolve all issues in the rate case. The signatory parties to the 2017 Joint Proposal were the Staff of the Department of Public Service, Multiple Intervenors (which represent large industrial customers) and the Gas Company. The Utility Intervention Unit of the Division of Consumer Protection of the New York Department of State, participated in the proceeding and indicated that, although it did not sign the 2017 Joint Proposal, it did not oppose it.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On June 15, 2017, the NYPSC issued an Order Adopting Terms of Joint Proposal and Establishing Gas Rate Plan (the &#34;June 2017 Order&#34;) adopting the 2017 Joint Proposal without substantive modification.&#160; As adopted by the June 2017 Order, the 2017 Joint Proposal is a comprehensive settlement extending for three consecutive Rate Years (the twelve months ending May 31, 2018, 2019 and 2020) and permits Corning Gas to increase its base rates for gas delivery service. The new base rates under the June 2017 Order, when offset by the elimination of existing surcharges at the beginning of Rate Year 1and levelized over the three Rate Years, result in the following incremental revenue increases over the prior Rate Year: Rate Year 1 - $1,558,553, Rate Year 2 - $1,573,706, and Rate Year 3 - $1,566,594, equating to increases of approximately 6.2%, 5.9% and 5.5%, respectively, as a percentage of total delivery revenues including gas costs. The 2017 Joint Proposal, as adopted, permits a rate of return on common equity of 9.0%, and an &#34;Earnings Sharing Mechanism&#34; that provides for Corning Gas to retain all earnings above 9.00% up to and including 9.50%, and for customers to retain 50% of the earnings above 9.50% up to and including 10.00%, 75% of earnings above 10.00% up to and including 10.50%, and 90% of earnings above 10.50%.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The 2017 Joint Proposal, as adopted, provides true-ups for property taxes, pension costs, and plant additions and continues performance metrics for safety and customer satisfaction from the prior rate case. Although the stringency of certain performance measures and the amount of certain negative revenue adjustments for failure to meet specific standards are increased, the 2017 Joint Proposal, as approved by the June 2017 Order, also provides opportunities for positive revenue adjustments for exceeding applicable standards with regard to certain measures. Because the June 2017 Order approving the 2017 Joint Proposal was issued after the June 1, 2017 commencement of Rate Year 1 of the three-year rate plan and new rates did not go into effect until July 1, 2017, the 2017 Order provided for each of the Gas Company and its customers to be placed in the same position in which they would have been if the new rates had gone into effect as of June 1, 2017. Any resulting revenue adjustments in favor of the Gas Company are deferred for future recovery, with interest.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 11 &#8211; Segment Reporting</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s reportable segments have been determined based upon the nature of the products and services offered, customer base, availability of discrete internal financial information, homogeneity of products, delivery channel and other factors. The Company recognized these segments based on the acquisition of Pike during August 2016. Prior to the acquisition, the Company was reported as one segment which is why this disclosure is not comparative for the three and nine months ended June 30, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Gas Company is a gas distribution company providing gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. Pike provides electricity and natural gas to Pike County, Pennsylvania. The Holding Company is the parent company of all subsidiaries and has a 50% ownership in the Leatherstocking joint ventures. Corning Natural Gas Appliance Company information is presented with the Holding Company as it has little activity.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table reflects the results of the segments consistent with the Holding Company&#8217;s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments for the three months and nine months ended June 30, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="10" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 111.9pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Three months ended June 30, 2017</font></td></tr> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Gas Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -28.1pt; padding-left: 75.85pt; text-indent: -5.6pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pike</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -14.15pt; padding-left: 8.2pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Holding Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 21.5pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total Consolidated</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total electric utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 1,896,466 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,896,466 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total gas utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$4,768,313 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 182,870 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$4,951,183 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment income</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 26,451 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$26,451 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Equity investment loss</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(64,747) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(64,747) </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Net income (loss)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 78,930 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 185,838 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(76,875)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$184,893 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Income tax expense (benefit)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 48,125</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$124,950</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(47,577) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$125,498</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Interest expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 307,856</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$121,643</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$48,045</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$477,544</font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Depreciation expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 429,821 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$112,881 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$542,702 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 384,141 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$139,251&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$523,392 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total assets</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$78,623,339 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$23,189,852 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,132,028 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$104,945,219 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Capital expenditures </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 1,167,790 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$280,273&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,448,063 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td></tr> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="10" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 107.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine <font style="color: Black">months ended June 30, 2017</font></font></td></tr> <tr> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -5.6pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Gas Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -4.7pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Pike</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Holding Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -5.65pt; padding-left: 9.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#160;Total Consolidated</font></td> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total electric utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$5,833,023 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$5,833,023 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total gas utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$17,950,594 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,120,653 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$19,071,247 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment income</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$95,977 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$95,977 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Equity investment loss</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(61,149) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(61,149) </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Net income (loss)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,753,441 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$720,520 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(159,891)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$2,314,070 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Income tax expense (benefit)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,021,943</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$415,221</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(98,842) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,338,322</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Interest expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$869,814</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$371,139</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$142,012</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,382,965</font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Depreciation expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,280,453 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$321,460 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,601,913 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$787,225 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$189,332 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$976,557 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total assets</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$78,623,339 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$23,189,852 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,132,028 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$104,945,219 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Capital expenditures </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,553,948 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$315,635 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$17,725 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,887,308 </font></td></tr></table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Components of Net Periodic Benefit Cost:</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Pension Benefits</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Service Cost</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110,025</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">89,391</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">330,073</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268,174</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest Cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">225,193</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">244,467</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">675,579</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">733,401</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected return on plan assets</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(278,978</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(257,190</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(836,932</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(771,569</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of prior service cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">655</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,794</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,967</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,381</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of net (gain) loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">256,754</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">168,066</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,262</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">504,199</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net period benefit cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">313,649</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246,528</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">940,949</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">739,586</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Other Benefits</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center">Nine <font style="font: 10pt Times New Roman, Times, Serif"> Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Service Cost</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,285</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,831</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,855</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,494</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest Cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,774</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,606</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35,324</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">37,817</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected return on plan assets</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of prior service cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">887</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">887</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,660</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,660</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of net (gain) loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,412</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,236</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net period benefit cost</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,358</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,324</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64,075</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54,971</font></td><td style="padding-bottom: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Fair value of assets and liabilities measured on a recurring basis at June 30, 2017 and September 30, 2016 are as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair Value Measurements at Reporting Date Using:</u></font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Level 2</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Level 3</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Available-for-sale securities</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-decoration: underline; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2016</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Available-for-sale securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">A summary of the marketable securities at June 30, 2017 and September 30, 2016 is as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Cost Basis</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Unrealized Gain</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Unrealized Loss</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Market Value</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2017</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash and equivalents</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">109,630</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">109,630</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Metlife stock value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,164</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,164</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Government and agency bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">402,560</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,665</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394,895</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Corporate bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290,566</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,607</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">289,959</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Mutual funds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,204</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,002</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,206</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Holding Company Preferred A Stock</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">938,625</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">177,845</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,116,470</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Total securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,999,624</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">178,847</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,272</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,169,199</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;September 30, 2016</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash and equivalents</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,408</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,408</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Metlife stock value</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,185</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,185</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Government and agency bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">392,969</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,859</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">397,828</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Corporate bonds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">283,655</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,983</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">280,672</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Mutual funds</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,624</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,206</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39,418</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Holding Company Preferred A Stock</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,875</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,035,809</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">163,903</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;&#160;&#160;</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,199,712</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.75pt"><font style="font: 10pt Times New Roman, Times, Serif">Total securities</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,058,525</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">168,762</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,189</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220,098</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Realized gains included in earnings for the periods reported in investment income are as follows:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Investment Income</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended June 30,</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="7" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended June 30,</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total realized gains (losses) included in earnings</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,312</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,477</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,859</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64,100</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table represents the Holding Company&#8217;s investment activity in the Joint Ventures for the nine months ended June 30, 2017 and June 30, 2016:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Beginning balance in investment in joint ventures</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,583,581</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,293,252</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment in joint ventures</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">205,000</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">150,000</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Income (loss) in joint ventures</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(61,149)</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,120</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,727,432</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,494,372</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"><tr style="vertical-align: bottom"><td colspan="5" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Income tax expense for the nine months ended June 30 is as follows:</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">$-</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">$-</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td colspan="9" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Actual income tax expense differs from the expected tax expense (computed by applying the</font></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt; width: 56%"><font style="font: 10pt Times New Roman, Times, Serif">federal corporate tax rate of 34% before income tax expense) as follows:</font></td><td style="color: Black; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; width: 8%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="color: Black; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: Black; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected federal tax expense</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,241,813</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,276,236</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">State tax expense (net of federal)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">193,273</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">257,124</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other, net</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(96,764</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(274,986</font></td><td style="padding-bottom: 1pt; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Actual tax expense</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,338,322</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258,374</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pro forma unaudited condensed consolidated financial information for the three and nine months ended June 30, 2016 give effect as if the acquisition occurred on October 1, 2015 of the respective year:</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three months Ended</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2016</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June 30, 2016</font></td></tr> <tr style="vertical-align: bottom"> <td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,886,061</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 8%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,415,048</font></td><td style="width: 1%; font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net Income</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">189,574</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,210,262</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Per share</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.06</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.08</font></td><td style="font: 10pt Calibri, Helvetica, Sans-Serif; color: Black; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table reflects the results of the segments consistent with the Holding Company&#8217;s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments for the three months and nine months ended June 30, 2017.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="10" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 111.9pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Three months ended June 30, 2017</font></td></tr> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Gas Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -28.1pt; padding-left: 75.85pt; text-indent: -5.6pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pike</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -14.15pt; padding-left: 8.2pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Holding Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 21.5pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total Consolidated</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total electric utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 1,896,466 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,896,466 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total gas utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$4,768,313 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 182,870 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$4,951,183 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment income</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 26,451 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$26,451 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Equity investment loss</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(64,747) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(64,747) </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Net income (loss)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 78,930 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 185,838 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(76,875)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$184,893 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Income tax expense (benefit)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 48,125</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$124,950</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(47,577) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$125,498</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Interest expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 307,856</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$121,643</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$48,045</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$477,544</font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Depreciation expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 429,821 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$112,881 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$542,702 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 384,141 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$139,251&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$523,392 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total assets</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$78,623,339 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$23,189,852 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,132,028 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$104,945,219 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Capital expenditures </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$ 1,167,790 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$280,273&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,448,063 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td></tr> <tr> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="10" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 107.