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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, 2023
OR
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: 001-08359

NEW JERSEY RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey22-2376465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1415 Wyckoff Road(732)938‑1480
WallNew Jersey07719(Registrant's telephone number,
including area code)
      (Address of principal executive offices)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock - $2.50 Par ValueNJRNew York Stock Exchange

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit 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,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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. o

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

The number of shares outstanding of $2.50 par value Common Stock as of July 31, 2023 was 97,561,926.



New Jersey Resources Corporation
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 5.
ITEM 6.



New Jersey Resources Corporation
GLOSSARY OF KEY TERMS                                                                                                                                                       
Adelphia GatewayAdelphia Gateway, LLC
AFUDCAllowance for Funds Used During Construction
AMAAsset Management Agreement
ASCAccounting Standards Codification
ASUAccounting Standards Update
BcfBillion Cubic Feet
BGSSBasic Gas Supply Service
BPUNew Jersey Board of Public Utilities
CIPConservation Incentive Program
Clean Energy Ventures
Clean Energy Ventures segment
CMEChicago Mercantile Exchange
COVID-19Novel coronavirus disease
DRPNJR Direct Stock Purchase and Dividend Reinvestment Plan
Energy ServicesEnergy Services segment
Exchange Act
Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCMFutures Commission Merchant
FERCFederal Energy Regulatory Commission
Financial Margin
A non-GAAP financial measure, which represents revenues earned from the sale of natural gas less costs of natural gas sold including any transportation and storage costs, and excludes certain operations and maintenance expense and depreciation and amortization, as well as any accounting impact from the change in the fair value of certain derivative instruments
FitchFitch Ratings Company
FMBFirst Mortgage Bond
GAAPGenerally Accepted Accounting Principles of the United States
Home Services and OtherHome Services and Other Operations
ICEIntercontinental Exchange
IIPInfrastructure Investment Program
ISDAThe International Swaps and Derivatives Association
ITCFederal Investment Tax Credit
Leaf RiverLeaf River Energy Center LLC
MGPManufactured Gas Plant
MMBtuMillion British Thermal Units
Moody'sMoody's Investors Service, Inc.
Mortgage IndentureThe Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement between NJNG and U.S. Bank National Association dated as of September 1, 2014, as amended
MWMegawatts
MWhMegawatt Hour
NAESBThe North American Energy Standards Board
Natural Gas Distribution
Natural Gas Distribution segment
NFENet Financial Earnings
NJ RISENew Jersey Reinvestment in System Enhancement
NJCEPNew Jersey's Clean Energy Program
NJDEPNew Jersey Department of Environmental Protection
NJNGNew Jersey Natural Gas Company
NJNG Credit Facility
The $250 million unsecured committed credit facility expiring in September 2027
NJR Credit Facility
The $650 million unsecured committed credit facility expiring in September 2027
1

New Jersey Resources Corporation
GLOSSARY OF KEY TERMS (cont.)                                                                                                                                         
NJR or The CompanyNew Jersey Resources Corporation
NJR RetailNJR Retail Company
NJRHSNJR Home Services Company
Non-GAAPNot in accordance with Generally Accepted Accounting Principles of the United States
NPNSNormal Purchase/Normal Sale
NYMEXNew York Mercantile Exchange
OCIOther Comprehensive Income
O&MOperation and Maintenance
OPEBOther Postemployment Benefit Plans
PennEastPennEast Pipeline Company, LLC
PPAPower Purchase Agreement
RACRemediation Adjustment Clause
RECRenewable Energy Certificate
SAFE IISafety Acceleration and Facility Enhancement Program, Phase II
SAVEGREENThe SAVEGREEN Project®
SBCSocietal Benefits Charge
SOFRSecured Overnight Financing Rate
SRECSolar Renewable Energy Certificate
Steckman RidgeCollectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Storage and TransportationStorage and Transportation segment
TETCOTexas Eastern Transmission
The Inflation Reduction ActThe Inflation Reduction Act of 2022
TRECTransition Renewable Energy Certificate
TrusteeU.S. Bank National Association
U.S.The United States of America
USFUniversal Service Fund
Utility Gross Margin
A non-GAAP financial measure, which represents operating revenues less natural gas purchases, sales tax, and regulatory rider expense, and excludes certain operations and maintenance expense and depreciation and amortization
2

New Jersey Resources Corporation
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS                                                                           

