UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
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
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
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 the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐ Accelerated Filer ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of December 31, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-12-31
The York Water Company is a public reporting company classified under Water Supply. The Company's principal executive offices are located at 130 East Market Street, York, Pennsylvania 17401, and it serves customers in [COMPLETE: description of service territory, including counties and municipalities served]. The Company's principal products and services consist of [COMPLETE: description of water and wastewater services provided, including sources of supply, treatment, and distribution operations], and its customer base is comprised of [COMPLETE: description of residential, commercial, industrial, and other customer classes, including approximate customer counts]. The Company is subject to regulation by [COMPLETE: description of state public utility commission and other regulatory bodies with jurisdiction over rates, service, and water quality], and its strategy is focused on [COMPLETE: description of growth strategy, including acquisitions, infrastructure investment, and rate case activity].
For the year ended December 31, 2025, the Company reported revenue of $77,488,000, compared with $74,959,000 in the prior year, an increase of 3.4%, and net income of $20,058,000. Utility plant, net totaled $568,426,000 at December 31, 2025, compared with $531,007,000 at the end of the prior year, an increase of 7.0%, reflecting the capital-intensive nature of the Company's operations. Contributions in aid of construction amounted to $51,058,000 at year end, compared with $48,869,000 in the prior year, and regulatory assets totaled $59,297,000, compared with $54,061,000 in the prior year. Allowance for funds used during construction increased due to a higher volume of eligible construction, and the Company expects to continue investing in its infrastructure to support the reliability of service to its customers. The Company's capital program is funded through [COMPLETE: description of sources of financing, including internally generated funds, debt, and equity issuances], and upon the completion of the underwritten common stock offering in April 2026, the Company repaid its term loan and line of credit.
The Company's primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and the Company does not have material foreign currency or commodity price exposure. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. The Company employed [COMPLETE: number of employees] persons as of December 31, 2025, and [COMPLETE: description of human capital resources, collective bargaining arrangements, and competitive conditions, including seasonality and the effects of weather on water consumption]. Further information regarding the Company is set forth in the Company's Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission and is available, free of charge, on the Investor Relations page of the Company's website at www.yorkwater.com.
Our business is capital intensive, and our ability to maintain and expand the infrastructure required to provide water supply services depends on continued access to capital on acceptable terms. YORK WATER CO is a public reporting company classified under Water Supply. Utility plant, net increased to $568,426,000 from $531,007,000, an increase of 7.0%, and total property and equipment was $569,926,000 compared to $532,541,000 in the prior period. We have funded a significant portion of this investment with borrowings, and long-term debt increased 7.9% to $221,900,000 from $205,561,000, while current debt was $330,000 compared to none in the prior period. Total debt was $222,230,000 compared to $205,561,000 in the prior period, and total liabilities of $440,541,000 compared to total equity of $240,347,000. Scheduled long-term debt maturities are $330,000 within one year, $44,630,000 in year two, $355,000 in year three, $370,000 in year four and $385,000 in year five, and our ability to refinance the maturity in year two on favorable terms will depend on credit market conditions at that time. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and rising interest rates could increase the cost of new borrowings and refinancing and reduce our earnings and cash flows.
Our revenues and earnings depend on the rates we are permitted to charge, and our ability to recover increasing costs through rates is subject to approval by [COMPLETE: name of the regulatory commission with rate-making authority]. Revenue increased 3.4% to $77,488,000 from $74,959,000, but several categories of expense grew faster than revenue during the same period. Operations and maintenance expense increased 5.8% to $20,812,000 from $19,670,000, depreciation and amortization increased 9.9% to $14,241,000 from $12,962,000, general and administrative expense increased 2.1% to $12,875,000 from $12,610,000, and taxes other than income taxes increased 10.7% to $1,855,000 from $1,676,000. Net income was $20,058,000 compared to $20,325,000 in the prior year, and basic and diluted earnings per share were $1.39 compared to $1.42 in the prior period. If regulatory approval of rate relief is delayed, denied or granted in amounts less than requested, we may be unable to recover our costs and earn an adequate return on our investment. Regulatory assets were $59,297,000 compared to $54,061,000 and regulatory liabilities were $46,298,000 compared to $43,947,000, and the timing and amount of recovery or refund of these balances depend on future regulatory actions. Our results are also sensitive to changes in tax law and to the timing of deferred tax items; we recorded an income tax benefit of $816,000 compared to income tax expense of $1,350,000 in the prior period, and deferred tax liabilities increased 10.0% to $67,276,000 from $61,157,000.