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Nine <font style="color: Black">months ended June 30, 2017</font></font></td></tr> <tr> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding: 0.75pt 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -5.6pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Gas Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -4.7pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Pike</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Holding Company</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: -5.65pt; padding-left: 9.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;&#160;Total Consolidated</font></td> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total electric utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$5,833,023 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$5,833,023 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total gas utility revenue</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$17,950,594 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,120,653 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$19,071,247 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Investment income</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$95,977 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$95,977 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Equity investment loss</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(61,149) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(61,149) </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Net income (loss)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,753,441 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$720,520 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(159,891)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$2,314,070 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Income tax expense (benefit)</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,021,943</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$415,221</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$(98,842) </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,338,322</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Interest expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$869,814</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$371,139</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$142,012</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,382,965</font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Depreciation expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,280,453 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$321,460 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$1,601,913 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization expense</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$787,225 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$189,332 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$0&#160;&#160;&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$976,557 </font></td></tr> <tr style="background-color: White"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Total assets</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$78,623,339 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$23,189,852 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,132,028 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$104,945,219 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;</font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">Capital expenditures </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,553,948 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$315,635 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$17,725 </font></td> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: Black">&#160;$3,887,308 </font></td></tr></table> 293116 293116 EX-101.SCH 3 cnig-20170630.xsd 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Income (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - Consolidated Statement of Changes in Common Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000008 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Pension and Other Post-retirement Benefit Plans link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Financing Activities link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Leatherstocking Companies link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Effective Tax Rate link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Pike County Light & Power link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Preferred Stock link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Rate Case link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Pension and Other Post-retirement Benefit Plans (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Fair Value of Financial Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Leatherstocking Companies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Effective Tax Rate (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Pike County Light & Power (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Basis of Presentation (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Pension and Other Post-retirement Benefit Plans (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Financing Activities (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Fair Value of Financial Instruments (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Fair Value of Financial Instruments (Summary of Marketable Securities) (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Fair Value of Financial Instruments (Schedule of Gains Included in Earnings) (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Shareholders' Equity (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Leatherstocking Companies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Leatherstocking Companies (Schedule of Investment Activity in Joint Ventures) (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Effective Tax Rate (Schedule of Deferred and Current Income Tax Expense) (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Effective Tax Rate (Schedule of Income Tax Reconciliation) (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Pike County Light & Power (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Pike County Light & Power (Summary of Acqusition occurred) (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Preferred Stock (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Rate Case (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 cnig-20170630_cal.xml EX-101.DEF 5 cnig-20170630_def.xml EX-101.LAB 6 cnig-20170630_lab.xml Measurement Frequency [Axis] Recurring [Member] Measurement Basis [Axis] Fair Value [Member] Fair Value, Hierarchy [Axis] Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) [Member] Level 2 [Member] Level 3 [Member] Investment Type [Axis] Cash and equivalents [Member] MetLife stock value [Member] Government and agency bonds [Member] Corporate bonds [Member] Equity Securities [Member] Mutual Funds [Member] Holding Company Preferred A Stock [Member] Debt Instrument [Axis] Multiple Disbursement Note [Member] Lender Name [Axis] M&T [Member] Financing Receivable Portfolio Segment [Axis] Gas Company [Member] Investment, Name [Axis] Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member] Pike [Member] Holding Company [Member] Equity Components [Axis] Common Stock [Member] Additional Paid in Capital [Member] Retained Earnings [Member] Accumulated Other Comprehensive Income [Member] Class of Stock [Axis] Series B Convertible Preferred Stock [Member] Retirement Plan Name [Axis] Other Benefits [Member] Pension Benefits [Member] Post-retirement Benefits [Member] Community Bank [Member] Credit Facility [Axis] Community Bank line of credit [Member] Pike County Light & Power Company [Member] Business Acquisition [Axis] O&R [Member] Variable Rate [Axis] LIBOR [Member] Ninety Days LondonInter bank Offered Rate LIBOR [Member] Range [Axis] Maximum [Member] Minimum [Member] M&T Letters of credit limit [Member] Pike Agreement with M&T [Member] Collateral security obligations [Member] M&T Line of Credit [Member] Series A Cumulative Preferred Stock [Member] Title Of Individual [Axis] Carl T. Hayden [Member] Credit Agreement with M&T Bank [Member] Series B Cumulative Preferred Stock [Member] Michael German [Member] Term Note and Agreement [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Year [Axis] Year May 31, 2019 [Member] Year May 31, 2020 [Member] Year May 31, 2018 [Member] Plan Name [Axis] 2007 Stock Plan [Member] Dividend Reinvestment Plan [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Plant: Utility property, plant and equipment Less: accumulated depreciation Total plant utility and non-utility, net Investments: Marketable securities available-for-sale at fair value Investment in joint ventures Total Investments Current assets: Cash and cash equivalents Customer accounts receivable, (net of allowance for uncollectible accounts of $40,019 and $30,417, respectively) Acquisition receivable Unbilled revenues Related party receivables Gas stored underground, at average cost Materials and supplies inventory Prepaid expenses Total current assets Deferred income taxes Regulatory and other assets: Regulatory assets: Unrecovered gas costs Deferred regulatory costs Deferred pension Other Total deferred debits and other assets Total assets Liabilities and capitalization: Long-term debt, less current installments Less: debt issuance costs Total long-term debt Current liabilities: Current portion of long-term debt Borrowings under lines-of-credit and short term debt Accounts payable Accrued expenses Customer deposits and accrued interest Dividends declared Current income taxes Total current liabilities Deferred credits and other liabilities: Deferred income taxes Deferred compensation Pension costs and post-retirement benefits Redeemable preferred stock - Series A (Authorized 255,500 shares, issued and outstanding 140,000 and 105,303 shares at June 30, 2017 and September 30, 2016, respectively) Other Total deferred credits and other liabilities Commitments and contingencies Temporary equity: Redeemable preferred stock - Series B (Authorized 244,500 shares, issued and outstanding 244,263 shares at June 30, 2017 and September 30, 2016) Common stockholders' equity: Common stock (common stock $.01 par value per share. Authorized 3,500,000 shares; issued and outstanding 2,992,533 shares at June 30, 2017 and 2,974,606 at September 30, 2016) Other paid-in capital Retained earnings Accumulated other comprehensive loss Total common stockholders' equity Total liabilities and capitalization Allowance for uncollectible accounts Common stockholders' equity Redeemable preferred stock - Series A, authorized shares Redeemable preferred stock - Series A, shares issued Redeemable preferred stock - Series A, shares outstanding Redeemable preferred stock - Series B, authorized shares Redeemable preferred stock - Series B, shares issued Redeemable preferred stock - Series B, shares outstanding Common stock, par value Common stock, authorized shares Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Utility operating revenues Gas operating revenues Electric operating revenues Total utility operating revenues Cost of Sales Gas purchased Electricity purchased Total cost of sales Gross margin Cost and expense Operating and maintenance expense Taxes other than income taxes Depreciation Other deductions, net Total costs and expenses Utility operating income Other income and (expense) Interest expense Other income and (expense) Other income Investment income and (expense) Bargain purchase Gain from joint ventures Rental income Net income from utility operations, before income taxes Income taxes Income tax (expense), current Income tax (expense), deferred Total income taxes Net income Less Preferred B Dividends Net income attributable to common shareholders Weighted average earnings per share- basic: diluted: Average shares outstanding - basic Average shares outstanding - diluted Net income Other comprehensive income (loss) Pension adjustment, net of tax Net unrealized gain (loss) on securities available for sale net of tax of $(682), $23,216, $2,272 and $33,208, respectively Total other comprehensive income Total comprehensive income Net unrealized gain (loss) on securities available for sale, tax Statement [Table] Statement [Line Items] Beginning Balance Beginning Balance shares Issuance of common stock Issuance of common stock, shares Dividends declared on common Dividends declared on Preferred B Shares Comprehensive income: Change in unrealized gain on securities available for sale, net of income taxes Ending Balance Ending Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Amortization of debt issuance cost Non-cash pension expenses Regulatory asset amortizations Stock issued for services and stock option expense Loss (Gain) on sale of marketable securities Deferred income taxes Bad debt expense Undistributed loss (earnings) on joint ventures Changes in assets and liabilities: (Increase) decrease in: Accounts receivable Unbilled revenue Gas stored underground Materials and supplies inventories Prepaid expenses Unrecovered gas costs Deferred regulatory costs Other Increase (decrease) in: Accounts payable Accrued expenses Customer deposits and accrued interest Deferred compensation Deferred pension costs & post-retirement benefits Other liabilities and deferred credits Net cash provided by operating activities Cash flows from investing activities: Purchase of securities available-for-sale Sale of securities available-for-sale Collection of acquisition receivable Amount received from (paid to) related parties Investment in joint ventures Capital expenditures Net cash used in investing activities Cash flows from financing activities: Repayment of lines-of-credit Debt issuance cost expense Cash received from sale of stock Proceed from sale of Preferred A Shares Proceed from sale of Preferred B Dividends paid Proceeds under long-term debt Repayment of long-term debt Net cash (used in) provided by financing activities Proceeds under lines-of-credit and short-term debt Repayment of short-term debt Net (decrease) increase in cash Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosures of cash flow information: Cash paid during the period for: Interest Income taxes Non-cash financing activities: Non-cash financing activities: Dividends paid with shares Number of shares issued for dividends Basis Of Presentation Basis of Presentation [Abstract] Basis of Presentation Pension And Other Post-retirement Benefit Plans Pension and Other Post-retirement Benefit Plans [Abstract] Pension and Other Post-retirement Benefit Plans Financing Activities Financing Activities [Abstract] Financing Activities Fair Value Of Financial Instruments Fair Value of Financial Instruments [Abstract] Fair Value of Financial Instruments Shareholders Equity Shareholders' Equity Note [Abstract] Shareholders' Equity Leatherstocking Companies Leatherstocking Companies [Abstract] Leatherstocking Companies Effective Tax Rate Effective Tax Rate [Abstract] Effective Tax Rate Pike County Light Power Pike County Light & Power [Abstract] Pike County Light & Power Preferred Stock Preferred Stock [Abstract] Preferred Stock Rate Case [Abstract] Rate Case Segment Reporting [Abstract] Segment Reporting Pension And Other Post-retirement Benefit Plans Tables Schedule of components of net periodic benefit cost Schedule of reconciliation of pension and post-retirement benefit plans Schedule of fair value of plan assets Schedule of amortization of unrecognized net (gain)/loss Schedule of weighted average assumptions used to determine net period cost Schedule of estimated pension plan payments Fair Value Of Financial Instruments Tables Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis Summary of Marketable Securities Schedule of Gains Included in Earnings Leatherstocking Companies Tables Schedule of investment in joint ventures Effective Tax Rate Tables Schedule of Income Tax Expense Schedule of Reconciliation of Income Tax Schedule of Deferred Income Tax Assets and Liabilities Pike County Light Power Tables Business Combinations [Abstract] Schedule of Pro forma unaudited condensed consolidated financial information Schedule of results of the segments consistent with the Holding Company's internal financial reporting process New Accounting Pronouncements or Change in Accounting Principle [Table] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Adjustments for New Accounting Pronouncements [Axis] Scenario [Axis] Ownership percentage of joint venture Debt issuance costs reclassified Schedule of Defined Benefit Plans Disclosures [Table] Defined Benefit Plan Disclosure [Line Items] Components of net period benefit cost (benefit): Service Cost Interest Cost Expected return on plan assets Amortization of prior service cost Amortization of net (gain) loss Net period benefit cost Pension expense Other post-retirement benefit expense (benefit) Expected contributions, 2017 Company contributions Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Face amount of debt Interest rate, spread on basis Interest rate, variable rate basis Maturity date Short-term Debt Debt outstanding Number of loans after consolidation Tangible net worth ratio Debt to EBITDA ratio Interest rate (as a percent) Effective interest rate Interest rate adjustment period Number of monthly installments Periodic principal payment amount Collateral pledged amount Interest term for debt Amortization period Line of credit, maximum borrowing capacity Line of credit outstanding Effective interest rate Debt to tangible net worth ratio that must be maintained Debt Service Coverage Ratio Number of loan signed Long term debt Current portion of long term debt Term period Periodic payment amount, interest Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Available-for-sale securities Schedule of Available-for-sale Securities [Table] Schedule of Available-for-sale Securities [Line Items] Marketable Securities Cost Basis Unrealized Gain Unrealized Loss Market Value Total realized gains (losses) included in earnings Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Table] Subsidiary, Sale of Stock [Line Items] Title of Individual [Axis] Shares issued in private placement Proceeds from private placement Shares issued for services Value of shares issued under DRIP Shares issued for stock-based director compensation Shares issued under dividend reinvestment program Dividends payable, amount per share Number of previous antidilutive securities added to calculation of diluted earnings per share Reserve of shares of common stock for issuance Dividends rate, Preferred stock Liquidation preference per share Anti-dilutive shares Options exercised Quarterly Dividend Shares authorized under dividend reinvestment program Par value of common stock Dividends payable Dividends paid Dividends payable Total shares issued since the program started Dividends rate, Common stock Shares issued Conversion of shares Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Related Party [Axis] Borrowings under lines-of-credit and short-term debt Agreement amount Investments as a percentage of total amount borrowed Amount drawn on agreement Loan period Remaining agreement amount Purchase of gas main, meter, heater, and regulatory station Note amount Investment received Total investments in joint venture Stated interest rate Combined assets Combined liabilties Combined net Income Franchises purchased Number Of Customers Percentage of borrowings required to be invested Investment in joint ventures during year Proceeds from Lines of Credit Length of gasline Payments to acquire oil and gas property and equipment Proceeds from contributions Proceeds from debt and investment Equity Method Investments and Joint Ventures [Abstract] Beginning balance in investment in joint ventures Investment in joint ventures Income (loss) in joint ventures Ending balance in joint ventures Income Tax Disclosure [Abstract] Current Deferred Total income taxes Federal corporate tax rate Expected federal tax expense State tax expense (net of federal) Other, net Total income taxes Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Line Items] Customers Purchase price Working Captial adjustment Final working captial adjustment Acquisition receivable Bonds assumed Agreements term Number of renewal terms Agreements renewal term Term loan Borrowing amount Paid-in cash Redemption of bonds Percentage of repurchase bonds Equity interests issued Shares subscription rights Dividend rate (as a percent) Number of shares repurchased Revenue Net income Net income per share Subscription rights offering Subscription rights expiration date Subscription rights distribution basis Subscription rights covered by form s-1 Shares purchased Dividend Amortization of the Series A debt issuance costs Interest rate Shares which may be purchased by one subscription right Preferred stock par value per share Subscription exercise price per share Subscription right descriptipn Subscribed shares Proceeds from subscription rights Issuance costs Net proceeds from subscription rights Amount applied to line of credit to gas company Cumulative dividends accrued Dividends accrue date Common stock conversion ratio Issuance costs accreted until conversion Accretion Expense Additional shares subscribed Additional shares subscribed, per share Proceeds from subscription of shares Increase in revenues from gas delivery service Total bill impacts on customers, percentage Return on equity, percentage Pro-forma equity ratios Cost includes in levelized base rates Incremental cost Total electric utility revenue Total gas utility revenue Investment income Equity investment (loss) Net income (loss) Income tax expense (benefit) Interest expense Depreciation expense Amortization expense Total assets Capital expenditures Additional shares subscribed. Additional shares subscribed, per share. Amortization of the Series A debt issuance costs Cash Paid During Period For [Abstract]. Cash received from sale of Series B preferred stock, net of issuance costs. Cash received from sale of Series A preferred stock, net of issuance costs. Collateral Security Obligations [Member] Common stock dividend payable. Information pertaining to investment holdings in common stock. Represents the information pertaining to Community Bank. Costs included in levelized base rates for a public utility. Credit Agreement With M and T Bank [Member] Cumulative dividends accrued. The current portion of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings and related accrued interest payable. Represents the required cash flow coverage ratio that must be maintained per the debt agreement. Represents the required debt to EBITDA ratio that must be maintained per the debt agreement. Represents the interest term for debt. Represents the interest rate adjustment period for debt instrument. Represents the number of loans after consolidation as of date. Represents the number of loan signed. Represents the number of monthly installments during the reporting period. The required debt service coverage ratio that must be maintained per the debt agreement. The required debt to tangible net worth ratio that must be maintained per the debt agreement. Dividend The expiration date of the subscription rights, in CCYY-MM-DD format. Gas Company [Member] The change in customer deposits and accrued interest. Represents the investments as a percentage of total amount borrowed. Issuance costs accreted until conversion. Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member] Length Of Gasline. Letters of Credit Limit [Member] M and T Line of Credit [Member] Represents the information pertaining to Manufacturers and Traders Trust Company. Represents the information pertaining to multiple disbursement note. Information pertaining to investments held in mutual funds and classified as available for sale securities. Net proceeds from subscription rights. Represents the ninety days interest rate at which a bank borrows funds from other banks in the London interbank market. Number Of Customers Orange and Rockland Utilities, Inc. [Member] Percentage Of Borrowings Required To Be Invested Pike Agreement With Mand T [Member] Pike County Light &amp;amp;amp; Power Company [Member] Pike [Member] Proceeds from subscription rights. The quarterly per share amount of dividends to be paid to shareholders of record. The entire disclosure relating to rate case. Rights Offering [TextBlock] Outstanding nonredeemable preferred class A stock upon which unpaid dividends accumulate until paid to shareholders. Classified within stockholders'' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Outstanding nonredeemable preferred class B stock that may be exchanged into common shares or other types of securities at the owner''s option. SeriesB Cumulative Preferred Stock [Member] Number of shares registered and authorized under the dividend reinvestment program. Ratio for the conversion of subscription rights. Subscription right descriptipn. Subscription rights covered by form s-1. Subscription rights distribution basis. Tangible net worth ratio Total shares issued since the program started. Unbilled Revenue Unbilled Revenues Information presented by year. Year [Domain] Year May Thirty One Two Thousand Eighteen [Member] Year May Thirty One Two Thousand Nighteen [Member] Year May Thirty One Two Thousand Twenty [Member] Term Note and Agreement [Member] New York State Public Service Commission [Member] Business combination working capital adjustment. Final working captial adjustment. Term of the agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Represents the information pertaining to number of renewal terms. Term of renewal for the agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. 2007 Stock Plan [Member] Dividend Reinvestment Plan [Member] Number of previous antidilutive securities added to calculation of diluted earnings per share. Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Net Investment Owned, at Fair Value Assets, Current Regulated Entity, Other Assets, Noncurrent Debt Issuance Costs, Line of Credit Arrangements, Net Liabilities, Noncurrent Liabilities, Current Deferred Tax Liabilities, Net, Noncurrent Other Liabilities, Noncurrent Stockholders' Equity Attributable to Parent Liabilities and Equity Electric and Gas Revenue Gross Profit Operating Expenses Operating Income (Loss) Other Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Preferred Stock Dividends and Other Adjustments Net Income (Loss) Available to Common Stockholders, Basic Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent Dividends, Common Stock, Cash Dividends, Preferred Stock, Cash Gain (Loss) on Sale of Investments Deferred Income Taxes and Tax Credits Increase (Decrease) in Accounts Receivable Increase (Decrease) in Fuel Inventories Increase (Decrease) in Raw Materials, Packaging Materials and Supplies Inventories Increase (Decrease) in Prepaid Expense Increase (Decrease) in Deferred Gas Cost Increase (Decrease) in Other Regulatory Assets Increase (Decrease) in Other Operating Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Customer Deposits and Accrued Interest Increase (Decrease) in Deferred Compensation Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Available-for-sale Securities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Payments of Debt Issuance Costs Payments of Dividends Repayments of Long-term Debt Repayments of Short-term Debt Cash and Cash Equivalents, Period Increase (Decrease) Income Taxes Paid, Net Debt Disclosure [Text Block] Equity Method Investments and Joint Ventures Disclosure [Text Block] Income Tax Disclosure [Text Block] RightsOfferingTextBlock Defined Benefit Plan, Expected Return (Loss) on Plan Assets Defined Benefit Plan, Amortization of Gain (Loss) Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Line of Credit Facility, Interest Rate at Period End Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Business Acquisition, Pro Forma Net Income (Loss) EX-101.PRE 7 cnig-20170630_pre.xml EX-31 8 exhibit_31_2.htm