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also be identified by the use of forward-looking terminology such as “anticipate,” “estimate,” “may,” “could,” “might,” “intend,” “expect,” “believe,” “will” “plan,” or “should,” or comparable terminology and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2023 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as well as the following, which are neither presented in order of importance nor weighted:

our ability to obtain governmental and regulatory approvals, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and Storage and Transportation infrastructure projects, in a timely manner;
risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service;
risks associated with acquisitions and the related integration of acquired assets with our current operations;
our ability to comply with current and future regulatory requirements;
commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;
volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, Energy Services operations and our risk management efforts;
the performance of our subsidiaries;
access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply;
the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings;
impacts of inflation, including the current inflationary environment, and increased natural gas costs;
the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;
operating risks incidental to handling, storing, transporting and providing customers with natural gas;
demographic changes in our service territory and their effect on our customer growth;
changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company;
the impact of volatility in the equity and credit markets on our access to capital, including the risks, political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine, and the international community’s responses;
risks of prolonged constriction of credit availability in the markets and our ability to secure short-term financing;
our ability to comply with debt covenants;
the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters;
risks related to cyberattacks or failure of information technology systems;
the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets and/or reductions in bond yields;
accounting effects and other risks associated with hedging activities and use of derivatives contracts;
our ability to optimize our physical assets;
weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change;
the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan;
uncertainties related to litigation, regulatory, administrative or environmental proceedings;
changes to tax laws and regulations, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act;
any potential need to record a valuation allowance for our deferred tax assets;
the impact of natural disasters, terrorist activities, pandemic illness, war and other extreme events on our operations and customers;
the delay or prevention of a favorable transaction due to change in control provisions or laws;
risks related to our employee workforce and succession planning;
risks associated with the management of our joint ventures and partnerships; and
risks associated with keeping pace with technological change.

Forward-looking statements made in this report apply only as of the date of this report. While we periodically reassess material trends and uncertainties affecting our results of operations and financial condition in connection with the preparation of management's discussion and analysis of results of operations and financial condition contained in our Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, we do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
3

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS                                                                                                                                          

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedNine Months Ended
June 30,June 30,
(Thousands, except per share data)2023202220232022
OPERATING REVENUES
Utility$144,971 $199,357 $902,880 $937,266 
Nonutility119,104 352,978 728,789 1,203,227 
Total operating revenues264,075 552,335 1,631,669 2,140,493 
OPERATING EXPENSES
Natural gas purchases:
Utility42,344 100,277 381,160 435,438 
Nonutility75,917 290,806 468,351 980,135 
Related parties1,870 1,838 5,467 5,567 
Operation and maintenance94,213 88,373 272,809 243,143 
Regulatory rider expenses6,120 8,360 47,525 55,941 
Depreciation and amortization38,877 32,872 113,650 94,700 
Total operating expenses259,341 522,526 1,288,962 1,814,924 
OPERATING INCOME4,734 29,809 342,707 325,569 
Other income, net5,711 4,288 15,145 12,551 
Interest expense, net of capitalized interest30,119 21,411 89,871 59,814 
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES(19,674)12,686 267,981 278,306 
Income tax (benefit) provision(20,505)4,434 43,059 64,051 
Equity in earnings of affiliates701 4,801 2,778 6,145 
NET INCOME$1,532 $13,053 $227,700 $220,400 
EARNINGS PER COMMON SHARE
Basic$0.02$0.14$2.35$2.29
Diluted$0.02$0.14$2.33$2.28
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic97,168 96,154 96,849 96,055 
Diluted97,886 96,620 97,538 96,527 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedNine Months Ended
June 30,June 30,
(Thousands)2023202220232022
Net income$1,532 $13,053 $227,700 $220,400 
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79), $(79), $(238) and $(238), respectively
263 262 790 789 
Adjustment to postemployment benefit obligation, net of tax of $(12), $(232), $(37) and $(697), respectively
41 768 123 2,302 
Other comprehensive income, net of tax$304 $1,030 $913 $3,091 
Comprehensive income$1,836 $14,083 $228,613 $223,491 