Our results also depend on customer growth, the timely collection of amounts owed to us and contributions from developers and customers toward system expansion. Accounts receivable increased 18.3% to $8,572,000 from $7,249,000, and any deterioration in customer payment patterns could adversely affect our cash flows. Contributions in aid of construction increased 4.5% to $51,058,000 from $48,869,000 and noncurrent deferred revenue increased 8.8% to $22,357,000 from $20,546,000, and a slowdown in development activity in our service territory could reduce these sources of funding for growth. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements; however, the outcome of litigation is inherently uncertain and adverse results could require us to incur costs not currently anticipated. We do not have material foreign currency or commodity price exposure. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter; nevertheless, any failure to maintain effective controls in the future could impair our ability to report financial results accurately and on a timely basis. [COMPLETE: risks relating to water supply, water quality, weather, environmental regulation, cybersecurity and other operational matters]
York Water Co is a public reporting company classified under Water Supply, and the following discussion compares our results of operations for the year ended December 31, 2025 with the comparable prior-year period. Revenue increased 3.4% to $77,488,000 from $74,959,000, an increase of $2,529,000, attributable to [COMPLETE: description of revenue drivers, including any rate relief, customer growth, or consumption changes]. Operations and maintenance expense increased 5.8% to $20,812,000 from $19,670,000, an increase of $1,142,000, driven by [COMPLETE: description of operations and maintenance cost drivers]. Depreciation and amortization increased 9.9% to $14,241,000 from $12,962,000, an increase of $1,279,000 that reflects continued investment in our utility plant, which grew 7.0% to $568,426,000 from $531,007,000. General and administrative expense increased 2.1% to $12,875,000 from $12,610,000, and taxes other than income taxes increased 10.7% to $1,855,000 from $1,676,000.
Other expense, net increased 32.9% to $8,463,000 from $6,366,000, an increase of $2,097,000 primarily reflecting [COMPLETE: description of other income and expense drivers, including interest expense on higher debt balances]. We recorded an income tax benefit of $816,000 compared with income tax expense of $1,350,000 in the prior year, a change attributable to [COMPLETE: description of income tax drivers, including the effect of any tax deductions or credits]. Net income for the year was $20,058,000, and basic earnings per share were $1.39 on weighted-average basic shares outstanding of 14,403,891. Retained earnings increased 7.8% to $100,395,000 from $93,103,000, reflecting net income earned during the year net of dividends paid.
Cash and cash equivalents were $1,000 at both December 31, 2025 and the prior year end, as we generally apply available cash to fund construction and reduce borrowings. Long-term debt increased 7.9% to $221,900,000 from $205,561,000, an increase of $16,339,000, and the current portion of debt was $330,000 compared with none in the prior year, with proceeds used primarily to fund capital expenditures on utility plant. Common stock increased 1.3% to $139,952,000 from $138,089,000, reflecting shares issued under our equity plans. Total liabilities were $440,541,000 and total equity was $240,347,000 at year end. Contributions in aid of construction increased 4.5% to $51,058,000 from $48,869,000, and accounts receivable increased 18.3% to $8,572,000 from $7,249,000, while accounts payable decreased 11.6% to $8,423,000 from $9,525,000. [COMPLETE: statement of whether management believes cash flows from operations, available credit facilities, and access to capital markets are sufficient to fund operations, capital expenditures, dividends, and debt service for at least the next twelve months, and description of available borrowing capacity.]
Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and we do not have material foreign currency or commodity price exposure. We are involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. To date, we have not encountered cybersecurity challenges, risks, or breaches that have materially impaired our business strategy, operations, or financial standing.
