Segment financial information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Discontinued Operations

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

(in thousands)	December 31, 2025
Property, plant and equipment, net of accumulated depreciation	$	46,286
Other assets	9,980
Assets held for sale-current	$	56,266
Long-term debt, net	$	51,568
Other liabilities	8,235
Liabilities held for sale-current	$	59,803

The following table summarizes the income (loss) from discontinued operations included in the Consolidated Statements of Income for the periods presented:

Years ended December 31	2024		2023
(in thousands)
Interest and dividend income
Interest and fees on loans	$	293,100	$	276,688
Interest and dividends on investment securities	55,944		58,095
Total interest and dividend income	349,044		334,783
Interest expense
Interest on deposit liabilities	72,727		48,905
Interest on other borrowings	27,442		33,892
Total interest expense	100,169		82,797
Net interest income	248,875		251,986
Provision for credit losses	(1,963)		10,357
Net interest income after provision for credit losses	250,838		241,629
Noninterest income
Fees from other financial services	20,797		19,034
Fee income on deposit liabilities	19,900		19,131
Fee income on other financial products	11,798		10,616
Bank-owned life insurance	13,079		7,390
Mortgage banking income	1,419		910
Gain on sale of real estate	—		495
Loss on sale of investment securities, net	—		(14,965)
Other income, net	2,535		2,799
Total noninterest income	69,528		45,410
Noninterest expense
Compensation and employee benefits	126,936		118,297
Occupancy	21,382		21,703
Data processing	19,612		20,545
Services	17,485		13,943
Equipment	9,914		11,842
Office supplies, printing and postage	4,085		4,315
Marketing	3,506		4,001
Goodwill impairment	82,190		—
FDIC insurance	5,992		6,230
Other expense	15,907		22,762
Total noninterest expense	307,009		223,638
Income before income taxes	13,357		63,401
Income taxes	1,040		10,039
Net income from operations of discontinued bank segment	12,317		53,362
Loss from the sale of ASB	(118,193)		—
Income tax benefit	2,390		—
Income (loss) from discontinued operations	$	(103,486)	$	53,362

Schedule of Segment Financial Information

Electric utility reportable segment and All Other information were as follows:

(in thousands)	Electric utility		All Other		Total
2025
Revenues	$	3,071,182	$	15,714	$	3,086,896
Depreciation and amortization	294,205		4,714		298,919
Interest income	9,463		27,466		36,929
Interest expense, net	93,702		23,632		117,334
Income (loss) from continuing operations before income taxes	220,588		(53,659)		166,929
Income tax expense (benefit)	49,033		(8,385)		40,648
Income (loss) from continuing operations	171,555		(45,274)		126,281
Dividends and loss on redemption of preferred stock of subsidiaries	3,340		(179)		3,161
Income (loss) from continuing operations for common stock	168,215		(45,095)		123,120
Capital expenditures1	339,573		1,629		341,202
Assets (at December 31, 2025)	8,530,520		392,359		8,922,879
2024
Revenues	$	3,206,700	$	13,150	$	3,219,850
Depreciation and amortization	282,970		10,563		293,533
Interest income	6,633		12,729		19,362
Interest expense, net	82,082		45,125		127,207
Loss from continuing operations before income taxes	(1,663,914)		(127,681)		(1,791,595)
Income tax benefit	(439,547)		(31,415)		(470,962)
Loss from continuing operations	(1,224,367)		(96,266)		(1,320,633)
Preferred stock dividends of subsidiaries	1,995		(105)		1,890
Loss from continuing operations for common stock	(1,226,362)		(96,161)		(1,322,523)
Capital expenditures1	329,479		14,772		344,251
Assets (at December 31, 2024)	7,613,604		1,317,812		8,931,416
2023
Revenues	$	3,269,521	$	17,982	$	3,287,503
Depreciation and amortization	270,195		12,111		282,306
Interest income	6,454		2,651		9,105
Interest expense, net	86,140		39,392		125,532
Income (loss) from continuing operations before income taxes	247,140		(64,840)		182,300
Income tax expense (benefit)	51,193		(16,659)		34,534
Income (loss) from continuing operations	195,947		(48,181)		147,766
Preferred stock dividends of subsidiaries	1,995		(105)		1,890
Income (loss) from continuing operations for common stock	193,952		(48,076)		145,876
Capital expenditures1	438,775		3,952		442,727
Assets (at December 31, 2023)	7,283,554		393,818		7,677,372

1    Contributions in aid of construction balances are included in capital expenditures.