See Notes to Unaudited Condensed Consolidated Financial Statements
4

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
June 30,
(Thousands)20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$227,700 $220,400 
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) on derivative instruments(30,502)(58,060)
Depreciation and amortization113,650 94,700 
Amortization of acquired wholesale energy contracts1,781 2,016 
Allowance for equity used during construction(5,054)(9,197)
Allowance for doubtful accounts1,397 1,768 
Non cash lease expense2,607 3,720 
Deferred income taxes11,026 37,547 
Equivalent value of ITCs recognized on equipment financing(1,232)(1,060)
Manufactured gas plant remediation costs(6,284)(16,341)
Cost of removal - asset retirement obligations(967)(847)
Contributions to postemployment benefit plans(1,133)(2,702)
Taxes related to stock-based compensation554 (164)
Changes in:
Components of working capital22,229 (97,572)
Other noncurrent assets(16,207)(7,639)
Other noncurrent liabilities68,333 69,308 
Cash flows from operating activities387,898 235,877 
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant(248,507)(177,559)
Solar equipment(68,604)(105,504)
Storage and Transportation and other(34,384)(130,170)
Cost of removal(28,719)(27,881)
Distribution from equity investees in excess of equity in earnings2,036 690 
Investments in equity investees, net of return of capital 5,479 
Cash flows used in investing activities(378,178)(434,945)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES
Proceeds from long-term debt175,000 310,000 
Payments of long-term debt(15,698)(14,223)
Proceeds from term loan 150,000 
Payments of term loan(150,000) 
Payments of short-term debt, net(128,725)(156,950)
Proceeds from sale leaseback transactions - solar163,619 3,300 
Proceeds from sale leaseback transactions - natural gas meters8,441 17,300 
Payments of common stock dividends(112,991)(95,691)
Proceeds from waiver discount issuance of common stock42,807  
Proceeds from issuance of common stock - DRP11,419 11,076 
Tax withholding payments related to net settled stock compensation(4,024)(3,794)
Cash flows (used in) from financing activities(10,152)221,018 
Change in cash, cash equivalents and restricted cash(432)21,950 
Cash, cash equivalents and restricted cash at beginning of period1,452 6,043 
Cash, cash equivalents and restricted cash at end of period$1,020 $27,993 
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables$103,954 $(61,836)
Inventories108,107 (12,672)
Recovery of natural gas costs(20,106)3,772 
Natural gas purchases payable(188,617)33,362 
Natural gas purchases payable - related parties5 (6)
Deferred revenue, current2,687 44,304 
Accounts payable and other(20,153)(70,194)
Prepaid expenses(2,454)(1,219)
Prepaid and accrued taxes24,684 18,770 
Restricted broker margin accounts22,868 (47,643)
Customers' credit balances and deposits(2,979)(10,370)
Other current assets (liabilities)(5,767)6,160 
Total$22,229 $(97,572)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)$80,550 $65,385 
Income taxes$2,858 $3,763 
Accrued capital expenditures$21,008 $40,833 
See Notes to Unaudited Condensed Consolidated Financial Statements
5

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
(Unaudited)
(Thousands)June 30,
2023
September 30,
2022
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost$3,742,373 $3,576,691 
Construction work in progress235,998 162,087 
Nonutility plant and equipment, at cost1,745,135 1,577,259 
Construction work in progress126,923 199,679 
Total property, plant and equipment5,850,429 5,515,716 
Accumulated depreciation and amortization, utility plant(715,273)(659,737)
Accumulated depreciation and amortization, nonutility plant and equipment(242,346)(206,053)
Property, plant and equipment, net4,892,810 4,649,926 
CURRENT ASSETS
Cash and cash equivalents511 1,107 
Customer accounts receivable
Billed110,463 222,297 
Unbilled revenues16,492 13,769 
Allowance for doubtful accounts(12,504)(19,379)
Regulatory assets95,747 40,086 
Natural gas in storage, at average cost155,077 273,644 
Materials and supplies, at average cost30,784 20,324 
Prepaid expenses11,026 8,572 
Prepaid and accrued taxes36,165 54,501 
Derivatives, at fair value32,127 24,635 
Restricted broker margin accounts20,237 94,261 
Other current assets24,235 22,270 
Total current assets520,360 756,087 
NONCURRENT ASSETS
Investments in equity method investees104,427 106,571 
Regulatory assets528,114 500,666 
Operating lease assets164,119 168,520 
Derivatives, at fair value1,864 6,385 
Intangible assets, net567 2,348 
Software costs7,625 6,120 
Deferred income taxes25,539 2,928 
Other noncurrent assets67,155 61,865 
Total noncurrent assets899,410 855,403 
Total assets$6,312,580 $6,261,416 

