Segment financial information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Financial Information

(in thousands)	Electric utility		All Other		Total
Three months ended September 30, 2025
Revenues	$	787,428	$	3,182	$	790,610
Depreciation and amortization	$	73,735	$	221	$	73,956
Interest income	$	1,461	$	5,499	$	6,960
Interest expense, net	$	22,114	$	4,097	$	26,211
Income (loss) from continuing operations before income taxes	$	48,459	$	(8,513)	$	39,946
Income tax expense (benefit)	10,973		(2,245)		8,728
Net income (loss) from continuing operations	37,486		(6,268)		31,218
Preferred stock dividends of subsidiaries	498		(27)		471
Net income (loss) from continuing operations for common stock	$	36,988	$	(6,241)	$	30,747
Nine months ended September 30, 2025
Revenues	$	2,268,276	$	12,796	$	2,281,072
Depreciation and amortization	$	220,919	$	5,704	$	226,623
Interest income	$	4,657	$	22,505	$	27,162
Interest expense, net	$	66,272	$	21,407	$	87,679
Income (loss) from continuing operations before income taxes	$	160,247	$	(46,787)	$	113,460
Income tax expense (benefit)	34,797		(6,257)		28,540
Net income (loss) from continuing operations	125,450		(40,530)		84,920
Preferred stock dividends of subsidiaries	1,496		(79)		1,417
Net income (loss) from continuing operations for common stock	$	123,954	$	(40,451)	$	83,503
Capital expenditures	$	253,927	$	1,523	$	255,450
Total assets (at September 30, 2025)	$	8,390,959	$	422,677	$	8,813,636
Three months ended September 30, 2024
Revenues	$	829,617	$	3,622	$	833,239
Depreciation and amortization	$	70,548	$	2,764	$	73,312
Interest income	$	1,671	$	1,991	$	3,662
Interest expense, net	$	20,223	$	11,862	$	32,085
Loss from continuing operations before income taxes	$	(117,526)	$	(55,137)	$	(172,663)
Income tax benefit	(35,439)		(14,515)		(49,954)
Net loss from continuing operations	(82,087)		(40,622)		(122,709)
Preferred stock dividends of subsidiaries	498		(27)		471
Net loss from continuing operations for common stock	$	(82,585)	$	(40,595)	$	(123,180)
Nine months ended September 30, 2024
Revenues	$	2,410,526	$	10,144	$	2,420,670
Depreciation and amortization	$	211,254	$	8,891	$	220,145
Interest income	$	4,555	$	5,374	$	9,929
Interest expense, net	$	61,625	$	34,451	$	96,076
Loss from continuing operations before income taxes	$	(1,725,279)	$	(104,102)	$	(1,829,381)
Income tax benefit	(454,017)		(25,092)		(479,109)
Net loss from continuing operations	(1,271,262)		(79,010)		(1,350,272)
Preferred stock dividends of subsidiaries	1,496		(79)		1,417
Net loss from continuing operations for common stock	$	(1,272,758)	$	(78,931)	$	(1,351,689)
Capital expenditures	$	244,300	$	12,620	$	256,920
Total assets (at December 31, 2024)	$	7,613,604	$	1,317,812	$	8,931,416

Summary of Discontinued Operations

The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024:

(in thousands)	Three months ended September 30, 2024		Nine months ended September 30, 2024
Interest and dividend income
Interest and fees on loans	$	73,654	$	219,585
Interest and dividends on investment securities	14,001		42,183
Total interest and dividend income	87,655		261,768
Interest expense
Interest on deposit liabilities	19,018		54,465
Interest on other borrowings	6,403		21,036
Total interest expense	25,421		75,501
Net interest income	62,234		186,267
Provision for credit losses	248		(3,821)
Net interest income after provision for credit losses	61,986		190,088
Noninterest income
Fees from other financial services	5,188		15,195
Fee income on deposit liabilities	5,156		14,684
Fee income on other financial products	3,131		8,834
Bank-owned life insurance	2,993		8,832
Mortgage banking income	363		1,151
Other income, net	658		1,767
Total noninterest income	17,489		50,463
Noninterest expense
Compensation and employee benefits	31,485		93,746
Occupancy	5,630		15,913
Data processing	4,974		14,780
Services	3,816		12,217
Equipment	2,436		7,562
Office supplies, printing and postage	1,014		3,038
Marketing	885		2,408
Goodwill impairment	—		82,190
Other expense	5,806		16,561
Total noninterest expense	56,046		248,415
Income (loss) before income taxes from discontinued operations	23,429		(7,864)
Income tax expense (benefit)	4,651		(1,789)
Income (loss) from discontinued operations	$	18,778	$	(6,075)

The net assets were classified as current, and are summarized as follows:

(in thousands)	September 30, 2025
Property, plant and equipment, net of accumulated depreciation	$	46,051
Other assets	9,827
Assets held for sale-current	$	55,878
Long-term debt, net	$	51,116
Other liabilities	7,959
Liabilities held for sale-current	$	59,075