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Revenue | 77,488,000 | 74,959,000 |
| Total Revenue | ||
| Total COGS | ||
| Gross Profit | ||
| Depreciation and amortization | ||
| General and administrative | ||
| Operations and maintenance | ||
| Taxes other than income taxes | ||
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Other income (expense), net | ||
| Income before income taxes | ||
| Income tax expense (benefit) | - | |
| Net Income | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Accounts receivable | ||
| Less: allowance for credit losses | ||
| Cash and cash equivalents | ||
| Prepaid expenses and other current assets | ||
| Other current assets (derived) | ||
| Total current assets | ||
| Noncurrent assets | ||
| Finance receivables, noncurrent | ||
| Other noncurrent assets | ||
| Property, plant and equipment | ||
| Regulatory assets | ||
| Utility plant, net | ||
| Other assets (derived) | ||
| Total noncurrent assets | ||
| Total Assets | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | ||
| Accrued compensation | ||
| Accrued liabilities | ||
| Debt, current | 0 | |
| Other current liabilities (derived) | ||
| Total current liabilities | ||
| Noncurrent liabilities | ||
| Contributions in aid of construction | ||
| Deferred revenue, noncurrent | ||
| Deferred tax liabilities | ||
| Long-term debt | ||
| Other noncurrent liabilities | ||
| Regulatory liabilities | ||
| Other liabilities (derived) | ||
| Total noncurrent liabilities | ||
| Total Liabilities | ||
| Equity | ||
| Preferred stock | ||
| Preferred stock, shares authorized | ||
| Preferred stock, shares issued | ||
| Common stock | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Retained earnings (accumulated deficit) | ||
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Depreciation and amortization | ||
| Deferred income taxes | - | |
| Change in income taxes receivable | - | - |
| Other noncash items, net | ||
| Change in accounts payable and accrued liabilities | ||
| Changes in operating assets and liabilities, net | - | - |
| Net cash from operating activities | ||
| Investing activities | ||
| Investing activities, net | -48,725,000 | -49,009,000 |
| Net cash from investing activities | - | - |
| Financing activities | ||
| Dividends paid | - | - |
| Proceeds from issuance of common stock | ||
| Customer advances and contributions for construction | ||
| Repayments of customer advances | - | - |
| Other financing activities (derived) | ||
| Net cash from financing activities | ||
| Net change in cash | ||
| Cash at beginning of period | 1,000 | |
| Cash at end of period | 1,000 | |
| Supplemental cash flow information | ||
| Cash paid for interest | ||
| Cash paid for income taxes | ||
| Cash paid for income taxes, federal | ||
| Cash paid for income taxes, state and local | - | |
| Supplemental disclosure of noncash investing and financing activities | ||
| Construction expenditures incurred but not yet paid | ||
| Debt portion of allowance for funds used during construction | ||
| Common stock | Retained earnings (accumulated deficit) | Total | |
|---|---|---|---|
| Balance at beginning of prior year | 136,174,000 | 85,004,000 | 221,178,000 |
| Net income | |||
| Other equity movements | 1,915,000 | -12,226,000 | -10,311,000 |
| Balance at December 31, 2024 | |||
| Net income | |||
| Other equity movements | 1,863,000 | -12,766,000 | -10,903,000 |
| Balance at December 31, 2025 |
YORK WATER CO is a public reporting company classified under Water Supply. The accompanying unaudited condensed financial statements have been prepared for the period ended December 31, 2025 from the Company's connected books and, in the opinion of management, reflect all adjustments necessary for a fair presentation of the interim results. The interim results are not necessarily indicative of the results to be expected for a full fiscal year. Utility plant, net totaled $568,426,000 compared with $531,007,000 in the prior period, an increase of 7.0%, and regulatory assets totaled $59,297,000 compared with $54,061,000, an increase of 9.7%. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements.
Revenue for the period was $77,488,000 compared with $74,959,000 in the prior period, an increase of 3.4%. Accounts receivable increased to $8,572,000 from $7,249,000, an increase of 18.3%, and noncurrent deferred revenue increased to $22,357,000 from $20,546,000, an increase of 8.8%. Contributions in aid of construction totaled $51,058,000 compared with $48,869,000 in the prior period, an increase of 4.5%. Operations and maintenance expense was $20,812,000 compared with $19,670,000, an increase of 5.8%, and depreciation and amortization expense was $14,241,000 compared with $12,962,000, an increase of 9.9%. The Company recorded an income tax benefit of $816,000 for the period compared with income tax expense of $1,350,000 in the prior period. Income before income taxes was $19,242,000 and the effective tax rate was (4.2)%. Net income for the period was $20,058,000. Basic and diluted earnings per share were each $1.39, based on 14,403,891 weighted-average basic shares outstanding and a dilutive adjustment of 416 shares.