Exhibit 31.2 

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

17 CFR SECTION 240.13a-14(a)

 

I, Firouzeh Sarhangi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Corning Natural Gas Holding Corporation for the period ending December 31, 2016;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2017

 

/s/ Firouzeh Sarhangi

Firouzeh Sarhangi, Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

EX-31 9 exhibit31_1.htm

Exhibit 31.1 

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

17 CFR SECTION 240.13a-14(a)

               

  I, Michael I. German, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Corning Natural Gas Holding Corporation for the period ending March 31, 2017;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2017

 

/s/ Michael I. German

Michael I. German, Chief Executive Officer and President

(Principal Executive Officer)

 

EX-32 10 exhibit32_1.htm

Exhibit 32.1 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the filing of the Quarterly Report of Corning Natural Gas Holding Corporation (the “Company”) on Form 10-Q for the period ending March 31, 2017 (the “Report”) with the Securities and Exchange Commission, I, Michael I. German, Chief Executive Officer and President of the Company and I, Firouzeh Sarhangi, Chief Financial Officer and Treasurer of the Company, certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Company for such period.

 

Dated: August 14, 2017

 

 

/s/ MICHAEL I. GERMAN                                       

Michael I. German, Chief Executive Officer and President

(Principal Executive Officer)

 

 

 

 

/s/ FIROUZEH SARHANGI                                                                                 

Firouzeh Sarhangi, Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

XML 11 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
9 Months Ended
Jun. 30, 2017
Aug. 14, 2017
Document And Entity Information    
Entity Registrant Name Corning Natural Gas Holding Corp  
Entity Central Index Key 0001582244  
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,992,533
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Plant:    
Utility property, plant and equipment $ 104,501,316 $ 100,550,221
Less: accumulated depreciation (24,384,188) (22,718,488)
Total plant utility and non-utility, net 80,117,128 77,831,733
Investments:    
Marketable securities available-for-sale at fair value 2,169,199 2,220,098
Investment in joint ventures 2,727,432 2,583,581
Total Investments 4,896,631 4,803,679
Current assets:    
Cash and cash equivalents 117,217 3,808,968
Customer accounts receivable, (net of allowance for uncollectible accounts of $40,019 and $30,417, respectively) 3,574,201 2,957,689
Acquisition receivable 0 724,554
Unbilled revenues 992,173 976,250
Related party receivables 0 172,476
Gas stored underground, at average cost 878,881 903,007
Materials and supplies inventory 1,339,413 1,409,207
Prepaid expenses 2,061,445 1,580,598
Total current assets 8,963,330 12,532,749
Regulatory assets:    
Unrecovered gas costs 601,456 718,705
Deferred regulatory costs 3,123,640 3,596,302
Deferred pension 6,297,895 6,297,895
Other 945,139 811,095
Total deferred debits and other assets 10,968,130 11,423,997
Total assets 104,945,219 106,592,158
Liabilities and capitalization:    
Long-term debt, less current installments 31,918,051 31,295,781
Less: debt issuance costs (350,883) (412,316)
Total long-term debt 31,567,168 30,883,465
Current liabilities:    
Current portion of long-term debt 4,232,828 5,558,156
Borrowings under lines-of-credit and short term debt 6,388,390 8,181,499
Accounts payable 3,088,307 3,321,522
Accrued expenses 569,708 651,744
Customer deposits and accrued interest 386,103 1,654,684
Dividends declared 464,506 434,383
Current income taxes 0 10,000
Total current liabilities 15,129,842 19,811,988
Deferred credits and other liabilities:    
Deferred income taxes 6,931,380 5,639,619
Deferred compensation 1,339,523 1,453,782
Pension costs and post-retirement benefits 8,275,258 8,513,971
Redeemable preferred stock - Series A (Authorized 255,500 shares, issued and outstanding 140,000 and 105,303 shares at June 30, 2017 and September 30, 2016, respectively) 3,500,000 2,632,575
Other 292,623 946,282
Total deferred credits and other liabilities 20,338,784 19,186,229
Commitments and contingencies 0 0
Temporary equity:    
Redeemable preferred stock - Series B (Authorized 244,500 shares, issued and outstanding 244,263 shares at June 30, 2017 and September 30, 2016) 4,932,777 4,920,314
Common stockholders' equity:    
Common stock (common stock $.01 par value per share. Authorized 3,500,000 shares; issued and outstanding 2,992,533 shares at June 30, 2017 and 2,974,606 at September 30, 2016) 29,925 29,746
Other paid-in capital 26,996,229 26,763,476
Retained earnings 5,849,597 4,901,774
Accumulated other comprehensive loss 100,897 95,166
Total common stockholders' equity 32,976,648 31,790,162
Total liabilities and capitalization $ 104,945,219 $ 106,592,158
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Current assets:    
Allowance for uncollectible accounts $ 40,019 $ 30,417
Common stockholders' equity    
Redeemable preferred stock - Series A, authorized shares 255,500 255,500
Redeemable preferred stock - Series A, shares issued 140,000 105,303
Redeemable preferred stock - Series A, shares outstanding 140,000 105,303
Redeemable preferred stock - Series B, authorized shares 244,500 244,500
Redeemable preferred stock - Series B, shares issued 244,263 244,263
Redeemable preferred stock - Series B, shares outstanding 244,263 244,263
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized shares 3,500,000 3,500,000
Common stock, shares issued 2,992,533 2,974,606
Common stock, shares outstanding 2,992,533 2,974,606
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Utility operating revenues        
Gas operating revenues $ 4,951,183 $ 3,864,061 $ 19,071,247 $ 16,546,048
Electric operating revenues 1,896,466 0 5,833,023 0
Total utility operating revenues 6,847,649 3,864,061 24,904,270 16,546,048
Cost of Sales        
Gas purchased 1,268,479 583,541 5,162,110 3,622,441
Electricity purchased 618,212 0 1,957,459 0
Total cost of sales 1,886,691 583,541 7,119,569 3,622,441
Gross margin 4,960,958 3,280,520 17,784,701 12,923,607
Cost and expense        
Operating and maintenance expense 2,965,040 1,956,394 9,322,489 5,565,018
Taxes other than income taxes 495,154 496,953 1,531,248 1,503,331
Depreciation 542,702 436,679 1,601,913 1,283,791
Other deductions, net 127,645 115,213 392,876 332,641
Total costs and expenses 4,130,541 3,005,239 12,848,526 8,684,781
Utility operating income 830,417 275,281 4,936,175 4,238,826
Other income and (expense)        
Interest expense (477,544) (170,055) (1,382,965) (642,450)
Other income and (expense) (16,324) (14,464) 27,940 25,048
Investment income and (expense) 26,451 19,687 95,977 94,678
Gain from joint ventures (64,747) (30,733) (61,149) 1,120
Rental income 12,138 12,138 36,414 36,414
Net income from utility operations, before income taxes 310,391 91,854 3,652,392 3,753,636
Income taxes        
Income tax (expense), current 0 0 0 0
Income tax (expense), deferred (125,498) (30,280) (1,338,322) (1,258,374)
Total income taxes (125,498) (30,280) (1,338,322) (1,258,374)
Net income 184,893 61,574 2,314,070 2,495,262
Less Preferred B Dividends (60,821) 0 (182,953) 0
Net income attributable to common shareholders $ 124,072 $ 61,574 $ 2,131,117 $ 2,495,262
Weighted average earnings per share-        
basic: $ 0.04 $ 0.02 $ 0.71 $ 0.84
diluted: $ 0.04 $ 0.02 $ 0.70 $ 0.84
Average shares outstanding - basic 2,990,073 2,966,896 2,983,937 2,960,929
Average shares outstanding - diluted 2,990,073 2,966,896 3,277,053 2,960,929
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Net income $ 184,893 $ 61,574 $ 2,314,070 $ 2,495,262
Net unrealized gain (loss) on securities available for sale net of tax of $(682), $23,216, $2,272 and $33,208, respectively (1,002) 33,271 5,731 47,590
Total other comprehensive income (1,002) 33,271 5,731 47,590
Total comprehensive income $ 183,891 $ 94,845 $ 2,319,801 $ 2,542,852
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Net unrealized gain (loss) on securities available for sale, tax $ (682) $ 23,216 $ 2,272 $ 33,208
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statement of Changes in Common Stockholders' Equity (Unaudited) - 9 months ended Jun. 30, 2017 - USD ($)
Common Stock [Member]
Additional Paid in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income [Member]
Total
Beginning Balance at Sep. 30, 2016 $ 29,746 $ 26,763,476 $ 4,901,774 $ 95,166 $ 31,790,162
Beginning Balance shares at Sep. 30, 2016 2,974,606       2,974,606
Issuance of common stock $ 179 232,753 $ 232,932
Issuance of common stock, shares 17,927        
Dividends declared on common (1,183,294) (1,183,294)
Dividends declared on Preferred B Shares (182,953) (182,953)
Comprehensive income:          
Change in unrealized gain on securities available for sale, net of income taxes 5,731 5,731
Net income 2,314,070 2,314,070
Ending Balance at Jun. 30, 2017 $ 29,925 $ 26,996,229 $ 5,849,597 $ 100,897 $ 32,976,648
Ending Balance, shares at Jun. 30, 2017 2,992,533       2,992,533
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 2,314,070 $ 2,495,262
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,601,913 1,283,791
Amortization of debt issuance cost 81,921 61,802
Non-cash pension expenses 653,930 720,121
Regulatory asset amortizations 715,502 219,731
Stock issued for services and stock option expense 111,405 95,393
Loss (Gain) on sale of marketable securities (68,859) (64,100)
Deferred income taxes 1,338,322 1,258,374
Bad debt expense 18,459 53,719
Undistributed loss (earnings) on joint ventures 61,149 (1,120)
(Increase) decrease in:    
Accounts receivable (634,971) (61,983)
Unbilled revenue (15,923)
Gas stored underground 24,126 535,686
Materials and supplies inventories 69,794 14,983
Prepaid expenses (480,847) (299,967)
Unrecovered gas costs 117,249 (223,868)
Deferred regulatory costs (242,840) 52,830
Other (134,044) (277,607)
Increase (decrease) in:    
Accounts payable (233,213) (412,540)
Accrued expenses (82,036) 30,244
Customer deposits and accrued interest (1,268,581) (141,274)
Deferred compensation (114,259) (36,812)
Deferred pension costs & post-retirement benefits (911,480) (723,287)
Other liabilities and deferred credits (723,090) (983,506)
Net cash provided by operating activities 2,197,697 3,595,872
Cash flows from investing activities:    
Purchase of securities available-for-sale (529,662) (1,320,557)
Sale of securities available-for-sale 705,624 1,430,175
Collection of acquisition receivable 724,554
Amount received from (paid to) related parties 172,476 (48,286)
Investment in joint ventures (205,000) (200,000)
Capital expenditures (3,887,308) (4,911,858)
Net cash used in investing activities (3,019,316) (5,050,526)
Cash flows from financing activities:    
Repayment of lines-of-credit (1,793,109) (4,803,599)
Debt issuance cost expense (20,488) (139,179)
Cash received from sale of stock 122,662
Proceed from sale of Preferred A Shares 867,425 2,571,553
Proceed from sale of Preferred B 4,944,564
Dividends paid (1,220,901) (970,220)
Proceeds under long-term debt 4,200,000 2,740,412
Repayment of long-term debt (4,903,059) (758,366)
Net cash (used in) provided by financing activities (2,870,132) 3,707,827
Net (decrease) increase in cash (3,691,751) 2,253,173
Cash and cash equivalents at beginning of period 3,808,968 75,289
Cash and cash equivalents at end of period 117,217 2,328,462
Cash paid during the period for:    
Interest 903,788 641,025
Income taxes 46,500 149,971
Non-cash financing activities:    
Dividends paid with shares $ 120,136 $ 111,728
Number of shares issued for dividends 6,614 7,291
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis of Presentation
9 Months Ended
Jun. 30, 2017
Basis of Presentation [Abstract]  
Basis of Presentation

Note 1 – Basis of Presentation

 

Corning Natural Gas Holding Corporation (“Holding Company”) was incorporated in New York in July 2013 to serve as a holding company for Corning Natural Gas Corporation (the “Gas Company” or “Corning Gas”) and its dormant subsidiary Corning Natural Gas Appliance Corporation (“Appliance Company”). The Holding Company has 50% ownership interests in our joint ventures Leatherstocking Gas Company, LLC (“Leatherstocking Gas”), its subsidiary, Leatherstocking Gas Development Corporation, and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). On August 31, 2016, the Holding Company completed the acquisition of Pike County Light & Power Company (“Pike”). As used in this document, the term “the Company” refers to the consolidated operations of the Holding Company, Gas Company, Appliance Company, and Pike.

 

The information furnished herewith reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to SEC rules and regulations, although the Holding Company believes the disclosures which are made are adequate to make the information presented not misleading.

 

The consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Holding Company’s latest annual report on Form 10-K for the fiscal year ended September 30, 2016 (“Annual Report”), filed on December 29, 2016. These interim consolidated financial statements are unaudited.

 

Our significant accounting policies are described in the notes to the Consolidated Financial Statements in the Holding Company’s Annual Report. It is important to understand that the application of GAAP involves certain assumptions, judgments and estimates that affect reported amounts of assets, liabilities, revenues and expenses. Thus, the application of these principles can have varying results from company to company.

 

Because our business is highly seasonal in nature, sales for each quarter of the year vary and are not comparable. Sales vary depending on seasonal variations in temperature, although the Gas Company’s weather normalization and revenue decoupling clauses that remain in effect pursuant to the June 15, 2017 New York Public Service Commission (“NYPSC”) rate order issued in Case 16-G-0369 and serve to stabilize net revenue by insulating the Gas Company, to an extent, from the effects of unusual temperature variations and conservation. Certain larger customer classes are not covered by weather normalization or revenue decoupling and weather will impact revenue from these classes.

 

It is the Holding Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation.

 

New Accounting Pronouncements Not Yet Adopted

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We do not expect this to have a significant impact on our consolidated financial statements.

 

In July 2015, the FASB issued new accounting guidance simplifying inventory measurement by requiring companies to value inventory at the lower of cost or net realizable value. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.

 

In January 2016, the FASB issued new accounting guidance on the recognition and measurement of financial assets and financial liabilities. The new guidance requires equity investments (except those accounted for under the equity method of accounting or those that request in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early application is not permitted. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.

 

In March 2016, the FASB issued new accounting guidance on investments that qualify for use of the equity method of accounting. The new guidance eliminates the need for retroactive adjustments when qualifying for the equity method. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We do not believe this guidance will have a material effect on our consolidated financial statements when adopted.

 

In March 2016, the FASB issued new guidance regarding share-based payment transactions, including income tax consequence, classification of awards and classification on the statement of cash flows. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. We are still evaluating whether this guidance will have a material effect on our consolidated financial statements when adopted.