See Notes to Unaudited Condensed Consolidated Financial Statements
6

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CAPITALIZATION AND LIABILITIES
(Unaudited)
(Thousands, except share data)June 30,
2023
September 30,
2022
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares June 30, 2023 — 97,496,302; September 30, 2022 — 96,249,859
$243,237 $241,616 
Premium on common stock554,730 519,697 
Accumulated other comprehensive loss, net of tax(3,913)(4,826)
Treasury stock at cost and other; shares June 30, 2023 — 13,041;
September 30, 2022 — 611,045
19,398 (6,805)
Retained earnings1,181,790 1,067,528 
Common stock equity1,995,242 1,817,210 
Long-term debt2,728,669 2,485,402 
Total capitalization4,723,911 4,302,612 
CURRENT LIABILITIES
Current maturities of long-term debt162,316 75,069 
Short-term debt145,225 423,950 
Natural gas purchases payable46,432 235,049 
Natural gas purchases payable to related parties856 851 
Deferred revenue42,465 35,547 
Accounts payable and other122,236 156,580 
Dividends payable37,981 37,534 
Accrued taxes11,478 5,130 
Regulatory liabilities27,701 31,090 
New Jersey Clean Energy Program17,943 15,697 
Derivatives, at fair value17,563 49,848 
Operating lease liabilities5,273 4,562 
Restricted broker margin accounts1,218  
Customers' credit balances and deposits30,267 33,246 
Total current liabilities668,954 1,104,153 
NONCURRENT LIABILITIES
Deferred income taxes275,238 238,928 
Deferred investment tax credits2,504 2,710 
Deferred revenue30,872 753 
Derivatives, at fair value13,257 14,191 
Manufactured gas plant remediation123,070 127,060 
Postemployment employee benefit liability88,844 82,867 
Regulatory liabilities181,814 185,634 
Operating lease liabilities135,916 138,382 
Asset retirement obligation56,992 55,035 
Other noncurrent liabilities11,208 9,091 
Total noncurrent liabilities919,715 854,651 
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities$6,312,580 $6,261,416 

See Notes to Unaudited Condensed Consolidated Financial Statements

7

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202296,250 $241,616 $519,697 $(4,826)$(6,805)$1,067,528 $1,817,210 
Net income— — — — — 115,921 115,921 
Other comprehensive income— — — 304 — — 304 
Common stock issued:
Incentive compensation plan92 229 3,243 — — — 3,472 
Dividend reinvestment plan93 — 437 — 3,429 — 3,866 
Waiver discount368 — 4,469 — 13,450 — 17,919 
Cash dividend declared ($.39 per share)
— — — — — (37,665)(37,665)
Treasury stock and other— — — — 1,768 — 1,768 
Balance as of December 31, 202296,803 $241,845 $527,846 $(4,522)$11,842 $1,145,784 $1,922,795 
Net income— — — — — 110,247 110,247 
Other comprehensive income— — — 305 — — 305 
Common stock issued:
Incentive compensation plan29 74 1,096 — — — 1,170 
Dividend reinvestment plan77 — 877 — 2,794 — 3,671 
Cash dividend declared ($.39 per share)
— — — — — (37,791)(37,791)
Treasury stock and other(8)— — — 439 — 439 
Balance as of March 31, 202396,901 $241,919 $529,819 $(4,217)$15,075 $1,218,240 $2,000,836 
Net income     1,532 1,532 
Other comprehensive income   304   304 
Common stock issued:
Incentive compensation plan3 7 112    119 
Dividend reinvestment plan (1)
73 13 1,209  2,537  3,759 
Waiver discount519 1,298 23,590    24,888 
Cash dividend declared ($.39 per share)
     (37,982)(37,982)
Treasury stock and other    1,786  1,786 
Balance as of June 30, 202397,496 $243,237 $554,730 $(3,913)$19,398 $1,181,790 $1,995,242 
(1)Shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.


8

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202195,710 $240,644 $502,584 $(34,528)$(12,448)$934,610 $1,630,862 
Net income     111,312 111,312 
Other comprehensive income   1,030   1,030 
Common stock issued:
Incentive compensation plan147 367 7,135    7,502 
Dividend reinvestment plan105 263 3,415  — — 3,678 
Cash dividend declared ($.3625 per share)
— — —  — (34,787)(34,787)
Treasury stock and other— — —  (2,619)— (2,619)
Balance as of December 31, 202195,962 $241,274 $513,134 $(33,498)$(15,067)$1,011,135 $1,716,978 
Net income— — — — — 96,035 96,035 
Other comprehensive income— — — 1,031 — — 1,031 
Common stock issued:
Incentive plan36 91 1,216 — — — 1,307 
Dividend reinvestment plan91 228 3,493 — — — 3,721 
Cash dividend declared ($.3625 per share)
— — — — — (34,827)(34,827)
Treasury stock and other(7)— — — 42 — 42 
Balance as of March 31, 202296,082 $241,593 $517,843 $(32,467)$(15,025)$1,072,343 $1,784,287 
Net income— — — — — 13,053 13,053 
Other comprehensive income— — — 1,030 — — 1,030 
Common stock issued:
Incentive compensation plan1 3 53 — — — 56 
Dividend reinvestment plan78 — 710 — 2,826 — 3,536