Debt consisted of $330,000 of current debt and $221,900,000 of long-term debt as of the end of the period. Long-term debt increased from $205,561,000 in the prior period, an increase of 7.9%, and no current debt was outstanding in the prior period. Scheduled maturities of long-term debt are $330,000 within one year, $44,630,000 in year two, $355,000 in year three, $370,000 in year four and $385,000 in year five. Interest expense on debt for the period was $10,262,000. Total liabilities were $440,541,000 as of the end of the period. Deferred tax liabilities totaled $67,276,000 compared with $61,157,000 in the prior period, an increase of 10.0%, and regulatory liabilities totaled $46,298,000 compared with $43,947,000, an increase of 5.3%. The Company's primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments, and the Company does not have material foreign currency or commodity price exposure.
Total stockholders' equity was $240,347,000 as of the end of the period. Common stock totaled $139,952,000 compared with $138,089,000 in the prior period, an increase of 1.3%, and retained earnings totaled $100,395,000 compared with $93,103,000, an increase of 7.8%. Dividends declared during the period, if any, are described in [COMPLETE: dividends declared and paid during the period, including per-share amounts]. Shares issued under the Company's equity plans and dividend reinvestment arrangements, if any, are described in [COMPLETE: shares issued during the period and related proceeds].
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
The allowance for credit losses reflects expected credit losses over the contractual life of the in-scope financial assets, measured considering historical loss experience, current conditions, and reasonable and supportable forecasts, and is presented as a deduction from the amortized cost basis of the related assets.
Receivables are recorded at the amounts contractually due from customers and other counterparties, net of any allowance for amounts not expected to be collected.
Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized over the estimated useful lives of the related assets, generally on a straight-line basis. Expenditures for maintenance and repairs are expensed as incurred.
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When the carrying amount of an asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying amount exceeds fair value.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Debt, current | 0 | |
| Long-term debt | ||
| Total debt | 222,230,000 | 205,561,000 |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five |
| Current | Prior | |
|---|---|---|
| Property, plant and equipment | ||
| Utility plant, net | ||
| Total property and equipment | 569,926,000 | 532,541,000 |
| Current | Prior | |
|---|---|---|
| Common stock | ||
| Retained earnings (accumulated deficit) | ||
| Total stockholders' equity | 240,347,000 | 231,192,000 |
| Current | Prior | |
|---|---|---|
| Weighted average shares outstanding, basic | ||
| Dilutive effect of potential common shares | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 1.39 | 1.42 |
| Diluted earnings per share |
| Amount | |
|---|---|
| Current federal | |
| Current state and local | ( |
| Current foreign | |
| Total deferred | ( |
| Total income tax expense (benefit) | (816,000.00) |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ( | |
| State and local rate | ( | |
| Valuation allowance change | ||
| Valuation allowance change rate | ||
| Tax contingencies | ||
| Tax contingencies rate | ||
| Foreign rate differential | ||
| Foreign rate differential rate | ||
| Cross-border tax effect | ||
| Cross-border tax effect rate | ||
| Tax-exempt income | ||
| Tax-exempt income rate | ||
| Enacted rate change | ||
| Enacted rate change rate | ||
| Other reconciling items | ||
| Other reconciling items rate | ||
| Investment tax credits | ||
| Investment tax credits rate | ||
| Effective tax rate | ( |
| Current | Prior | |
|---|---|---|
| Deferred tax assets, gross | ||
| Operating loss carryforwards | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Employee compensation | ||
| Pensions | ||
| Allowance for doubtful accounts | ||
| Charitable contribution carryforwards | ||
| Compensated absences | ||
| Deferred tax liabilities | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Deferred financing costs |
| Current | Prior | |
|---|---|---|
| Domestic | ||
| Foreign | ||
| Income before income taxes | 19,242,000 | 21,675,000 |
| Current | Prior | |
|---|---|---|
| Other nonoperating income (expense), net | ( | ( |
| Current | Prior | |
|---|---|---|
| Interest expense on debt |
Management of The York Water Company, with the participation of its principal executive officer and principal financial officer, evaluated the effectiveness of the Company's disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of December 31, 2025, the end of the period covered by this report. Based on that evaluation, management concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period. Disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that information required to be disclosed in the reports the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. [COMPLETE: management to review and formally adopt the foregoing conclusion language prior to filing.]