 

Adoption of New Accounting Guidance

 

In April 2015, the FASB issued new accounting guidance on the presentation of debt issuance costs. The new guidance requires that debt issuance costs related to a note be presented as a direct deduction from that note. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. We adopted this guidance on October 1, 2016.The debt issuance costs were reclassified to the liabilities on the balance sheet. The amount as of June 30, 2017 and September 30, 2016 was $350,883 and $412,316, respectively.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension and Other Post-retirement Benefit Plans
9 Months Ended
Jun. 30, 2017
Pension and Other Post-retirement Benefit Plans [Abstract]  
Pension and Other Post-retirement Benefit Plans

Note 2 - Pension and Other Post-Retirement Benefit Plans

 

Components of Net Periodic Benefit Cost:

Pension Benefits         
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Service Cost  $110,025   $89,391   $330,073   $268,174 
Interest Cost   225,193    244,467    675,579    733,401 
Expected return on plan assets   (278,978)   (257,190)   (836,932)   (771,569)
Amortization of prior service cost   655    1,794    1,967    5,381 
Amortization of net (gain) loss   256,754    168,066    770,262    504,199 
Net period benefit cost  $313,649   $246,528   $940,949   $739,586 

 

Other Benefits            
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Service Cost  $5,285   $4,831   $15,855   $14,494 
Interest Cost   11,774    12,606    35,324    37,817 
Expected return on plan assets   —      —      —      —   
Amortization of prior service cost   887    887    2,660    2,660 
Amortization of net (gain) loss   3,412    —      10,236    —   
Net period benefit cost  $21,358   $18,324   $64,075   $54,971 

 

For ratemaking and financial statement purposes, pension expense represents the amount approved by the NYPSC in the Gas Company’s most recently approved rate case. Pension expense (benefit) for ratemaking and financial statement purposes was approximately $692,543 for the nine months ended June 30, 2017 and 2016. The difference between the pension expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid pension cost noted above.

 

The NYPSC has allowed the Gas Company to recover incremental costs associated with other post-retirement benefits through rates on a current basis. Other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes was approximately $63,947 for nine months ended June 30, 2017 and 2016. The difference between the other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and is not included in the prepaid cost noted above.

 

Contributions

 

The Gas Company expects to contribute approximately $1,183,628 to its Pension Plan and $74,635 to its other Post Retirement Benefit Plan in fiscal year 2017. A total of $911,480 has been paid to the Pension Plan for the first nine months of this fiscal year.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financing Activities
9 Months Ended
Jun. 30, 2017
Financing Activities [Abstract]  
Financing Activities

Note 3 – Financing Activities

 

On January 27, 2016, the Gas Company entered into an agreement with M&T Bank for a revolving line of credit of $8.0 million at a variable interest rate determined by adding a factor, determined with reference to the Gas Company’s funded debt to EBITDA ratio calculated ninety days after the end of each quarter, to the daily LIBOR rate. This line expires on April 1, 2018. The amount outstanding under this line on June 30, 2017 was approximately $6.4 million with an interest rate of 4.05%. Our lender has a purchase money security interest in all of our natural gas purchases utilizing funds advanced by the bank under the credit agreement, and all proceeds of sale and accounts receivable from the sale of that gas.

 

On August 31, 2016, Pike entered into an agreement with M&T for a $2.0 million revolving line of credit at an interest rate equal to LIBOR plus 2.75% with principal repayable on demand by the lender. As of June 30, 2017, the balance on this loan is $67,577. The agreement contains various affirmative and negative covenants of Pike including, (i) a total funded debt to tangible net worth ratio of not greater than 1.4 to 1.0, (ii) a total funded debt to EBITDA ratio of not greater than 3.75 to 1.0, (iii) a minimum cash flow overage of not less than 1.1 to 1.0, with each of the financial covenants measured quarterly based on Pike’s trailing twelve month operating performance and fiscal quarterly financial statements commencing with the period ended September 30, 2017; compliance, accounting, and financial statement requirements, and prohibitions on changes in management or control restrictions on, any sale of all or substantially all of its assets, acquisitions of substantially all the asset of any other entity, or other material changes to Pike’s business, purposes, structure or operations which could materially adversely affect Pike.

 

In addition, pursuant to the stock purchase agreement with Pike, M&T issued to Orange & Rockland Utilities, Inc. (“O&R”), which sold Pike to the Holding Company, a letter of credit in the amount of $2.125 million as security for the obligations of Pike under the Transition Services Agreement, Electric Supply Agreement and Gas Supply and Gas Transportation Agreement, each, as amended, dated August 31, 2016, to provide for the provision by O&R of certain transition services for 12 months with up to six one-month extensions, and three years of electric and gas supply for the customers of Pike, with up to three one-year extensions.

 

The Gas Company entered into a $4.2 million Multiple Disbursement Term Note with M&T Bank on August 31, 2016, which permitted draws from time to time in accordance with its terms until December 31, 2016, at which time amounts outstanding under the note became payable in 56 monthly installments of principal, based on a 7-year amortization schedule, with all unpaid principal and interest payable in full on August 31, 2021. Interest on the amounts outstanding under the note is based on a spread over LIBOR which varies from 1.9% to 2.8% based on the ratio of the Holding Company’s total funded debt to EBITDA (the “Leverage Ratio”). If the Leverage Ratio is less than or equal to 2.0, the interest rate is LIBOR plus 1.9%; if the Leverage Ratio is greater than 2.0 but less than or equal to 2.5, the interest rate is LIBOR plus 2.2%; if the Leverage Ratio is greater than 2.5 but less than or equal to 3.0, the interest rate is LIBOR plus 2.5%; and if the Leverage Ratio is greater than 3.0, the interest rate is LIBOR plus 2.8%. The obligations of the Holding Company to M&T are secured under an additional general security agreement covering the Holding Company’s tangible and intangible rights in its gas distribution system, personal property and other assets. The Holding Company will owe a pre-payment penalty on payment of unpaid principal made in advance of the maturity date and must give at least a three-day notice prior to the payment. During the nine months ended June 30, 2017, we have drawn the entire $4.2 million available on this note.

 

On July 28, 2017, the Gas Company entered into an agreement with M&T Bank for a Short Term Note of $3.0 million at a variable interest rate determined by floating rate LIBOR + 180 basis points, change daily. This line expires on October 26, 2017.

 

The Gas Company is in compliance with its covenant calculations as of June 30, 2017.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments
9 Months Ended
Jun. 30, 2017
Fair Value of Financial Instruments [Abstract]  
Fair Value of Financial Instruments

Note 4 - Fair Value of Financial Instruments

The Holding Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Holding Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Holding Company’s deferred compensation plan, are valued based on Level 1 inputs.

The Holding Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”.

Fair value of assets and liabilities measured on a recurring basis at June 30, 2017 and September 30, 2016 are as follows:

 

Fair Value Measurements at Reporting Date Using:

 

   Fair Value  Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1)  Level 2  Level 3
June 30, 2017            
Available-for-sale securities  $2,169,199   $2,169,199    0    0 
September 30, 2016                    
Available-for-sale securities  $2,220,098   $2,220,098    0    0 

 

A summary of the marketable securities at June 30, 2017 and September 30, 2016 is as follows:

 

 

   Cost Basis  Unrealized Gain  Unrealized Loss  Market Value
June 30, 2017            
Cash and equivalents  $109,630    —      —     $109,630 
Metlife stock value   43,164    —      —      43,164 
Government and agency bonds   402,560    —      7,665    394,895 
Corporate bonds   290,566    —      1,607    289,959 
Mutual funds   17,204    1,002    —      18,206 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   938,625    177,845    —      1,116,470 
Total securities  $1,999,624   $178,847   $9,272   $2,169,199 
                     
 September 30, 2016                    
Cash and equivalents  $53,408    —      —     $53,408 
Metlife stock value   51,185    —      —      51,185 
Government and agency bonds   392,969    4,859    —      397,828 
Corporate bonds   283,655    —      2,983    280,672 
Mutual funds   43,624    —      4,206    39,418 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   1,035,809    163,903    —      1,199,712 
Total securities  $2,058,525   $168,762   $7,189   $2,220,098 

 

Realized gains included in earnings for the periods reported in investment income are as follows:

 

Investment Income            
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Total realized gains (losses) included in earnings  $15,312  $11,477   $68,859   $64,100 
                     

 

Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices as of the close of business on the days noted within active markets.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity
9 Months Ended
Jun. 30, 2017
Shareholders' Equity Note [Abstract]  
Shareholders' Equity

Note 5 – Shareholders’ Equity

 

For the quarter ended December 31, 2016, there were 5,912 shares of common stock issued for $36,015 of services and $39,969 of dividend reinvestment program (DRIP). There were 3,150 shares issued to directors for services and 2,762 shares issued to various investors under the DRIP. For the quarter ended March 31, 2017, there were 6,203 shares of common stock issued for $36,015 of services and $40,397 under the DRIP. There were 3,150 shares issued to directors, 360 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,693 shares issued to various investors under the DRIP. For the quarter ended June 30, 2017, there were 5,811 shares of common stock issued for $39,375 of services and $39,009 under the DRIP. There were 3,150 shares issued to directors, 180 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl T. Hayden, and 2,481 shares issued to various investors under the DRIP.

 

Dividends on shares of common stock are accrued when declared by the board of directors. At its regular meeting on January 20, 2015, the board of directors approved an increase in the quarterly dividend to $0.145 a share. For the quarter ended September 30, 2016, dividends were paid on October 15, 2016 to shareholders of record on September 30, 2016 in the amount of $371,608. For the quarter ended December 31, 2016, $397,397 was accrued for dividends paid on January 15, 2017 to shareholders of record on December 31, 2016. For the quarter ended March 31, 2017, $372,947 was accrued for dividends paid on April 15, 2017 to shareholders of record on March 31, 2017. For the quarter ended June 30, 2017, $403,684 was accrued for dividends paid on July 15, 2017 to shareholders of record on June 30, 2017.

 

On April 27, 2017, at its regular meeting, the Company's Board of Directors declared a 20% common stock dividend payable to holders of record of its Common Stock on May 30, 2017, payable on or about June 15, 2017. The dividend is equivalent to one share of common stock issued for each five shares of common stock outstanding. There were 498,310 shares issued. The relative size of the additional shares issued made the substance of the transaction that of a stock split effected in the form of a dividend. It was the Company's intent to obtain wider distribution and improved marketability of the shares. In accordance with this transaction there was no adjustment to the stated par value of the common stock and the Company recorded the transaction at par value. In connection with this dividend the conversion price for the preferred shares Series B will change from one share of common stock to 1.2 shares. The Company has retrospectively restated the financial statements, share and per share information included in this quarterly report on a post-split basis.

 

As of November 12, 2013, the Holding Company registered 129,004 shares of common stock with a par value of $.01 per share for the DRIP. A total of 50,543 shares have been issued since the program started.

 

Basic earnings per share are computed by dividing income available for common stock (net income less dividends declared on Series B Preferred Stock) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

 

For the nine months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were added in the calculation of diluted earnings per share because their inclusion is dilutive. For the three months ended June 30, 2017, 293,116 shares of Series B Convertible Preferred Stock were excluded in the calculation of diluted earnings per share because their inclusion was anti-dilutive.

 

On April 27, 2017, the board voted for the current shares of common stock for issuance under the Company's Dividend Reinvestment Plan (DRP) will be reduced from 98,639 shares to 50,000 shares, and the reserve of shares of common stock for issuance under the Company's 2007 Stock Plan, will be reduced from 299,584 shares to 50,000 shares.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leatherstocking Companies
9 Months Ended
Jun. 30, 2017
Leatherstocking Companies [Abstract]  
Leatherstocking Companies

Note 6 – Leatherstocking Companies

 

The Holding Company has an interest accounted for by the equity method in Leatherstocking Gas and Leatherstocking Pipeline, each of which is a joint venture with Mirabito Regulated Industries, LLC. Leatherstocking Gas is currently moving forward on expansions to several areas in the United States. On July 25, 2013, Leatherstocking Gas signed a loan agreement with Five Star Bank for $1.5 million to finance construction in Bridgewater, Pennsylvania. This agreement increased to $1.8 million before converting to a long-term note. Construction in the Township of Bridgewater began in July 2013 and Leatherstocking Gas began serving customers in October 2013. Construction of the Borough of Montrose system started in the spring of 2014 and construction started in the Township of Dimock in November 2014.

 

Leatherstocking Gas serves approximately 338 customers in these boroughs and townships as of June 30, 2017. On August 28, 2014, Leatherstocking Gas, as borrower, and Leatherstocking Pipeline as guarantor, entered into a loan agreement with Five Star Bank for up to $4 million over two years to finance the work and services required for the infrastructure costs and ongoing costs of underground piping construction projects in Montrose, Bridgewater and Dimock, Pennsylvania. This agreement required equity investments from the Holding Company and Mirabito Regulated Industries for a total of 66% of all amounts borrowed. During fiscal year 2014, $1,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $500,000. During fiscal year 2015, $2,500,000 was borrowed and each of the Holding Company and Mirabito Regulated Industries invested $850,000. Leatherstocking Gas had drawn the $4 million available on this loan. Both of these agreements have a loan covenant related to debt service coverage being at least 1.15 to 1 at September 30, 2015. Leatherstocking Gas was in violation of this covenant and received a waiver of compliance with this covenant from Five Star Bank as of September 30, 2016 that extends to September 30, 2017.

 

The investment and equity in both Leatherstocking companies (collectively, the “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company’s allocable share of earnings or losses from the Joint Ventures which is recognized through earnings.

 

The following table represents the Holding Company’s investment activity in the Joint Ventures for the nine months ended June 30, 2017 and June 30, 2016:

 

   2017  2016
Beginning balance in investment in joint ventures  $2,583,581   $2,293,252 
Investment in joint ventures   205,000    150,000 
Income (loss) in joint ventures   (61,149)    1,120 
   $2,727,432   $2,494,372 

 

As of and for the nine months ended June 30, 2017, the Joint Ventures had combined assets of $13 million, combined liabilities of $7.6 million and combined net loss of approximately $122,298. As of and for the nine months ended June 30, 2016, the Joint Ventures had combined assets of $12.4 million, combined liabilities of $7.4 million and combined net income of approximately $2,000.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Effective Tax Rate
9 Months Ended
Jun. 30, 2017
Effective Tax Rate [Abstract]  
Effective Tax Rate

Note 7 – Effective Tax Rate

 

Income tax expense for the nine months ended June 30 is as follows:   
   2017  2016
Current  $-  $-
Deferred   1,338,322    1,258,374 
Total  $1,338,322   $1,258,374 
           
 Actual income tax expense differs from the expected tax expense (computed by applying the
federal corporate tax rate of 34% before income tax expense) as follows:          
    2017    2016 
Expected federal tax expense  $1,241,813   $1,276,236 
State tax expense (net of federal)   193,273    257,124 
Other, net   (96,764)   (274,986)
Actual tax expense  $1,338,322   $1,258,374 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pike County Light & Power
9 Months Ended
Jun. 30, 2017
Pike County Light & Power [Abstract]  
Pike County Light & Power

Note 8 – Pike County Light & Power

 

As previously reported, on August 31, 2016 the Holding Company completed its purchase of all of the outstanding capital stock of Pike, a Pennsylvania corporation operating as a regulated electric and gas utility serving approximately 5,800 customers in Pike County, Pennsylvania. The purchase price for the stock of Pike was $13.1 million, with an initial closing date working capital adjustment of $2.5 million which was adjusted to $1.97 million for the final working capital adjustment and assumption of $3.2 million in Pike’s outstanding bonds and closed. The acquisition receivable of $530,000, the result of the working capital true up, was received during the three months ended December 31, 2016. In addition, O&R agreed to provide transition assistance pursuant to a Transition Services Agreement (“TSA”), and to continue to supply electric power and gas to Pike County pursuant to Electric and Gas Supply Agreements (“ESA” and “GSA”). The Gas and Electric Supply Agreements are each for a term of 36 months, with up to three 12-month renewal terms.

