York Water Co 10-Q for FY2025 Q2

York Water Co (YORW)

10-Q 2025-08-12 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

York Water Co filed this 10-Q on August 12, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $19.2M; up 2.4% from $18.75M a year earlier
Net income: $5.05M; up 1.2% from net income of $4.99M a year earlier
Diluted EPS: $0.35; unchanged from $0.35 a year earlier

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Pennsylvania	23-1242500
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

130 East Market Street, York, Pennsylvania	17401
(Address of principal executive offices)	(Zip Code)

Common Stock, No par value	YORW	The Nasdaq Global Select Market
(Title of Class)	(Trading Symbol)	(Name of Each Exchange on Which Registered)

Large accelerated filer ☐	Accelerated filer ☐		Non-accelerated filer ⌧

Smaller reporting company ☒		Emerging growth company ☐

☐ Yes		⌧ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock, No par value	14,421,177 Shares outstanding as of August 12, 2025

PART I	Financial Information

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24

PART II	Other Information

Item 5.	Other Information	25
Item 6.	Exhibits	26

Signatures		27

	Jun. 30, 2025			Dec. 31, 2024
ASSETS
UTILITY PLANT, at original cost	$	687,929		$	664,927
Plant acquisition adjustments		(9,800	)		(9,838	)
Accumulated depreciation		(129,414	)		(124,082	)
Net utility plant		548,715			531,007

OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $555 in 2025 and $536 in 2024		1,518			1,534

CURRENT ASSETS:
Cash and cash equivalents		1			1
Accounts receivable, net of reserves of $1,610 in 2025 and $1,610 in 2024		7,484			7,249
Unbilled revenues		3,493			3,604
Recoverable income taxes		824			587
Materials and supplies inventories, at cost		3,448			3,413
Prepaid expenses		1,921			1,597
Total current assets		17,171			16,451

OTHER LONG-TERM ASSETS:
Prepaid pension cost		25,293			25,009
Note receivable		255			255
Deferred regulatory assets		55,475			54,061
Other assets		5,304			5,156
Total other long-term assets		86,327			84,481

Total Assets	$	653,731		$	633,473

	Jun. 30, 2025		Dec. 31, 2024
STOCKHOLDERS’ EQUITY AND LIABILITIES
COMMON STOCKHOLDERS’ EQUITY:
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 14,420,319 shares in 2025 and 14,386,282 shares in 2024	$	139,071	$	138,089
Retained earnings		95,480		93,103
Total common stockholders’ equity		234,551		231,192

PREFERRED STOCK, authorized 500,000 shares, no shares issued		–		–

LONG-TERM DEBT		218,056		205,561

COMMITMENTS		–		–

CURRENT LIABILITIES:
Current portion of long-term debt		330		–
Accounts payable		8,517		9,525
Dividends payable		2,897		2,892
Accrued compensation and benefits		1,708		1,806
Accrued interest		2,483		2,490
Deferred regulatory liabilities		858		864
Other accrued expenses		446		712
Total current liabilities		17,239		18,289

DEFERRED CREDITS:
Customers’ advances for construction		21,812		20,546
Deferred income taxes		63,743		61,157
Deferred employee benefits		3,541		3,526
Deferred regulatory liabilities		43,924		43,947
Other deferred credits		525		386
Total deferred credits		133,545		129,562

Contributions in aid of construction		50,340		48,869

Total Stockholders’ Equity and Liabilities	$	653,731	$	633,473

	Three Months Ended June 30						Six Months Ended June 30
	2025			2024			2025			2024

OPERATING REVENUES:	$	19,199		$	18,750		$	37,655		$	36,378

OPERATING EXPENSES:
Operation and maintenance		4,823			4,862			10,034			9,674
Administrative and general		3,338			3,157			6,261			6,231
Depreciation and amortization		3,506			3,267			7,070			6,350
Taxes other than income taxes		446			402			921			846
		12,113			11,688			24,286			23,101

Operating income		7,086			7,062			13,369			13,277

OTHER INCOME (EXPENSES):
Interest on debt		(2,521	)		(2,183	)		(4,940	)		(4,306	)
Allowance for funds used during construction		191			347			376			1,481
Other pension costs		132			436			265			206
Other income (expenses), net		(203	)		(148	)		(275	)		(215	)
		(2,401	)		(1,548	)		(4,574	)		(2,834	)

Income before income taxes		4,685			5,514			8,795			10,443

Income tax expense (benefit)		(367	)		521			105			1,123

Net Income	$	5,052		$	4,993		$	8,690		$	9,320

Basic Earnings Per Share	$	0.35		$	0.35		$	0.60		$	0.65

Diluted Earnings Per Share	$	0.35		$	0.35		$	0.60		$	0.65

	Common Stock Shares		Common Stock Amount		Retained Earnings			Total

Balance, March 31, 2025		14,399,650	$	138,556	$	93,587		$	232,143
Net income		–		–		5,052			5,052
Cash dividends declared, $0.2192 per share		–		–		(3,159	)		(3,159	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans		13,412		417		–			417
Stock-based compensation		7,257		98		–			98
Balance, June 30, 2025		14,420,319	$	139,071	$	95,480		$	234,551

Balance, December 31, 2024		14,386,282	$	138,089	$	93,103		$	231,192
Net income		–		–		8,690			8,690
Cash dividends declared, $0.4384 per share		–		–		(6,313	)		(6,313	)
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans		25,797		812		–			812
Stock-based compensation		8,240		170		–			170
Balance, June 30, 2025		14,420,319	$	139,071	$	95,480		$	234,551