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. [COMPLETE: management's annual report on internal control over financial reporting as of December 31, 2025, including the framework used for the assessment and management's conclusion.] [COMPLETE: attestation report of the Company's independent registered public accounting firm on the effectiveness of internal control over financial reporting, if required.]
There were no changes in the Company's internal control over financial reporting during the quarter ended December 31, 2025 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements, and projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate.
The Company recognizes the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard its information systems and protect the confidentiality, integrity, and availability of its data. The Company embraces risk management across the company, to include cybersecurity risk. This comprehensive approach ensures that cybersecurity considerations are an integral part of its decision-making processes at every level. The Company's risk management team works closely with its IT department to continuously evaluate and address cybersecurity risks in alignment with its business objectives and operational needs.
To address the evolving nature and complexity of cybersecurity threats, the Company engages with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing its risk management systems. The Company's processes for overseeing and identifying cybersecurity risks associated with its use of third-party service providers are [COMPLETE: description of third-party service provider risk oversight processes]. To date, the Company has not identified risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, its business strategy, results of operations, or financial condition, other than as follows: [COMPLETE: description of any material cybersecurity incidents or confirmation that none occurred].
The Board of Directors oversees the Company's cybersecurity risk management through [COMPLETE: description of Board or committee oversight responsibilities and frequency of reporting]. Management's role in assessing and managing material risks from cybersecurity threats is led by [COMPLETE: title(s) of responsible management personnel and description of relevant expertise], who are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents through [COMPLETE: description of monitoring processes and escalation procedures to the Board].
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
The directors of York Water Co are Douglas S. Brossman, Joseph Thomas Hand, William T. Yanavitch II, Robert F. Lambert and Steven R. Rasmussen, and Mr. Hand also serves as the Company's President and Chief Executive Officer. The Company is a public reporting company classified under Water Supply, and its executive officers are Joseph Thomas Hand, President and Chief Executive Officer; Matthew J. Scarpato, Chief Operating Officer; Matthew E. Poff, Chief Financial Officer; Alexandra C. Chiaruttini, CAO and General Counsel; Mark S. Snyder, Vice President-Engineering; and Suzanne M. Becker, Vice President-Customer Service. The age, term of office, business experience during the past five years and any other directorships held by each director and executive officer are as follows: [COMPLETE: biographical information for each director and executive officer]. [COMPLETE: disclosure regarding the Company's code of ethics, the audit committee and its members, the identification of any audit committee financial expert, and any material changes to the procedures by which security holders may recommend nominees to the Board of Directors.] Based on a review of Section 16(a) reports for fiscal year 2025, no late or unfiled Section 16(a) reports were identified, and [COMPLETE: counsel to confirm Form 3 filing status for the ten insider records that lack a became-insider date before finalizing this statement]. 10 insider record(s) lack a became-insider date and were excluded from Form 3 testing.
The information required by Item 11 regarding compensation of the Company's named executive officers and directors, including the Compensation Discussion and Analysis, the Summary Compensation Table and related tables and narrative, the Compensation Committee Report, the pay ratio disclosure, and the pay versus performance disclosure, is as follows: [COMPLETE: executive and director compensation disclosure or incorporation by reference to the definitive proxy statement for the 2026 Annual Meeting of Shareholders]. The information required by Item 12 regarding the beneficial ownership of the Company's common stock by each director, each named executive officer, all directors and executive officers as a group, and each person known to the Company to beneficially own more than five percent of the outstanding common stock, together with the equity compensation plan information table, is as follows: [COMPLETE: security ownership and equity compensation plan information or incorporation by reference to the definitive proxy statement].
The information required by Item 13 regarding transactions with related persons, the Company's policies and procedures for the review, approval or ratification of such transactions, and the independence of directors under applicable Nasdaq listing standards and SEC rules is as follows: [COMPLETE: related person transaction and director independence disclosure or incorporation by reference to the definitive proxy statement]. The information required by Item 14 regarding the fees billed by the Company's independent registered public accounting firm for audit, audit-related, tax and all other services for the fiscal years ended December 31, 2025 and 2024, together with the Audit Committee's pre-approval policies and procedures, is as follows: [COMPLETE: principal accountant fees and services disclosure, including the name of the independent registered public accounting firm and its PCAOB ID, or incorporation by reference to the definitive proxy statement]. The foregoing disclosure is provided for York Water Co for the period ended December 31, 2025.