 

The acquisition of Pike was financed in part by M&T, including a $12 million term loan, a $2 million line of credit, letters of credit with a limit of up to $2.5 million and an initial amount of $2.1 million, issued to O&R as collateral security for the obligations of Pike under the TSA, the GSA and the ESA. The debt is guaranteed by the Holding Company. There also was $3,616,924 paid in cash. Immediately after the closing, the Holding Company caused Pike to issue a notice of redemption to the holders of its $3.2 million in bonds, to repurchase the bonds at 100.372% of their principal amount effective October 2, 2016.

 

Pro forma unaudited condensed consolidated financial information for the three and nine months ended June 30, 2016 give effect as if the acquisition occurred on October 1, 2015 of the respective year:

 

   Three months Ended  Nine Months Ended
   June 30, 2016  June 30, 2016
       
Revenue  $5,886,061   $23,415,048 
Net Income  $189,574   $3,210,262 
Per share  $0.06   $1.08 

 

The combined proforma financial information does not reflect the realization of any expected cost savings or other synergies from the acquisition of Pike as a result of restructuring activities, other cost savings initiatives or sales synergies following the completion of the business combination.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Preferred Stock
9 Months Ended
Jun. 30, 2017
Preferred Stock [Abstract]  
Preferred Stock

Note 9 – Preferred Stock

 

The Holding Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to a subscription rights offering to its stockholders to issue up to approximately $11.0 million in preferred stock. The subscription rights were distributed on a one-for-one basis to stockholders of record as of April 14, 2016 and expired on June 20, 2016. The Form S-1 covered 2,469,861 subscription rights for the purchase of up to 140,000 shares of 6% Series A Cumulative Preferred Stock and up to 360,000 shares of 4.8% Series B Convertible Preferred Stock. Each subscription right entitled the holder to purchase either: (i) one-eighth share of the 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 per share, or (ii) one-sixth share of the 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, for $20.75 per share, which is convertible in accordance with its terms into 1.2 (adjusted pursuant to the Stock Dividend in June 2017) share of common stock, subject to adjustment. Of the 140,000 shares of Series A Cumulative Preferred Stock available, 105,303 shares were subscribed and of the 360,000 shares of Series B Convertible Preferred Stock available, 244,263 shares were subscribed. During the nine months ended June 30, 2017, an additional 34,697 shares of Series A Cumulative Preferred Stock were subscribed in a private placement at $25.00 per share for a total of $867,425. The preferred shares were subscribed by certain members of the board of directors of the Company, the independent member of the board of Leatherstocking and an affiliate of a director of the Company.

 

Series A Cumulative Preferred Stock accrues cumulative dividends at a rate of 6.0% of the liquidation preference per share ($25.00) and are expected to be paid on or about the 15th day of April, July, October and January of each year starting October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. On September 30, 2023, outstanding shares of Series A Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available for redemption under New York law. The dividends for the nine months ended June 30, 2017 were $133,212 and these are recorded as interest expense.

 

In accordance with ASC 480, because of the mandatory redemption feature the Series A Preferred Stock is treated as liability. The issuance costs of approximately $61,000 are treated as debt issuance costs and will be amortized over the life of the instrument. The debt issuance costs reduce the carrying value of the liability. The amortization of the Series A debt issuance costs was $8,695 for the nine months ended June 30, 2017.

 

Series B Convertible Preferred Stock accrues cumulative dividends at a rate of 4.8% of the liquidation preference per share ($20.75) and are expected to be paid on or about the 14th day of April, July, October and January of each year commencing October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. Our president, Michael German, owns 57,936 of these shares.

 

In accordance with ASC 480, Series B Cumulative Preferred Stock is not considered mandatorily redeemable as a result of the conversion feature presenting a contingency related to the redemption dates. Accordingly, this is not considered a liability. However, as a result of the decision related to conversion and not reaching redemption resting with the holder, this instrument has been classified as temporary equity in accordance with ASC 480. Upon conversion, the instrument would be reclassified as permanent equity. The issuance costs of approximately $120,000 reduce the initial proceeds and will be accreted until redemption or conversion. During the nine months ended June 30, 2017 there was accretion of $12,463.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Rate Case
9 Months Ended
Jun. 30, 2017
Rate Case

Note 10 – Rate Case

 

On June 17, 2016, the Gas Company filed with the NYPSC a three-year plan to implement a levelized increase in revenues from gas delivery service of $3,463,287 in each year over the period June 1, 2017 through May 31, 2020, resulting in total bill impacts on customers in each year of 10.4%.

 

The NYPSC commenced a proceeding, designated Case 16-G-0369, to consider the Gas Company's rate filing. The parties to the case entered into settlement negotiations and, on March 7, 2017, a Joint Proposal (the "2017 Joint Proposal") was filed to resolve all issues in the rate case. The signatory parties to the 2017 Joint Proposal were the Staff of the Department of Public Service, Multiple Intervenors (which represent large industrial customers) and the Gas Company. The Utility Intervention Unit of the Division of Consumer Protection of the New York Department of State, participated in the proceeding and indicated that, although it did not sign the 2017 Joint Proposal, it did not oppose it.

 

On June 15, 2017, the NYPSC issued an Order Adopting Terms of Joint Proposal and Establishing Gas Rate Plan (the "June 2017 Order") adopting the 2017 Joint Proposal without substantive modification.  As adopted by the June 2017 Order, the 2017 Joint Proposal is a comprehensive settlement extending for three consecutive Rate Years (the twelve months ending May 31, 2018, 2019 and 2020) and permits Corning Gas to increase its base rates for gas delivery service. The new base rates under the June 2017 Order, when offset by the elimination of existing surcharges at the beginning of Rate Year 1and levelized over the three Rate Years, result in the following incremental revenue increases over the prior Rate Year: Rate Year 1 - $1,558,553, Rate Year 2 - $1,573,706, and Rate Year 3 - $1,566,594, equating to increases of approximately 6.2%, 5.9% and 5.5%, respectively, as a percentage of total delivery revenues including gas costs. The 2017 Joint Proposal, as adopted, permits a rate of return on common equity of 9.0%, and an "Earnings Sharing Mechanism" that provides for Corning Gas to retain all earnings above 9.00% up to and including 9.50%, and for customers to retain 50% of the earnings above 9.50% up to and including 10.00%, 75% of earnings above 10.00% up to and including 10.50%, and 90% of earnings above 10.50%.

 

The 2017 Joint Proposal, as adopted, provides true-ups for property taxes, pension costs, and plant additions and continues performance metrics for safety and customer satisfaction from the prior rate case. Although the stringency of certain performance measures and the amount of certain negative revenue adjustments for failure to meet specific standards are increased, the 2017 Joint Proposal, as approved by the June 2017 Order, also provides opportunities for positive revenue adjustments for exceeding applicable standards with regard to certain measures. Because the June 2017 Order approving the 2017 Joint Proposal was issued after the June 1, 2017 commencement of Rate Year 1 of the three-year rate plan and new rates did not go into effect until July 1, 2017, the 2017 Order provided for each of the Gas Company and its customers to be placed in the same position in which they would have been if the new rates had gone into effect as of June 1, 2017. Any resulting revenue adjustments in favor of the Gas Company are deferred for future recovery, with interest.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting
9 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Segment Reporting

 

Note 11 – Segment Reporting

 

The Company’s reportable segments have been determined based upon the nature of the products and services offered, customer base, availability of discrete internal financial information, homogeneity of products, delivery channel and other factors. The Company recognized these segments based on the acquisition of Pike during August 2016. Prior to the acquisition, the Company was reported as one segment which is why this disclosure is not comparative for the three and nine months ended June 30, 2017.

The Gas Company is a gas distribution company providing gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. Pike provides electricity and natural gas to Pike County, Pennsylvania. The Holding Company is the parent company of all subsidiaries and has a 50% ownership in the Leatherstocking joint ventures. Corning Natural Gas Appliance Company information is presented with the Holding Company as it has little activity.

The following table reflects the results of the segments consistent with the Holding Company’s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments for the three months and nine months ended June 30, 2017.

 

 

  Three months ended June 30, 2017
    Gas Company         Pike Holding Company Total Consolidated
  Total electric utility revenue $0    $ 1,896,466 $0  $1,896,466
  Total gas utility revenue  $4,768,313 $ 182,870 $0  $4,951,183
  Investment income $ 26,451 $0    $0     $26,451
  Equity investment loss  $0    $0     $(64,747)  $(64,747)
  Net income (loss) $ 78,930 $ 185,838  $(76,875)  $184,893
  Income tax expense (benefit) $ 48,125 $124,950  $(47,577)  $125,498
  Interest expense $ 307,856 $121,643  $48,045  $477,544
  Depreciation expense $ 429,821  $112,881 $0    $542,702
  Amortization expense $ 384,141 $139,251    $0     $523,392
  Total assets  $78,623,339  $23,189,852  $3,132,028  $104,945,219
  Capital expenditures $ 1,167,790 $280,273    $0     $1,448,063
           
  Nine months ended June 30, 2017
  Gas Company Pike Holding Company   Total Consolidated  
  Total electric utility revenue  $0     $5,833,023  $0     $5,833,023
  Total gas utility revenue  $17,950,594  $1,120,653  $0     $19,071,247
  Investment income  $95,977  $0     $0     $95,977
  Equity investment loss  $0    $0     $(61,149)  $(61,149)
  Net income (loss)  $1,753,441  $720,520  $(159,891)  $2,314,070
  Income tax expense (benefit)  $1,021,943  $415,221  $(98,842)  $1,338,322
  Interest expense  $869,814  $371,139  $142,012  $1,382,965
  Depreciation expense  $1,280,453  $321,460  $0     $1,601,913
  Amortization expense  $787,225  $189,332  $0     $976,557
  Total assets  $78,623,339  $23,189,852  $3,132,028  $104,945,219
  Capital expenditures  $3,553,948  $315,635  $17,725  $3,887,308
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension and Other Post-retirement Benefit Plans (Tables)
9 Months Ended
Jun. 30, 2017
Pension and Other Post-retirement Benefit Plans [Abstract]  
Schedule of components of net periodic benefit cost

Components of Net Periodic Benefit Cost:

Pension Benefits         
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Service Cost  $110,025   $89,391   $330,073   $268,174 
Interest Cost   225,193    244,467    675,579    733,401 
Expected return on plan assets   (278,978)   (257,190)   (836,932)   (771,569)
Amortization of prior service cost   655    1,794    1,967    5,381 
Amortization of net (gain) loss   256,754    168,066    770,262    504,199 
Net period benefit cost  $313,649   $246,528   $940,949   $739,586 

 

Other Benefits            
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Service Cost  $5,285   $4,831   $15,855   $14,494 
Interest Cost   11,774    12,606    35,324    37,817 
Expected return on plan assets   —      —      —      —   
Amortization of prior service cost   887    887    2,660    2,660 
Amortization of net (gain) loss   3,412    —      10,236    —   
Net period benefit cost  $21,358   $18,324   $64,075   $54,971 
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Jun. 30, 2017
Fair Value of Financial Instruments [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Fair value of assets and liabilities measured on a recurring basis at June 30, 2017 and September 30, 2016 are as follows:

 

Fair Value Measurements at Reporting Date Using:

 

   Fair Value  Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1)  Level 2  Level 3
June 30, 2017            
Available-for-sale securities  $2,169,199   $2,169,199    0    0 
September 30, 2016                    
Available-for-sale securities  $2,220,098   $2,220,098    0    0 
Summary of Marketable Securities

A summary of the marketable securities at June 30, 2017 and September 30, 2016 is as follows:

 

 

   Cost Basis  Unrealized Gain  Unrealized Loss  Market Value
June 30, 2017            
Cash and equivalents  $109,630    —      —     $109,630 
Metlife stock value   43,164    —      —      43,164 
Government and agency bonds   402,560    —      7,665    394,895 
Corporate bonds   290,566    —      1,607    289,959 
Mutual funds   17,204    1,002    —      18,206 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   938,625    177,845    —      1,116,470 
Total securities  $1,999,624   $178,847   $9,272   $2,169,199 
                     
 September 30, 2016                    
Cash and equivalents  $53,408    —      —     $53,408 
Metlife stock value   51,185    —      —      51,185 
Government and agency bonds   392,969    4,859    —      397,828 
Corporate bonds   283,655    —      2,983    280,672 
Mutual funds   43,624    —      4,206    39,418 
Holding Company Preferred A Stock   197,875    —      —      197,875 
Equity securities   1,035,809    163,903    —      1,199,712 
Total securities  $2,058,525   $168,762   $7,189   $2,220,098
Schedule of Gains Included in Earnings

Realized gains included in earnings for the periods reported in investment income are as follows:

 

Investment Income            
   Three Months Ended June 30,  Nine Months Ended June 30,
   2017  2016  2017  2016
Total realized gains (losses) included in earnings  $15,312  $11,477   $68,859   $64,100 
                     
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leatherstocking Companies (Tables)
9 Months Ended
Jun. 30, 2017
Leatherstocking Companies [Abstract]  
Schedule of investment in joint ventures

The following table represents the Holding Company’s investment activity in the Joint Ventures for the nine months ended June 30, 2017 and June 30, 2016:

 

   2017  2016
Beginning balance in investment in joint ventures  $2,583,581   $2,293,252 
Investment in joint ventures   205,000    150,000 
Income (loss) in joint ventures   (61,149)    1,120 
   $2,727,432   $2,494,372 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Effective Tax Rate (Tables)
9 Months Ended
Jun. 30, 2017
Effective Tax Rate [Abstract]  
Schedule of Income Tax Expense
Income tax expense for the nine months ended June 30 is as follows:   
   2017  2016
Current  $-  $-
Deferred   1,338,322    1,258,374 
Total  $1,338,322   $1,258,374 
           
Schedule of Reconciliation of Income Tax

 Actual income tax expense differs from the expected tax expense (computed by applying the
federal corporate tax rate of 34% before income tax expense) as follows:          
    2017    2016 
Expected federal tax expense  $1,241,813   $1,276,236 
State tax expense (net of federal)   193,273    257,124 
Other, net   (96,764)   (274,986)
Actual tax expense  $1,338,322   $1,258,374 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pike County Light & Power (Tables)
9 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Schedule of Pro forma unaudited condensed consolidated financial information

Pro forma unaudited condensed consolidated financial information for the three and nine months ended June 30, 2016 give effect as if the acquisition occurred on October 1, 2015 of the respective year:

 

   Three months Ended  Nine Months Ended
   June 30, 2016  June 30, 2016
       
Revenue  $5,886,061   $23,415,048 
Net Income  $189,574   $3,210,262 
Per share  $0.06   $1.08 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting (Tables)
9 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Schedule of results of the segments consistent with the Holding Company's internal financial reporting process

The following table reflects the results of the segments consistent with the Holding Company’s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments for the three months and nine months ended June 30, 2017.

