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Segment financial information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
(in thousands) Electric utilityAll OtherTotal
Three months ended June 30, 2025   
Revenues$742,482 $3,910 $746,392 
Depreciation and amortization$73,631 $2,474 $76,105 
Interest income$1,215 $6,364 $7,579 
Interest expense, net$21,706 $5,550 $27,256 
Income (loss) from continuing operations before income taxes$50,269 $(10,294)$39,975 
Income taxes
10,620 2,797 13,417 
Net income (loss) from continuing operations39,649 (13,091)26,558 
Preferred stock dividends of subsidiaries499 (26)473 
Net income (loss) from continuing operations for common stock$39,150 $(13,065)$26,085 
Six months ended June 30, 2025   
Revenues$1,480,848 $9,614 $1,490,462 
Depreciation and amortization
$147,184 $5,483 $152,667 
Interest income$3,196 $17,006 $20,202 
Interest expense, net$44,158 $17,310 $61,468 
Income (loss) from continuing operations before income taxes
$111,788 $(38,274)$73,514 
Income taxes (benefit)23,824 (4,012)19,812 
Net income (loss) from continuing operations
87,964 (34,262)53,702 
Preferred stock dividends of subsidiaries998 (52)946 
Net income (loss) from continuing operations for common stock
$86,966 $(34,210)$52,756 
Capital expenditures
$159,950 $1,543 $161,493 
Total assets (at June 30, 2025)
$7,883,659 $441,202 $8,324,861 
Three months ended June 30, 2024   
Revenues$792,331 $3,086 $795,417 
Depreciation and amortization$70,328 $2,876 $73,204 
Interest income$1,452 $1,682 $3,134 
Interest expense, net$21,417 $10,983 $32,400 
Loss from continuing operations before income taxes$(1,658,653)$(26,521)$(1,685,174)
Income tax benefit(429,758)(6,192)(435,950)
Net loss from continuing operations(1,228,895)(20,329)(1,249,224)
Preferred stock dividends of subsidiaries499 (26)473 
Net loss from continuing operations for common stock$(1,229,394)$(20,303)$(1,249,697)
Six months ended June 30, 2024   
Revenues$1,580,909 $6,522 $1,587,431 
Depreciation and amortization$140,706 $6,127 $146,833 
Interest income$2,884 $3,383 $6,267 
Interest expense, net$41,402 $22,589 $63,991 
Loss from continuing operations before income taxes$(1,607,753)$(48,965)$(1,656,718)
Income tax benefit(418,578)(10,577)(429,155)
Net loss from continuing operations(1,189,175)(38,388)(1,227,563)
Preferred stock dividends of subsidiaries998 (52)946 
Net loss from continuing operations for common stock $(1,190,173)$(38,336)$(1,228,509)
Capital expenditures
$168,200 $10,726 $178,926 
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 six months ended June 30, 2024:
(in thousands)Three months ended June 30, 2024Six months ended June 30, 2024
Interest and dividend income  
Interest and fees on loans$72,960 $145,931 
Interest and dividends on investment securities13,218 28,182 
Total interest and dividend income86,178 174,113 
Interest expense 
Interest on deposit liabilities18,015 35,447 
Interest on other borrowings6,479 14,633 
Total interest expense24,494 50,080 
Net interest income61,684 124,033 
Provision for credit losses(1,910)(4,069)
Net interest income after provision for credit losses63,594 128,102 
Noninterest income 
Fees from other financial services5,133 10,007 
Fee income on deposit liabilities4,630 9,528 
Fee income on other financial products2,960 5,703 
Bank-owned life insurance2,255 5,839 
Mortgage banking income364 788 
Other income, net423 1,109 
Total noninterest income15,765 32,974 
Noninterest expense 
Compensation and employee benefits29,802 62,261 
Occupancy5,220 10,283 
Data processing4,960 9,806 
Services4,250 8,401 
Equipment2,477 5,126 
Office supplies, printing and postage1,006 2,024 
Marketing747 1,523 
Goodwill impairment82,190 82,190 
Other expense5,813 10,755 
Total noninterest expense136,465 192,369 
Loss before income taxes from discontinued operations(57,106)(31,293)
Income tax benefit(11,319)(6,440)
Loss from discontinued operations$(45,787)$(24,853)
The net assets were classified as current, and are summarized as follows:
(in thousands)June 30, 2025
Property, plant and equipment, net of accumulated depreciation$104,528 
Other assets13,871 
Assets held for sale-current$118,399 
Long-term debt, net$78,727 
Other liabilities35,672 
Liabilities held for sale-current$114,399 
In addition, the revenues and expenses within the all other segment which are attributed to the net assets of Pacific Current’s solar/BESS and biomass facilities that have been reclassified as held for sale are as follows:
Three months ended June 30Six months ended June 30
(in thousands)2025202420252024
Revenues
$3,910 $2,753 $9,459 $6,129 
Expenses
5,018 3,654 9,365 11,918 
Operating income (loss) attributed to Pacific Current’s solar/BESS and biomass facilities classified as held for sale
$(1,108)$(901)$94 $(5,789)