	As of			As of
	Jun. 30, 2025			Dec. 31, 2024			Change

Accounts receivable – customers	$	8,725		$	8,392		$	333
Other receivables		369			467			(98	)
		9,094			8,859			235
Less: allowance for doubtful accounts		(1,610	)		(1,610	)		–
Accounts receivable, net	$	7,484		$	7,249		$	235

Unbilled revenue	$	3,493		$	3,604		$	(111	)

	As of Jun. 30, 2025			As of Dec. 31, 2024

Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029	$	12,000		$	12,000
3.00% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series A of 2019, due 2036		10,500			10,500
3.10% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series B of 2019, due 2038		14,870			14,870
3.23% Senior Notes, due 2040		15,000			15,000
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 – 2045		10,000			10,000
4.54% Senior Notes, due 2049		20,000			20,000
3.24% Senior Notes, due 2050		30,000			30,000
5.50% Senior Notes, due 2053		40,000			40,000
5.67% Senior Notes, due 2054		40,000			40,000
Committed Line of Credit, due September 2026		28,539			15,808
Total long-term debt		220,909			208,178
Less discount on issuance of long-term debt		(130	)		(136	)
Less unamortized debt issuance costs		(2,393	)		(2,481	)
Less current maturities		(330	)		–
Long-term portion	$	218,056		$	205,561

Description		June 30, 2025		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$525		$525

Description		December 31, 2024		Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Interest Rate Swap		$386		$386

	Number of Shares		Grant Date Weighted Average Fair Value

Nonvested at beginning of the period	8,117		$38.62
Granted	8,240		$34.36
Vested	(6,690	)	$36.98
Forfeited	–		$–
Nonvested at end of the period	9,667		$36.12

•	the amount and timing of rate changes and other regulatory matters including the recovery of costs recorded as regulatory assets;
•	expected profitability and results of operations;
•	trends;
•	goals, priorities and plans for, and cost of, growth and expansion;
•	strategic initiatives;
•	availability of water supply;
•	water usage by customers; and
•	the ability to pay dividends on common stock and the rate of those dividends.

	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Water utility service:
Residential	$	10,626	$	10,422	$	20,876	$	20,266
Commercial and industrial		5,214		5,109		10,150		9,765
Fire protection		1,214		1,123		2,404		2,204
Wastewater utility service:
Residential		1,614		1,502		3,196		2,976
Commercial and industrial		349		352		694		668
Billing and revenue collection services		17		122		43		252
Collection services		30		–		33		3
Other revenue		19		6		29		16
Total Revenue from Contracts with Customers		19,083		18,636		37,425		36,150
Rents from regulated property		116		114		230		228
Total Operating Revenue	$	19,199	$	18,750	$	37,655	$	36,378

	Three Months Ended June 30						Six Months Ended June 30
	2025			2024			2025			2024

Service cost	$	132		$	158		$	265		$	317
Interest cost		496			465			991			928
Expected return on plan assets		(767	)		(792	)		(1,534	)		(1,583	)
Amortization of prior service cost		(3	)		(3	)		(6	)		(6	)
Rate-regulated adjustment		142			(106)			284			455
Net periodic pension cost	$	–		$	(278)		$	–		$	111

•	changes in weather or climate, including drought conditions or extended periods of heavy precipitation;
•	natural disasters, including pandemics and the effectiveness of the Company’s pandemic plans;
•	levels of rate relief granted;
•	the level of commercial and industrial business activity within the Company’s service territory;
•	construction of new housing within the Company’s service territory and increases in population;
•	changes in government policies or regulations, including the tax code;
•	the ability to obtain permits for expansion projects;
•	material changes in demand from customers, including the impact of conservation efforts which may impact the demand of customers for water;
•	changes in economic and business conditions, including interest rates;
•	loss of customers;
•	changes in, or unanticipated, capital requirements;
•	the impact of acquisitions;
•	changes in accounting pronouncements;
•	changes in the Company’s credit rating or the market price of its common stock; and
•	the ability to obtain financing.

	THE YORK WATER COMPANY


	/s/ Joseph T. Hand
Date: August 12, 2025	Joseph T. Hand Principal Executive Officer



	/s/ Matthew E. Poff
Date: August 12, 2025	Matthew E. Poff Principal Financial and Accounting Officer

Exhibit No.		Description

3		Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.

3.1		Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.

10.1		Form of Amended and Restated Change in Control Agreement made as of August 1, 2022 between The York Water Company and each of the individuals listed on a schedule attached thereto, which plans are identical in all material respects except as indicated in the attached schedule.

31.1		Certification of Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.

31.2		Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934.

32.1		Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of 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.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH		Inline XBRL Taxonomy Extension Schema.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase.

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

THE YORK WATER COMPANY	EXECUTIVE
By: ___________________________________ Name: ________________________________ Title: __________________________________	_________________________________ Title: _____________________________

Name	Agreement Date
Suzanne M. Becker	May 29, 2025
Alexandra C. Chiaruttini	August 1, 2022
Ashley M. Grimm	January 15, 2025
Joseph T. Hand	August 1, 2022
Matthew E. Poff	August 1, 2022
Matthew J. Scarpato	July 31, 2023
Mark S. Snyder	August 1, 2022

I, Joseph T. Hand, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of The York Water Company;
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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 function):
	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.

I, Matthew E. Poff, certify that:
1.	I have reviewed this quarterly report on Form 10-Q of The York Water Company;
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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 function):
	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.

(1)	The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)); and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.