 

 

  Three months ended June 30, 2017
    Gas Company         Pike Holding Company Total Consolidated
  Total electric utility revenue $0    $ 1,896,466 $0  $1,896,466
  Total gas utility revenue  $4,768,313 $ 182,870 $0  $4,951,183
  Investment income $ 26,451 $0    $0     $26,451
  Equity investment loss  $0    $0     $(64,747)  $(64,747)
  Net income (loss) $ 78,930 $ 185,838  $(76,875)  $184,893
  Income tax expense (benefit) $ 48,125 $124,950  $(47,577)  $125,498
  Interest expense $ 307,856 $121,643  $48,045  $477,544
  Depreciation expense $ 429,821  $112,881 $0    $542,702
  Amortization expense $ 384,141 $139,251    $0     $523,392
  Total assets  $78,623,339  $23,189,852  $3,132,028  $104,945,219
  Capital expenditures $ 1,167,790 $280,273    $0     $1,448,063
           
  Nine months ended June 30, 2017
  Gas Company Pike Holding Company   Total Consolidated  
  Total electric utility revenue  $0     $5,833,023  $0     $5,833,023
  Total gas utility revenue  $17,950,594  $1,120,653  $0     $19,071,247
  Investment income  $95,977  $0     $0     $95,977
  Equity investment loss  $0    $0     $(61,149)  $(61,149)
  Net income (loss)  $1,753,441  $720,520  $(159,891)  $2,314,070
  Income tax expense (benefit)  $1,021,943  $415,221  $(98,842)  $1,338,322
  Interest expense  $869,814  $371,139  $142,012  $1,382,965
  Depreciation expense  $1,280,453  $321,460  $0     $1,601,913
  Amortization expense  $787,225  $189,332  $0     $976,557
  Total assets  $78,623,339  $23,189,852  $3,132,028  $104,945,219
  Capital expenditures  $3,553,948  $315,635  $17,725  $3,887,308
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis of Presentation (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Debt issuance costs reclassified $ 350,883 $ 412,316
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Ownership percentage of joint venture 50.00%  
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Pension Benefits [Member]        
Components of net period benefit cost (benefit):        
Service Cost $ 110,025 $ 89,391 $ 330,073 $ 268,174
Interest Cost 225,193 244,467 675,579 733,401
Expected return on plan assets (278,978) (257,190) (836,932) (771,569)
Amortization of prior service cost 655 1,794 1,967 5,381
Amortization of net (gain) loss 256,754 168,066 770,262 504,199
Net period benefit cost 313,649 246,528 940,949 739,586
Other Benefits [Member]        
Components of net period benefit cost (benefit):        
Service Cost 5,285 4,831 15,855 14,494
Interest Cost 11,774 12,606 35,324 37,817
Expected return on plan assets
Amortization of prior service cost 887 887 2,660 2,660
Amortization of net (gain) loss 3,412 10,236
Net period benefit cost $ 21,358 $ 18,324 $ 64,075 $ 54,971
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension and Other Post-retirement Benefit Plans (Narrative) (Details) - USD ($)
9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]    
Pension expense $ 692,543 $ 692,543
Post-retirement Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Other post-retirement benefit expense (benefit) 63,947 $ 63,947
Expected contributions, 2017 74,635  
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Expected contributions, 2017 1,183,628  
Company contributions $ 911,480  
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Financing Activities (Details)
9 Months Ended
Jul. 28, 2017
USD ($)
Aug. 31, 2016
USD ($)
Customer
Jan. 27, 2016
USD ($)
Jun. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Debt Instrument [Line Items]          
Short-term Debt       $ 6,388,390 $ 8,181,499
Community Bank [Member] | Community Bank line of credit [Member]          
Debt Instrument [Line Items]          
Face amount of debt     $ 8,000,000    
Maturity date     Apr. 01, 2018    
Line of credit outstanding       $ 6,400,000  
Effective interest rate       4.05%  
M&T [Member] | Pike County Light & Power Company [Member]          
Debt Instrument [Line Items]          
Face amount of debt   $ 2,000,000      
Line of credit outstanding       $ 67,577  
Effective interest rate   2.75%      
M&T [Member] | Pike County Light & Power Company [Member] | O&R [Member]          
Debt Instrument [Line Items]          
Face amount of debt       $ 2,125,000  
M&T [Member] | Pike County Light & Power Company [Member] | Maximum [Member]          
Debt Instrument [Line Items]          
Tangible net worth ratio       1.4  
Debt to EBITDA ratio       3.75  
M&T [Member] | Pike County Light & Power Company [Member] | Minimum [Member]          
Debt Instrument [Line Items]          
Tangible net worth ratio       1.0  
Interest rate (as a percent)       1.1  
M&T [Member] | Pike County Light & Power Company [Member] | LIBOR [Member]          
Debt Instrument [Line Items]          
Interest rate, variable rate basis      
LIBOR
 
M&T [Member] | Multiple Disbursement Note [Member]          
Debt Instrument [Line Items]          
Face amount of debt   $ 4,200,000      
Interest rate, variable rate basis      
LIBOR
 
Maturity date   Aug. 31, 2021      
Short-term Debt       $ 4,200,000  
Number of monthly installments | Customer   56      
Amortization period   7 years      
M&T [Member] | Multiple Disbursement Note [Member] | Ninety Days LondonInter bank Offered Rate LIBOR [Member]          
Debt Instrument [Line Items]          
Interest rate, variable rate basis        LIBOR which varies from 1.9% to 2.8% based on the ratio of the Holding Company’s total funded debt to EBITDA (the “Leverage Ratio”). If the Leverage Ratio is less than or equal to 2.0, the interest rate is LIBOR plus 1.9%; if the Leverage Ratio is greater than 2.0 but less than or equal to 2.5, the interest rate is LIBOR plus 2.2%; if the Leverage Ratio is greater than 2.5 but less than or equal to 3.0, the interest rate is LIBOR plus 2.5%; and if the Leverage Ratio is greater than 3.0, the interest rate is LIBOR plus 2.8%.  
M&T [Member] | Term Note and Agreement [Member] | Subsequent Event [Member]          
Debt Instrument [Line Items]          
Maturity date Oct. 26, 2017        
Short-term Debt $ 3,000,000        
M&T [Member] | Term Note and Agreement [Member] | LIBOR [Member] | Subsequent Event [Member]          
Debt Instrument [Line Items]          
Interest rate, spread on basis 1.80%        
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 2,169,199 $ 2,220,098
Recurring [Member] | Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 2,169,199 2,220,098
Recurring [Member] | Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Recurring [Member] | Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Recurring [Member] | Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 2,169,199 $ 2,220,098
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments (Summary of Marketable Securities) (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Marketable Securities    
Cost Basis $ 1,999,624 $ 2,058,525
Unrealized Gain 178,847 168,762
Unrealized Loss 9,272 7,189
Market Value 2,169,199 2,220,098
Cash and equivalents [Member]    
Marketable Securities    
Cost Basis 109,630 53,408
Unrealized Gain
Unrealized Loss
Market Value 109,630 53,408
MetLife stock value [Member]    
Marketable Securities    
Cost Basis 43,164 51,185
Unrealized Gain
Unrealized Loss
Market Value 43,164 51,185
Government and agency bonds [Member]    
Marketable Securities    
Cost Basis 402,560 392,969
Unrealized Gain 4,859
Unrealized Loss 7,665
Market Value 394,895 397,828
Corporate bonds [Member]    
Marketable Securities    
Cost Basis 290,566 283,655
Unrealized Gain
Unrealized Loss 1,607 2,983
Market Value 288,959 280,672
Equity Securities [Member]    
Marketable Securities    
Cost Basis 17,204 1,035,809
Unrealized Gain 1,002 163,903
Unrealized Loss
Market Value 18,206 1,199,712
Mutual Funds [Member]    
Marketable Securities    
Cost Basis 197,875 43,624
Unrealized Gain
Unrealized Loss 4,206
Market Value 197,875 39,418
Holding Company Preferred A Stock [Member]    
Marketable Securities    
Cost Basis 938,625 197,875
Unrealized Gain 177,845
Unrealized Loss
Market Value $ 1,116,470 $ 197,875
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments (Schedule of Gains Included in Earnings) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Gas Company [Member]        
Total realized gains (losses) included in earnings $ 15,312 $ 11,477 $ 68,859 $ 64,100
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 15, 2016
Apr. 27, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Jun. 30, 2017
Jun. 30, 2016
Sep. 30, 2016
Jan. 20, 2015
Nov. 12, 2013
Subsidiary, Sale of Stock [Line Items]                    
Dividends payable, amount per share                 $ 0.145  
Cash received from sale of stock           $ 122,662      
Shares authorized under dividend reinvestment program                   129,004
Par value of common stock     $ 0.01     $ 0.01   $ 0.01   $ 0.01
Dividends payable     $ 464,506 $ 372,947 $ 397,397 $ 464,506   $ 434,383    
Dividends paid $ 371,608                  
Dividends rate, Common stock   20.00%                
Shares issued   498,310                
Conversion of shares   One share of common stock to 1.2 shares.                
Dividend Reinvestment Plan [Member]                    
Subsidiary, Sale of Stock [Line Items]                    
Reserve of shares of common stock for issuance     50,000     50,000        
2007 Stock Plan [Member]                    
Subsidiary, Sale of Stock [Line Items]                    
Reserve of shares of common stock for issuance     50,000     50,000        
Series B Convertible Preferred Stock [Member]                    
Subsidiary, Sale of Stock [Line Items]                    
Number of previous antidilutive securities added to calculation of diluted earnings per share           293,116        
Dividends rate, Preferred stock           4.80%        
Liquidation preference per share     $ 20.75     $ 20.75        
Anti-dilutive shares     293,116              
Gas Company [Member]                    
Subsidiary, Sale of Stock [Line Items]                    
Shares issued in private placement     5,811 6,203 5,912          
Shares issued for services     $ 39,375 $ 36,015 $ 36,015          
Value of shares issued under DRIP     $ 39,009 $ 40,397 $ 39,969          
Shares issued for stock-based director compensation     3,150 3,150 3,150          
Shares issued under dividend reinvestment program     2,481 2,693 2,762          
Issuance of common stock, shares           50,543        
Gas Company [Member] | Carl T. Hayden [Member]                    
Subsidiary, Sale of Stock [Line Items]                    
Shares issued for stock-based director compensation     180 360            
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leatherstocking Companies (Narrative) (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2017
USD ($)
item
Jun. 30, 2016
USD ($)
Jun. 30, 2017
USD ($)
item
Jun. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2016
USD ($)
Aug. 28, 2014
USD ($)
Jul. 30, 2013
USD ($)
Jul. 25, 2013
USD ($)
Schedule of Equity Method Investments [Line Items]                    
Borrowings under lines-of-credit and short-term debt $ 6,388,390   $ 6,388,390       $ 8,181,499      
Combined assets 104,945,219   104,945,219       106,592,158      
Combined liabilties 20,338,784   20,338,784       $ 19,186,229      
Combined net Income 184,893 $ 61,574 2,314,070 $ 2,495,262            
Investment in joint ventures during year     205,000 200,000            
Proceeds under long-term debt     4,200,000 2,740,412            
Proceeds from debt and investment     (2,870,132) 3,707,827            
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]                    
Schedule of Equity Method Investments [Line Items]                    
Agreement amount               $ 4,000,000 $ 1,800,000 $ 1,500,000
Amount drawn on agreement         $ 4,000,000          
Debt Service Coverage Ratio         1.15%          
Combined assets 13,000,000 12,400,000 13,000,000 12,400,000            
Combined liabilties $ 7,600,000 $ 7,400,000 7,600,000 7,400,000            
Combined net Income     $ 122,298 $ 2,000            
Number Of Customers | item 338   338              
Percentage of borrowings required to be invested       66.00%            
Investment in joint ventures during year         $ 850,000 $ 500,000        
Proceeds from Lines of Credit         $ 2,500,000 $ 1,500,000        
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Leatherstocking Companies (Schedule of Investment Activity in Joint Ventures) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Leatherstocking Companies [Abstract]        
Beginning balance in investment in joint ventures     $ 2,583,581 $ 2,293,252
Investment in joint ventures     205,000 200,000
Income (loss) in joint ventures $ (64,747) $ (30,733) (61,149) 1,120
Ending balance in joint ventures $ 2,727,432 $ 2,494,372 $ 2,727,432 $ 2,494,372
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Effective Tax Rate (Schedule of Deferred and Current Income Tax Expense) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Effective Tax Rate [Abstract]        
Current $ 0 $ 0 $ 0 $ 0
Deferred 125,498 30,280 1,338,322 1,258,374
Total income taxes $ 125,498 $ 30,280 $ 1,338,322 $ 1,258,374
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Effective Tax Rate (Schedule of Income Tax Reconciliation) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Effective Tax Rate [Abstract]        
Federal corporate tax rate     34.00% 34.00%
Expected federal tax expense     $ 1,241,813 $ 1,276,236
State tax expense (net of federal)     193,273 257,124
Other, net     (96,764) (274,986)
Total income taxes $ 125,498 $ 30,280 $ 1,338,322 $ 1,258,374
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pike County Light & Power (Narrative) (Details)
9 Months Ended
Jun. 30, 2017
USD ($)
Customer
Aug. 31, 2016
USD ($)
Credit Agreement with M&T Bank [Member]    
Business Acquisition [Line Items]    
Term loan $ 12,000,000  
M&T Line of Credit [Member]    
Business Acquisition [Line Items]    
Borrowing amount 2,000,000  
M&T Letters of credit limit [Member]    
Business Acquisition [Line Items]    
Borrowing amount 2,500,000  
Pike Agreement with M&T [Member]    
Business Acquisition [Line Items]    
Borrowing amount 2,000,000  
Collateral security obligations [Member]    
Business Acquisition [Line Items]    
Borrowing amount $ 2,100,000  
Pike County Light & Power Company [Member]    
Business Acquisition [Line Items]    
Customers | Customer 5,800  
Purchase price $ 13,100,000  
Working Captial adjustment 2,500,000  
Final working captial adjustment 1,970,000  
Acquisition receivable $ 530,000  
Bonds assumed   $ 3,200,000
Agreements term 36 months  
Agreements renewal term 12 months  
Paid-in cash $ 3,616,924  
Redemption of bonds $ 3,200,000  
Percentage of repurchase bonds 100.372%  
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pike County Light & Power (Summary of Acqusition occurred) (Details) - Pike County Light & Power Company [Member] - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Revenue $ 5,886,061 $ 23,415,048
Net income $ 189,574 $ 3,210,262
Net income per share $ 0.06 $ 1.08
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Preferred Stock (Details) - USD ($)
9 Months Ended
Jun. 30, 2017
Jun. 20, 2017
Oct. 14, 2016
Series A Cumulative Preferred Stock [Member]      
Subscription rights expiration date Jun. 20, 2016    
Subscription rights covered by form s-1 $ 2,469,861    
Dividend rate (as a percent) 6.00%    
Preferred stock par value per share $ 0.01    
Subscription exercise price per share $ 25    
Subscribed shares 105,303    
Liquidation preference per share $ 25.00    
Dividends accrue date Oct. 14, 2016    
Additional shares subscribed 34,697    
Additional shares subscribed, per share $ 25.00    
Proceeds from subscription of shares $ 867,425    
Series B Convertible Preferred Stock [Member]      
Subscription rights expiration date Jun. 20, 2016    
Dividend rate (as a percent) 4.80%    
Preferred stock par value per share $ 0.01    
Subscription exercise price per share $ 20.75    
Subscribed shares 244,263    
Liquidation preference per share $ 20.75    
Dividends accrue date Oct. 14, 2016    
Series B Cumulative Preferred Stock [Member]      
Issuance costs $ 120,000    
Common stock conversion ratio One for one    
Accretion Expense $ 12,463    
Series B Cumulative Preferred Stock [Member] | Michael German [Member]      
Subscribed shares     57,936
Maximum [Member] | Holding Company Preferred A Stock [Member]      
Subscription rights offering   $ 11,000,000  
Maximum [Member] | Series A Cumulative Preferred Stock [Member]      
Subscription rights offering   140,000  
Maximum [Member] | Series B Convertible Preferred Stock [Member]      
Subscription rights offering   $ 360,000  
Gas Company [Member]      
Dividend 133,212    
Amortization of the Series A debt issuance costs 8,695    
Issuance costs $ 61,000    
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Rate Case (Details) - USD ($)
1 Months Ended
Jun. 15, 2017
Jun. 17, 2016
Increase in revenues from gas delivery service   $ 3,463,287
Total bill impacts on customers, percentage   10.40%
Year May 31, 2018 [Member]    
Pro-forma equity ratios 6.20%  
Incremental cost $ 1,558,553  
Year May 31, 2019 [Member]    
Pro-forma equity ratios 5.90%  
Incremental cost $ 1,573,706  
Year May 31, 2020 [Member]    
Pro-forma equity ratios 5.50%  
Incremental cost $ 1,566,594  
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Reporting (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Sep. 30, 2016
Total electric utility revenue $ 1,896,466 $ 0 $ 5,833,023 $ 0  
Total gas utility revenue 4,951,183 3,864,061 19,071,247 16,546,048  
Investment income 26,451 19,687 95,977 94,678  
Equity investment (loss) (64,747) (30,733) (61,149) 1,120  
Net income (loss) 184,893 61,574 2,314,070 2,495,262  
Income tax expense (benefit) 125,498 30,280 1,338,322 1,258,374  
Interest expense 477,544 170,055 1,382,965 642,450  
Depreciation expense 542,702 $ 436,679 1,601,913 1,283,791  
Amortization expense 523,392   976,557    
Total assets 104,945,219   104,945,219   $ 106,592,158
Capital expenditures 1,448,063   3,887,308 $ 4,911,858  
Gas Company [Member]          
Total electric utility revenue 0   0    
Total gas utility revenue 4,768,313   17,950,594    
Investment income 26,451   95,977    
Equity investment (loss) 0   0    
Net income (loss) 78,930   1,753,441    
Income tax expense (benefit) 48,125   1,021,943    
Interest expense 307,856   869,814    
Depreciation expense 429,821   1,280,453    
Amortization expense 384,141   787,225    
Total assets 78,623,339   78,623,339    
Capital expenditures 1,167,790   3,553,948    
Pike [Member]          
Total electric utility revenue 1,896,466   5,833,023    
Total gas utility revenue 182,870   1,120,653    
Investment income 0   0    
Equity investment (loss) 0   0    
Net income (loss) 185,838   720,520    
Income tax expense (benefit) 124,950   415,221    
Interest expense 121,643   371,139    
Depreciation expense 112,881   321,460    
Amortization expense 139,251   189,332    
Total assets 23,189,852   23,189,852    
Capital expenditures 280,273   315,635    
Holding Company [Member]          
Total electric utility revenue 0   0    
Total gas utility revenue 0   0    
Investment income 0   0    
Equity investment (loss) (64,747)   (61,149)    
Net income (loss) (76,875)   (159,891)    
Income tax expense (benefit) (47,577)   (98,842)    
Interest expense 48,045   142,012    
Depreciation expense 0   0    
Amortization expense 0   0    
Total assets 3,132,028   3,132,028    
Capital expenditures $ 0   $ 17,725    
EXCEL 53 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 55 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 57 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 130 253 1 false 52 0 false 6 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://corninggas.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://corninggas.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://corninggas.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Income (Unaudited) Sheet http://corninggas.com/role/Statement-ConsolidatedStatementsofIncomeandComprehensiveIncome Consolidated Statements of Income (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) Sheet http://corninggas.com/role/StatementsOfIncomeAndOtherComprehensiveIncome Consolidated Statements of Comprehensive Income (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) Sheet http://corninggas.com/role/StatementsOfComprehensiveIncomeParenthetical Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) Statements 6 false false R7.htm 00000007 - Statement - Consolidated Statement of Changes in Common Stockholders' Equity (Unaudited) Sheet http://corninggas.com/role/StatementOfChangesInCommonStockholdersEquity Consolidated Statement of Changes in Common Stockholders' Equity (Unaudited) Statements 7 false false R8.htm 00000008 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://corninggas.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) Statements 8 false false R9.htm 00000009 - Disclosure - Basis of Presentation Sheet http://corninggas.com/role/BasisOfPresentation Basis of Presentation Notes 9 false false R10.htm 00000010 - Disclosure - Pension and Other Post-retirement Benefit Plans Sheet http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlans Pension and Other Post-retirement Benefit Plans Notes 10 false false R11.htm 00000011 - Disclosure - Financing Activities Sheet http://corninggas.com/role/FinancingActivities Financing Activities Notes 11 false false R12.htm 00000012 - Disclosure - Fair Value of Financial Instruments Sheet http://corninggas.com/role/FairValueOfFinancialInstruments Fair Value of Financial Instruments Notes 12 false false R13.htm 00000013 - Disclosure - Shareholders' Equity Sheet http://corninggas.com/role/ShareholdersEquity Shareholders' Equity Notes 13 false false R14.htm 00000014 - Disclosure - Leatherstocking Companies Sheet http://corninggas.com/role/LeatherstockingCompanies Leatherstocking Companies Notes 14 false false R15.htm 00000015 - Disclosure - Effective Tax Rate Sheet http://corninggas.com/role/EffectiveTaxRate Effective Tax Rate Notes 15 false false R16.htm 00000016 - Disclosure - Pike County Light & Power Sheet http://corninggas.com/role/PikeCountyLightPower Pike County Light & Power Notes 16 false false R17.htm 00000017 - Disclosure - Preferred Stock Sheet http://corninggas.com/role/PreferredStock Preferred Stock Notes 17 false false R18.htm 00000018 - Disclosure - Rate Case Sheet http://corninggas.com/role/RateCase Rate Case Notes 18 false false R19.htm 00000019 - Disclosure - Segment Reporting Sheet http://corninggas.com/role/SegmentReporting Segment Reporting Notes 19 false false R20.htm 00000020 - Disclosure - Pension and Other Post-retirement Benefit Plans (Tables) Sheet http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlansTables Pension and Other Post-retirement Benefit Plans (Tables) Tables http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlans 20 false false R21.htm 00000021 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://corninggas.com/role/FairValueOfFinancialInstrumentsTables Fair Value of Financial Instruments (Tables) Tables http://corninggas.com/role/FairValueOfFinancialInstruments 21 false false R22.htm 00000022 - Disclosure - Leatherstocking Companies (Tables) Sheet http://corninggas.com/role/LeatherstockingCompaniesTables Leatherstocking Companies (Tables) Tables http://corninggas.com/role/LeatherstockingCompanies 22 false false R23.htm 00000023 - Disclosure - Effective Tax Rate (Tables) Sheet http://corninggas.com/role/EffectiveTaxRateTables Effective Tax Rate (Tables) Tables http://corninggas.com/role/EffectiveTaxRate 23 false false R24.htm 00000024 - Disclosure - Pike County Light & Power (Tables) Sheet http://corninggas.com/role/PikeCountyLightPowerTables Pike County Light & Power (Tables) Tables http://corninggas.com/role/PikeCountyLightPower 24 false false R25.htm 00000025 - Disclosure - Segment Reporting (Tables) Sheet http://corninggas.com/role/SegmentReportingTables Segment Reporting (Tables) Tables http://corninggas.com/role/SegmentReporting 25 false false R26.htm 00000026 - Disclosure - Basis of Presentation (Details) Sheet http://corninggas.com/role/BasisOfPresentationDetails Basis of Presentation (Details) Details http://corninggas.com/role/BasisOfPresentation 26 false false R27.htm 00000027 - Disclosure - Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) Sheet http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlansScheduleOfNetPeriodBenefitCostBenefitDetails Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) Details http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlansTables 27 false false R28.htm 00000028 - Disclosure - Pension and Other Post-retirement Benefit Plans (Narrative) (Details) Sheet http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlansNarrativeDetails Pension and Other Post-retirement Benefit Plans (Narrative) (Details) Details http://corninggas.com/role/PensionAndOtherPost-retirementBenefitPlansTables 28 false false R29.htm 00000029 - Disclosure - Financing Activities (Details) Sheet http://corninggas.com/role/FinancingActivitiesDetails Financing Activities (Details) Details http://corninggas.com/role/FinancingActivities 29 false false R30.htm 00000030 - Disclosure - Fair Value of Financial Instruments (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) Sheet http://corninggas.com/role/FairValueOfFinancialInstrumentsScheduleOfFairValueOfAssetsAndLiabilitiesMeasuredOnRecurringBasisDetails Fair Value of Financial Instruments (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) Details http://corninggas.com/role/FairValueOfFinancialInstrumentsTables 30 false false R31.htm 00000031 - Disclosure - Fair Value of Financial Instruments (Summary of Marketable Securities) (Details) Sheet http://corninggas.com/role/FairValueOfFinancialInstrumentsSummaryOfMarketableSecuritiesDetails Fair Value of Financial Instruments (Summary of Marketable Securities) (Details) Details http://corninggas.com/role/FairValueOfFinancialInstrumentsTables 31 false false R32.htm 00000032 - Disclosure - Fair Value of Financial Instruments (Schedule of Gains Included in Earnings) (Details) Sheet http://corninggas.com/role/FairValueOfFinancialInstrumentsScheduleOfGainsIncludedInEarningsDetails Fair Value of Financial Instruments (Schedule of Gains Included in Earnings) (Details) Details http://corninggas.com/role/FairValueOfFinancialInstrumentsTables 32 false false R33.htm 00000033 - Disclosure - Shareholders' Equity (Details) Sheet http://corninggas.com/role/ShareholdersEquityDetails Shareholders' Equity (Details) Details http://corninggas.com/role/ShareholdersEquity 33 false false R34.htm 00000034 - Disclosure - Leatherstocking Companies (Narrative) (Details) Sheet http://corninggas.com/role/LeatherstockingCompaniesNarrativeDetails Leatherstocking Companies (Narrative) (Details) Details http://corninggas.com/role/LeatherstockingCompaniesTables 34 false false R35.htm 00000035 - Disclosure - Leatherstocking Companies (Schedule of Investment Activity in Joint Ventures) (Details) Sheet http://corninggas.com/role/LeatherstockingCompaniesScheduleOfInvestmentActivityInJointVenturesDetails Leatherstocking Companies (Schedule of Investment Activity in Joint Ventures) (Details) Details http://corninggas.com/role/LeatherstockingCompaniesTables 35 false false R36.htm 00000036 - Disclosure - Effective Tax Rate (Schedule of Deferred and Current Income Tax Expense) (Details) Sheet http://corninggas.com/role/EffectiveTaxRateScheduleOfDeferredAndCurrentIncomeTaxExpenseDetails Effective Tax Rate (Schedule of Deferred and Current Income Tax Expense) (Details) Details http://corninggas.com/role/EffectiveTaxRateTables 36 false false R37.htm 00000037 - Disclosure - Effective Tax Rate (Schedule of Income Tax Reconciliation) (Details) Sheet http://corninggas.com/role/EffectiveTaxRateScheduleOfIncomeTaxReconciliationDetails Effective Tax Rate (Schedule of Income Tax Reconciliation) (Details) Details http://corninggas.com/role/EffectiveTaxRateTables 37 false false R38.htm 00000038 - Disclosure - Pike County Light & Power (Narrative) (Details) Sheet http://corninggas.com/role/PikeCountyLightPowerNarrativeDetails Pike County Light & Power (Narrative) (Details) Details http://corninggas.com/role/PikeCountyLightPowerTables 38 false false R39.htm 00000039 - Disclosure - Pike County Light & Power (Summary of Acqusition occurred) (Details) Sheet http://corninggas.com/role/PikeCountyLightPowerSummaryOfAcqusitionOccurredDetails Pike County Light & Power (Summary of Acqusition occurred) (Details) Details http://corninggas.com/role/PikeCountyLightPowerTables 39 false false R40.htm 00000040 - Disclosure - Preferred Stock (Details) Sheet http://corninggas.com/role/PreferredStockDetails Preferred Stock (Details) Details http://corninggas.com/role/PreferredStock 40 false false R41.htm 00000041 - Disclosure - Rate Case (Details) Sheet http://corninggas.com/role/RateCaseDetails Rate Case (Details) Details http://corninggas.com/role/RateCase 41 false false R42.htm 00000042 - Disclosure - Segment Reporting (Details) Sheet http://corninggas.com/role/SegmentReportingDetails Segment Reporting (Details) Details http://corninggas.com/role/SegmentReportingTables 42 false false All Reports Book All Reports cnig-20170630.xml cnig-20170630.xsd cnig-20170630_cal.xml cnig-20170630_def.xml cnig-20170630_lab.xml cnig-20170630_pre.xml true true ZIP 59 0001582244-17-000068-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001582244-17-000068-xbrl.zip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

]L'/+!F,>)[2+$C9JLK"UQQUR0X44U,O M_L.7^N,*DQ!&;#^2O$C%PQT^6"B2;1K_@4?]<9-QCP.EVT62YN)*]B1)T^0+ MB^>Z';RL,:YW%R9<-/SVSM_X0-/[)*/^DWR6 :]6B*HI_"=[M8'5Q+FC:[B= M=P^%V-!>SRX3$H]G>1E%FB41"XFBOJ#HPZX+WY>D0%3L&7,*TQV)YXROE%UO9"*<%R+ 5?SN+CDC941K=D)G24K7*?DO MXB!9TCOR*&)9N2P#MLZVV:&]D?1&TF)%N<1\F72<)7 M5#*G"U;HFS2%40ECU02*%ERVZ0/3"U.P4 A720 MN=8V?!U\-YG,/B9QOHB>Q!](%)65FRVV MD@IZ*#Z^O2"6;.$UD.NZ 5/R5/Y8U<+6*6""\H/SGI=7"M4OJ_3IM[R5++@R<4RCF M&]MHU.;55C\%TXDCV/FF&'N\Y-'4B85U+> M'"II+ X1'=,'OTR[9?.8PMQ2,C*H[+$Z.V1"0++6)'$9SRU&K5E,6JV@:"#Q M5\A8Q"'\\LZ[.;PZ3['AME]* 04%B2?"Q#H.@'9>E,L=%/+7YS8>B7>^/1(: M%O#"L>-Y7&\ >_ICM^10T%"Z% Q"P9$.F[#T9Q(5? ]?)[8FT9:#;%OFJ-&P M*@<_CL-+1N[KL)J/E(A4Q^%U?$,#;C[X=\I7E+K1;PJ\JQD\2UX*RTC M\ITCH)?ZJI!42P69G6X,]%T?^-Y9PN?LAMD5?.^.!;[W?>![;PF?L[MH5_"] MQPC?^(&P2*S[YTEZ2R)Z*W8$Y::!;P\"TXL"&+7G3$A.G/0[>-N(<>#7A/BN M8(OEDJ1/U[./)/U,9-MH06ASXJ;50"Y2<)11^"9'%@^\EQ7_. M?BO8 U=%OE\Q(::G\NU)ANOB;FE4@# ?M\(V5M944OIU# M]A 86<)T(/UT>Y>69[(GKBX?1/Q)K,6KIC.0^78)]9XW(''@0&Z2I*LD%969 MR@"B]:)K-'AZ,M_>H/X6#R(.',@)BYP_P2%3M?>=-+(W5GH!.%J7/A9Y02*1 ML$TM\*I0::>=[SR0_=8@)<,X9L%T[8PK5TG3')"W]ITGLO<,T#&/ QZ9-]'L M0--3>?9,]_*U=,J/F<6" T UCW6Z$AI.$ET(%K@#WZK'Q\(BQWI MQT[7OL^$!](/J4"QZ\?!+Y^=G1\'17G R^0\R4F$_BIYLT$26BQ*X44%[_XB M7J>VUEXGO]L[6K?\ZFC]V1&+1^L/OUPJN[A[Y&I5/KGB' M$2QWP.MA=0X?&BPNT=WF2K5)A< ENGO9YU9*&(2'J8JPY[O8ERK"AZ\B/-!2 M6:WV\?R&!I0]"!6<\H/U+(E8\/))LDRQ6)G[1W'-UFOGUXUKK6O.E0<8WCV"U.-<)K=!V+ MT^7UK'&^I)IC@X',MR]=N6?=F1(@[E&DNKI=<,872<3EEE4WE-KC[OO=XVZ3 M_D^CJ@<4Q];RCJG%V%624_/!U43G\\A4W&UH-[2/-%TE87>=N#C.^43B\'F9>#S*&BD9_O0>9.['^O9Q=QR!Y86!!#1@]% MZ2LS@79R"#8;3N" ?^6ETV 6EB M$84']I2E-.!]FUY6[K;S_:JXIV;N9MJ6"'AQ,V>\):FC&8GC4I\P#?D@AI*[+U* MJ%J+FCM%.UG@L'O3B,179&F(>6ZW0C(GW%NW-MN-9W(( #,9L]UV.$"3J9M" MZ&[MUJG8R- XO*%L$R\BOJRU5R8B[Q4P^@V>&^H%I)QP<@"H4 ML,HM6?Y:!(E4U5JU[AJK;GR'S@TY5_6BPH^R:M/:#VQU;[[OJ0;'W"0XU-!7 M*TSY_R5-WON]6AL?^.&;] M>I39E#R)TUA5BH/S43*ANQO3T_E.#-,+3Y@P< "GU;TK^J7\D_U&K$/O.Y', M\!.S(QQ'?K:K0IRIQ;Z>/K"DR,9QSAF)BIP]-$.PPY"&=\F$1$%1W>1>STY% M*QJN0WPULU%\R,%W@* [\Z#:@>Y(")AF>R-KXH2L6$ZB2I=O."[I0WF@."]R M44ZI/DYJ[E?MNP*J@S-/;R\;T%MD.!!O7UIN-A/"04#30$A_K@$91@UVGJ " MUD8R&+&\9+\5+"R%7/V!:N\(J^7 MEMTUI=I/JJ$>J'NH,N#RF@TJ6QSJ(O7SII5,JILP2P?X#BT4:%RN,KA4<*"H M]_"(/UZORA>89X]\_6'9-K#2UB\F[\O[NRL'?C&=U!P=Q_ZK(&E.T^AIO6-0 M'*)KZ M,8G)'#;.55.2F'(D*@F\ MO]8;Q%,\<5I9SR? HE * -:JF?05A[%5Z%E5&=*8F!1YC@1,T M@&138:H[+%"\L:XL#-'M5U0"'*AV,21UE 8[F M8/W]>L6!N5-SK!< CEQ0JC&:IK&)[CC@A2B^M'ZIFG$W:01VCBO;7'&74<"W MB3M_GK(5Y7W2;1MM /Q0G?N.5(3I#JG MK:2Q[UA\ZV-VQXNKE$#O2^"<&U4$5\""]>O9A(^:Y>O&]2.ZM#WV$YO.U@&)'U?2S9=N[HNM9>;]7O;6M^%%><=IUX3W0 MOS?P]KQBV@\U]14VB1$$Z \Y23%,PH'>BM#[?%M 5*Q)FIP^_WA54M M (065@RVS@$R2?AGN+FX$:)66%-U<^^1\WM93I,8\%G)]:I^0\5&G"_G>VZ& M=/UXCZ)WL1TR"PX'Z%/R5)V@D[J.9)EF:YHF*YKF3R*5@WAM)@2S,N2RLNW( M>\S]OK#W%!T.W-O+"-=:8]R>FL)[(/VP:VI7&,>_;6J&HTV2.$_9O<@'4,>, M:V:U@DQ@D&!QS5L[B;;%):DRQ($4P3F/GWZCZS? M%_W])8I#,]H&["/)16#QTRG)=DRB6!$[B+.*1=U+AXO5Z%5 MD#P8-GWX#YL?%EF(Q' @/5&(4B65)2=5H.YT\Q_]/N^ M>$GY/OZ3RRV;QVS& GZ:GBQ$%G>^5>=[L@7+:#8MTF A$H\VDR]H[F;MN_(? M>+_WW6U?^3E.&#@ILIPK:RJ;HLU<=XUV_D/F]_("*SEW).GF%=WVXOZ&EKZJ M\"XYH?4+*=7EIDT'_B/<]\+&7E8X%KN.#W*]'[Z(FW$C%FY;50?^H]X']]?J M984$X(9_2C"8F>^Q-23^H^"']-=)Y>'(F%Y2OO-=7,\^D(PW5D57=UKY#V[? MRRPJN$8R-3KW+RP:QR$?Z_H.IN_-E;X?__'QP]]<022'!'5I61EQ,+VK#Z8P MRZBB]1]G/Z2)U$L('Z*;*Q@1=25^,25ZGPR(V']/O%CYD5<7ZC$\W&0LX?2N23887'!?W?-34]5YEOKMMFK7Z@JH/;S M#"!9U D=MC+:RJ5FZZF]6<^T*1_^8I'R8?W-43(;;;\Z6G]VQ.)1^>'1^LLO MJ2&\,=T8WT4\GLU8Q$C.U6:=_4040Y[Q^59PJTY__\J17DULKUO$+DPA1)VY 9'[#AH9RJY8R.HY MJ :^%>K7=_ZC6A L4D(,@RQ39W&XHVB'WT&?S694[%#I'7DLG\!L=LZG-4.< M_3IK:#4%><.S1U&E49\M[;O=K?/F2R/>PTA\J[UG7G]O1.)P5']Q5'VRI*@_ MBF/7O!'%ED7S#EE+Y#.3H1S>$QK3F>Z>P$3G>3\+P&@WD2%($#C\(^OI8HV: MD=#W9M(>-Z L< !G#=B^0#G;V-D#90\0IA5Q,_H;&B1Q4&X:^">UR^#WMLM@ M8\5K?^9EX1O>][7&8HLLQZ,M]G%^3ODT(I%X'%SP@3RU&FO\84-T?G1+Z( B M16:NVSPH+%EO;1GX,\>WACN1,VH5*J,-1(8P_N5HTT9_>K?LZ(AW"':R0@UT M^?I]'/ZK 'KT !WX=L,,!JQ*-L@ /=1>W=D# I=[=_UY1]IA,1 MHOUTR>:+?)I\H2FL#, /NSMZT=6HZFM4=C;Z=[)<_754]HFN%,!)D8E7CR)) MY3V+JSM]\PY>3X4B+?%ZB.7=4<;JM,N-G\#I_J$]X/=Y#5LXHDG[]DD/KLLDJ"YXX=I@3]LN%5U_3&?+, 4AQ( M&C03 -@.6VXR>>]L7OBYJ-QKU#FEM7FZ8:2^W0=@76N%8%E(!6L<4*D53@N&6VOVD<_4N\M&"CRM 5.V]NT2 MT6E)TTP9V'46?I:+A-GK;UZRI4'..@+?R32AHC8S[2IRFB]%XSE?K81/ZQ>6 M+SX2#KIQ85:3^$YQ"94XA'%',I\DD2B=).X$:% F:[J^C]B\.A!K10^B])UM M$HJ A1AP;(+:Z9CTFR!96QPKZT";(!F#.,J,M$<&*>^DIL !F5KQM*"X+]14 M3?6V&16;AA,2?]8;,@"A[XL(DQZU;!E8$$>;:^: )^B.I]0VM\R1/J67.,@G MW":SL YI+.LT5HR]M;H!T?2"T(&BA+\7@TZGG60HOR3IYRH'NB+?L" $T/E^ M$6$[+\&B\ 6%"!ONC4=-[/OH/C@H+:'@V&9+QBQ>8LQCD:;X(N1"8C,F=J95 M\LW:W2JB/QIY'/G?^+*]C@>I6O)>*'L0E( ;'+=?][VW&<;J.H/E62[EO:6U M33_:^!LL#99K<% '6X)W!Q)%/6C%(O$#IEOI]X RYY4$(?#87UJ MN:$Q_4(B,0C5$0U,[=O1-P J.K%XF"3]T%&0^ZX5,^2D<8&/"V_?A*3ID\@, M9%7A9Y?*=ZF7'LL81 PX +O$7(86$:)]Y-3_J3..$L6=O"IKN='L0ZK-<6^F M]%[HI8<.0.6!8V;?T%4]7I&307>_B .V6MA]-Z+Q R(HUPV M./"B;8KKB^#DH/<:@-W/S1,G"S_HY(RK+] MTBBI/[5O-*?"C]: DN]Y)-S7X0QF(6B".L677'S(ZUSG1JQT1!NB/'?:>7Z* MY@H)Q=QO\XXDJ',SK([MTL#7:(OC-:%< 54(-(;_$I3I#X^7D$OO.+V$7+Z$ M7/J=4J)FT;DHSGY#'VA<:#8/(&+/#W_5JZEY*JDD@1\Z8,U>BRY\S\=!<'RF M)7TE+*\Y/B/E(3+C)]KR.'M",A98*82A)]\/B/?1"Y"0<)S[VXXJS;'^VS>= M8_V:=E02NSFGWXCU+KN>\2_QL<..W 8:#$>PXSL]@X!X.0@C.W@A/@AOZJ!M M7U!/DS2?)1%+;NG<'*0*[N"(\ +SA./@#!BNZ0!MT04.'"WUUAY@MP?L#R2# M'*:[S7P_"+76M>8!6L4UCA/7#8GG5&_L&DUP3 .0.6N,&D>*H7) 2L5OCAJJ M]H>1=D=#9()>#WE/PS&,I.O'GB99[S3S[0V0Z,>.I*5\X3 CFRDYB4C&M^KE ML4QO5C0D.!3?;I?;Y0)'4H_FN(QYS21MD6&ATJ_=%TT23E#8IK;7PV2BY*U] M6RJU2FG?(ATDG<_, C9P0$7A&(_^D\-(ZSL"S Z-@TR.81:..^$1%P7*0O&DLR"1 M?G>E:(YL-=?MK!0<-!(\8$)#)*ZZH5&5@V_!5G?)69P#4LE:=X0#0:TVFH T ML8AEHR82(\7J%*K;34Z[H?>8R9[*V=V\R02 PQIZCL+Q?O-K'7ES\&< BBW( MV>.*5[#3.;[4&2&#L:'VPU@YX.G+,M3=E^(WX@W BH M0)2^3T8P#"R$<# 8)@F?1*/-VYE.0KE(^_0^3X-]85 (0 3ZMN?*VS_[3LH%LY&[[#A:B\;+),W9[U6ESEGE&"DC]OE\)G% )TFFW)4!:7VG MVX+)VTH0.*S7*1_D0^F_.F>/-+R(<[Z&9KF^#+66R/=+"["M K!^J,U;Y=/- MQ(]"3M"]6X?,M^NTY]9-P3Z.&=)>TJ8DO4Y+-L.?2530]>-HZ JOIO?N\^FY MR)LD@@/%VJG_BRBS&^?7::EW9X]\4\(R6J:1V?PQJ_^::?*\]^S.>QXLN'=H M'WD=RFR>TOKGE8(@,Y[\BC8- %+ ,=,:::.%'QM*C^JIXF&Q'MZ)_ <,?+M:()LG\BL_5'9 M. A2^4:@+.BE(8"*VZ-[P<0"IKG0/LI=LM\*%I(J"%C\@7(;"CW9*HBA@'GT M2=BP@PF\M6KQQ4\\@A+7P7?)"9T2%IZ2IX])G"_&H?2 M7C(X$&V<%K8^,=6=>O>$T:&!(H; WV#DW-'JU-HJ"AM-A6*=@ MI% ,/#L9;.2 8[)4@^3#.GM\\'MZAK&"R.LV3[MIFEGGG'\0CAX@$ M)"9\[Y3&VIA, M"WIO3_-W)2F7LY44'&WH->.XVA.-77IOK_3W0D,NA<.C%\F@('(&JUTH+29 1' M5'%Q'['@4UZ7.+^AOQ4TRVD99'$1!RDM3R+5?TVE>/OT=2SQK?WEA,,,VHP? M%&G4LS_\4;%[,G@4H-.\2./K^.RW@N5/>\&M[ E_Z&UOUHX!XFK4$[)B.8EN M^>H3<&[VFMGF'O&'^N[-HM,31GE9RFU+5(0B@.B2/M"(_4[#$VYBA-E1N7T M=/A#=X&,8)I[N\O 17Q# Q$V7N;C39,5Y>>D4[+DFF-X.&O?T]'$\/85$HJ2 M$'4NY1NZ$J&8FU3_\EN:=[NW-#7U:$/NYK9&,4C#K8V1"L/MP?'=W@#!>+G% M0>8[>2D.<5QXO12'>"D.<=S%(9RY.% 6A]"4N#06LO1^93B$8+NJ.? MTQ0#]L"ZS_UJ._M/GCEL_68DF%4"Y* M_Y@219OHCB9+)TP ..:7$10[X?M/B:$4\I'.IG6:J+MD'/ M;RJNL\,B$'E: M3-@!2(\H@R=4#E9W^O5?Q/_=DXSRW_Q_4$L! A0#% @ 6'T.2T?JHKY% MH@ K.@* !$ ( ! &-N:6&UL4$L! M A0#% @ 6'T.2YRI&DQ%$ *:( !$ ( !=*( &-N M:6'-D4$L! A0#% @ 6'T.2RN'6.89%P SC0! !4 M ( !Z+( &-N:6&UL4$L! A0#% M @ 6'T.2W[L9! F1@ C'T$ !4 ( !Y60! &-N:6